taxes

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Dem Senators Want Special Counsel for Clarence Thomas

Whitehouse, Wyden ask AG Garland to investigate Thomas' 'suspicious silence' over gifts

(Newser) - After a slew of jarring stories tying Clarence Thomas to multiple undisclosed gifts, loans, and other perks from ultra-wealthy friends, two Democratic senators are now trying to get to the bottom of it. The Hill reports that Sens. Sheldon Whitehouse of Rhode Island and Ron Wyden of Oregon have requested...

Danish Farmers Will Pay Tax on Their Gassy Cows

World-first carbon tax will begin in 2030

(Newser) - In a world first, Denmark will tax livestock farmers for the greenhouse gases emitted by their cows, sheep, and pigs beginning in 2030. The country is targeting the major source of methane emissions as part of an effort to reduce Danish greenhouse gas emissions by 70% from 1990 levels by...

For This Billionaire, a Rare Apology From the IRS

Agency says it's sorry to hedge fund manager Ken Griffin for tax record leak

(Newser) - When former IRS contractor Charles Littlejohn leaked tax records to the ProPublica media outlet for an article on how affluent Americans tried to keep their taxes low, billionaire Ken Griffin's records were among them. Now, the government agency has issued what CBS News calls a "rare apology" for...

Supreme Court Rejects a Challenge to Trump-Era Tax

Provision on tax on foreign income saw pushback from business, anti-regulatory interests

(Newser) - The Supreme Court on Thursday upheld a tax on foreign income over a challenge backed by business and anti-regulatory interests, declining their invitation to weigh in on a broader, never-enacted tax on wealth. The justices, by a 7-2 vote, left in place a provision of a 2017 tax law that'...

IRS Commish to Rich Tax Cheats: Pay Up

Danny Werfel says agency is taking new measures to make sure everyone pays their fair share

(Newser) - IRS Commissioner Danny Werfel has a message for high-wealth tax cheats who are shorting the government: Pay your fair share so "others aren't shouldering the burden of funding our government." Werfel, who hits the one-year mark at the helm of the IRS this month, said in a...

IRS Is Waiving $1B in Late-Payment Penalties

Move applies to people, businesses who failed to pay back taxes up to $100K in 2020, 2021

(Newser) - The IRS said Tuesday it is going to waive penalty fees for people who failed to pay back taxes that total less than $100,000 per year for tax years 2020 and 2021. Nearly 5 million people, businesses, and tax-exempt organizations—most making under $400,000 per year—will be...

It&#39;s a &#39;5-Alarm Fire&#39; for Tax-Prep Firms
It's a '5-Alarm Fire'
for Tax-Prep Firms
NEW REPORT
Jul 12, 2023 11:40 AM CDT

It's a '5-Alarm Fire' for Tax-Prep Firms

H&R Block, others allegedly shared millions of taxpayers' private info with tech firms

(Newser) - Members of Congress are calling for criminal charges against some of America's largest tax-prep companies for allegedly sharing tens of millions of taxpayers' legally protected data with Google and Meta. As far back as 2011, H&R Block, TaxSlayer, and TaxAct allegedly shared private information entered into its website...

IRS to Test Free E-File Tax System Amid Pushback
IRS E-File Test Has the Likes
of TurboTax Very Unhappy
the rundown
May 17, 2023 10:35 AM CDT

IRS E-File Test Has the Likes of TurboTax Very Unhappy

Officials say it could save taxpayers billions, tax-prep companies say the opposite

(Newser) - Americans will soon be able to file electronic tax returns directly to the government—something residents of dozens of other countries have long been able to do. Congress approved $15 million in funding to study the possibility of a direct e-file system last year. Now, the IRS has announced a...

Trump Wins Big Tax Case Over His Chicago Skyscraper

After years of legal wrangling, former president, investors to recoup $1M in property tax refunds

(Newser) - For more than a decade, former President Trump and other owners of the Trump International Hotel & Tower in Chicago have sought to recoup a hefty property tax refund on the building. Now, it looks like Trump can claim success in this longtime battle: On Monday, the Illinois Appellate Court...

'Free' Gift Bags for Stars Aren't as Free as We Think

Celebrities who accept the entire bag of swag will have to pay at least $46K this year

(Newser) - We're not asking you to feel even the tiniest bit sorry for the celebrities who received swag bags filled with expensive goodies at the Oscars, but perhaps the news we're about to reveal might at least push them into the "Stars: They Pay Taxes Just Like Us"...

