Taxes

The new U.K. “energy profits levy” shows how easily policy can be usurped by politics, bringing more unpredictability to the energy transition. The new U.K. “energy profits levy” shows how easily policy can be usurped by politics, bringing more unpredictability to the energy transition. FOLLOW US ON GOOGLE NEWS Read original article here Denial of responsibility! Techno Blender is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All…

The U.S. Department of the Treasury buildingJulia Schmalz | Bloomberg | Getty ImagesSome investors may be grappling with the sting of higher-than-expected capital gains for 2021 and losses in 2022. But experts say tax-planning opportunities may soften the blow.Individuals paid significantly more taxes this season, and the surge in capital gains in 2021 may be to blame, according to an analysis from the Penn Wharton Budget Model.Adjusted for inflation, filers paid more than $500 billion in April 2022, compared to north of…

Maria Teijeiro | OJO Images | Getty ImagesTax breaks aren't the primary incentive for philanthropy among the ultra-wealthy, according to BNY Mellon Wealth Management's inaugural Charitable Giving Study.  The report, polling 200 individuals with wealth ranging from $5 million to more than $25 million, found the top three motivators were personal satisfaction, connection to a cause or organization and a sense of duty regarding giving back.By contrast, tax benefits ranked among the bottom three reasons for donating money to…

A mobile billboard calling for higher taxes on the ultra-wealthy depicts an image of billionaire businessman Jeff Bezos, near the U.S. Capitol on May 17, 2021 in Washington, DC.Drew Angerer | Getty ImagesA new billionaire was created on average about every 30 hours during the Covid-19 pandemic, according to a new report by Oxfam, a global charity focused on eliminating poverty.Now, 573 more people around the world can claim billionaire status compared to 2020 when the pandemic began, for a current total of 2,668…

Rep. Tom Suozzi, D-N.Y., speaks during a news conference announcing the State and Local Taxes (SALT) Caucus outside the U.S. Capitol on April 15, 2021.Sarah Silbiger | Bloomberg | Getty ImagesDespite roadblocks, five House Democrats are still fighting for relief on the $10,000 limit on the federal deduction for state and local taxes, known as SALT. Rep. Mikie Sherrill, D-N.J., sent a letter to leaders of the House Appropriations Subcommittee on Financial Services and General Government, urging colleagues to deny the IRS…

Jeff Bezos this weekend became the latest centibillionaire to launch a political fight on Twitter by denouncing a tweet from President Joe Biden about corporate taxes as “disinformation” and "misdirection."The White House quickly retorted Monday that Bezos “opposes an economic agenda for the middle class.” And then Bezos fired back, arguing that the Biden administration would have made inflation worse if its $3.5 trillion (roughly Rs. 2,72,14,250 crore) economic and social spending bill, known as “Build Back Better,” had…

alfexe | iStock | Getty ImagesFilers won't be affected by the IRS decision to destroy data for millions of taxpayers, the agency said in a statement Thursday.The IRS tossed an estimated 30 million so-called paper-filed information returns in March 2021, according to an audit by the Treasury Inspector General for Tax Administration.The news has sparked anger in the tax community, many of whom worry about the agency's ability to verify returns, triggering more error notices especially with limited ways to reach the IRS.More…

courtneyk | E+ | Getty ImagesAn audit by the Treasury Inspector General for Tax Administration revealed the IRS has tossed data for millions of payers, sparking anger from the tax community.The material, known as paper-filed information returns in accounting parlance, are sent yearly by employers and financial institutions, and cover taxable activity, such as W-2 forms, with copies sent to taxpayers and the IRS.The continued inability to process backlogs of paper-filed tax returns contributed to management's decision to…

WASHINGTON—Federal revenue almost doubled in April compared with a year earlier, reaching a record and driving a monthly government surplus of $308 billion, which Treasury officials said also set a record for the largest monthly surplus. Government revenue from taxes and other receipts for the month rose by 97% from a year earlier to $864 billion, not adjusting for calendar differences, the Treasury Department reported Wednesday. Federal outlays in April fell by 16% to $555 billion, the…

Tom Werner | DigitalVision | Getty ImagesThe IRS may have the ability to automate nearly half of tax returns, according to a working paper from the National Bureau of Economic Research.The agency could correctly auto-fill an estimated 62 million to 73 million returns with information it already has, covering 41% to 48% of taxpayers, researchers from the U.S. Department of the Treasury, the Minneapolis Federal Reserve and Dartmouth College found."Our results suggest that pre-populated returns would be accurate for a…