Government taxation and revenue
IRS chief asks watchdog to probe rare tax audits of Trump foes Comey and McCabe
Former FBI Director James Comey (2nd L) arrives on Capitol Hill for a closed hearing before the House Judiciary Committee in Washington, DC on December 7, 2018. Alex Edelman | AFP | Getty Images The head of the IRS has asked the Treasury Department’s internal watchdog to investigate the agency’s tax audits of two men […]
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Winning ticket for Powerball’s $366.7 million jackpot sold in Vermont. Here’s the tax bite for the winner
If you’re holding the winning ticket for Powerball’s $366.7 million jackpot, don’t forget about your silent partner: Uncle Sam. After rolling higher for about two months of three weekly drawings with no winner, the lottery game’s top prize was nabbed in Wednesday night’s drawing. The ticket was purchased in Vermont, which marks the first time […]
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There’s a growing interest in direct indexing as the investing trend becomes ‘democratized’
As demand grows for specialized portfolios, a trend known as direct indexing is quickly becoming an option for more investors. Rather than owning a mutual or exchange-traded fund, direct indexing is buying the stocks of an index to achieve goals like tax efficiency, diversification or values-based investing. Traditionally used by institutional and high-net worth investors, […]
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CEO of $4.8 billion fintech Wise faces investigation over tax breach
Kristo Kaarmann, CEO and co-founder of Wise. Eoin Noonan | Sportsfile | Getty Images The CEO of £3.9 billion ($4.8 billion) fintech firm Wise is being investigated by U.K. regulators after tax authorities found he failed to pay a tax bill worth over £720,000. Kristo Kaarmann, who co-founded Wise in 2011, was recently fined £365,651 […]
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Tax return backlog is still ‘crushing the IRS’ — and taxpayers — as pileup exceeds 21 million, agency watchdog reports
IRS Commissioner Chuck Rettig testifies before the Senate Finance Committee on April 7, 2022. Kevin Dietsch | Getty Images News | Getty Images The IRS backlog of tax returns has swelled over the past year, despite efforts to clear the pileup, according to an agency watchdog. There were 21.3 million unprocessed paper returns as of […]
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Obama boasted about opposing federal gas tax holiday before 2008 election — Biden now wants one
U.S. President Joe Biden stands with former President Barack Obama during an event on the Affordable Care Act, the former president’s top legislative accomplishment, in the East Room at the White House in Washington, U.S., April 5, 2022. Leah Millis | Reuters Former President Barack Obama called opposing a federal gas tax holiday “one of […]
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Watch: President Biden calls for federal gas tax holiday
[The stream has ended.] President Joe Biden on Wednesday called on Congress to create a three-month federal holiday for gas and diesel fuel taxes. Biden also asked individual states to suspend their own levies on gas and diesel. The move comes a week after the average price of a gallon of gasoline in the United […]
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Tax pros ‘very skeptical’ about expanded IRS voice bots for payments plans
Westend61 | Westend61 | Getty Images If you get a tax bill and want help from the IRS to set up a payment plan, newly expanded voice bots may make for faster phone service, according to the agency. But some tax professionals are doubtful about the new plan to reduce wait times. Artificial intelligence-driven IRS […]
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One key problem has 1 in 4 expats ‘seriously considering’ or ‘planning’ to renounce U.S. citizenship
Valentyn Semenov / Eyeem | Eyeem | Getty Images While many filers dread tax season, Americans living abroad face even bigger yearly burdens — and those are frustrating enough that some want to ditch their U.S. citizenship. Roughly 1 in 4 American expatriates is “seriously considering” or “planning” to renounce their U.S. citizenship, according to […]
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Here’s how to fight a higher-than-expected property tax bill
Momo Productions | Digitalvision | Getty Images If the value of your home ballooned during the Covid pandemic, you may receive an inflated property tax assessment in the mail. There are ways, however, to combat a higher bill, experts say. Despite double-digit growth in single-family home prices, property taxes only increased by 1.8% in 2021, […]
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