If You Live Alone, Your 'Freedom Comes With a Cost'

Renting a home solo in a more expensive US city could cost you thousands more in 'singles tax'

(Newser) - There are definitely benefits to living by yourself: no messy roommates, privacy, staying up as late as you want without worrying about keeping anyone else up. But every pro has its con, and in this case, a big drawback if you're a solo renter in the US is what...

Trump Reacts to Release of His Tax Returns

Claims Dems have 'weaponized' his financial records, warns of 'dangerous 2-way street'

(Newser) - Six years' worth of tax returns for Donald Trump were publicly released Friday, and the former president isn't waiting for analyses to come in from all of the eyes poring over the documents. In a statement released via a short Twitter thread by spokeswoman Liz Harrington, Trump defended the...

Trump's Tax Returns Just Dropped. The Pros Are Ready

Tax experts will look for charity donations, real estate income and losses

(Newser) - Earlier this month, the Democrat-controlled House Ways and Means Committee voted to release a report on Donald Trump's tax returns. That day has now come: On Friday, the panel publicly released those returns, "pulling back the curtain" on six years' worth of tax records (2015-2020) for the former...

Big Trial Begins for Trump&#39;s Business Empire
A Look at
the Stakes
as Trump
Trial Begins
the rundown
Oct 24, 2022 9:45 AM CDT

A Look at the Stakes as Trump Trial Begins

Trump Organization (but not the ex-president) faces criminal charges of tax avoidance

(Newser) - One of the legal issues Donald Trump has been embroiled in comes to a head on Monday in New York State Supreme Court in Manhattan. Jury selection begins in a trial to determine whether the former president's family business empire ran afoul of tax laws. The notable part here:...

It's Looking Increasingly Bad for Liz Truss

Potential rule change could mean no-confidence vote as some Tories call for resignation

(Newser) - After just five weeks in the job of UK prime minister, Liz Truss has faced disaster after disaster to the point that "five of the PM's own MPs have called publicly on her to resign, with others briefing journalists that they think her time in office is up,...

Truss Fires Treasury Chief, Does 180 on Tax Cuts

Kwasi Kwarteng is out after just over 5 weeks on the job, as PM tries to keep her own

(Newser) - Embattled British Prime Minister Liz Truss sacked her Treasury chief and reversed course on sweeping tax cuts Friday as she tried to hang on to her job after weeks of financial-market turmoil. At a hastily arranged news conference, she said she was acting to "reassure the markets of our...

Japan Wants Young People to Drink More Booze

Tax agency is worried about falling revenue

(Newser) - Japan's national tax agency is trying to tackle a decline in revenue by persuading young people to change their sober ways. Younger people in Japan aren't drinking as much as previous generations did, and so the tax agency has launched a competition to find ways to boost alcohol...

Sinema Received $1M Haul, Then Killed Tax Hike on Rich Investors

AP: Ariz. Dem saw big influx of cash over last year from private equity firms, hedge fund managers

(Newser) - Sen. Kyrsten Sinema, the Arizona Democrat who single-handedly thwarted her party's longtime goal of raising taxes on wealthy investors, received nearly $1 million over the past year from private equity professionals, hedge fund managers, and venture capitalists whose taxes would've increased under the plan, per an AP review...

Biden Definitely Wants to Put Federal Gas Tax on Pause

President to ask Congress to agree to move that would temporarily lower prices

(Newser) - Updated: President Biden has reportedly moved from "considering it" to something a lot firmer when it comes to a temporary pause on the federal gas tax. Senior White House officials tells CNN and NBC News that Biden will in a Wednesday speech call on Congress to suspend the federal...

It&#39;s Tax Day, and Nearly 40% of Us Haven&#39;t Filed Yet
It's Tax Day—in
All but 2 States
Apr 18, 2022 6:43 AM CDT

It's Tax Day—in All but 2 States

Maine and Massachusetts residents get one more day

(Newser) - Monday is Tax Day—the federal deadline for individual tax filing and payments—and the IRS expects to receive tens of millions of last-minute filings electronically and through paper forms. As of April 8, the IRS had received more than 103 million returns for this tax season, and it had...

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