What retirees need to know about qualified charitable distributions

What retirees need to know about qualified charitable distributions

David Jakle | Image Source | Getty Images If you’re retired and giving to charity this holiday season, experts say there’s a way to trim your 2022 tax bill while supporting your favorite cause. Despite economic uncertainty, the majority of American adults plan to donate similar amounts this year as they did last year, a … Read more

Exxon Mobil, Chevron and ConocoPhillips challenged over tax practices

Exxon Mobil, Chevron and ConocoPhillips challenged over tax practices

Speaking late last month, U.S. President Joe Biden threatened to pursue higher taxes on oil company profits if industry giants do not work to cut gas prices. Brandon Bell | Getty Images Oxfam on Monday filed shareholder resolutions against U.S. oil giants Exxon Mobil, Chevron and ConocoPhillips, saying a lack of transparency over their global … Read more

White House requests $37.7 billion in Ukraine funding, $10 billion for Covid

White House requests .7 billion in Ukraine funding,  billion for Covid

U.S. Army soldiers assigned to the 82nd Airborne carry military equipment as they take part in an exercise outside the operating base at the Arlamow Airport on March 7th, 2022 in Wola Korzeniecka, Poland. Omar Marques | Getty Images The White House is requesting nearly $40 billion in new funding from Congress to support Ukraine … Read more

Business owners have a big tax deadline coming up well before April

Business owners have a big tax deadline coming up well before April

New business formation has boomed, and that means more new business owners than ever are dealing with tax season and potential tax nightmares.  While there aren’t that many tax changes that will affect small businesses in the upcoming tax season, what is new — coupled with evergreen tax issues that tend to trip up small … Read more

UK’s self-billed ‘Scrooge’ promises tax rises, spending cuts

UK’s self-billed ‘Scrooge’ promises tax rises, spending cuts

Britain’s Treasury chief, Jeremy Hunt, has warned a spending crunch and tax increases are on their way as he bids to fill the “black hole” in the country’s finances LONDON — Britain’s Treasury chief warned Sunday of a coming spending crunch and tax increases for cash-strapped Britons as he bids to fill the “black hole” … Read more

President Biden decides on nomination for IRS Commissioner

President Biden decides on nomination for IRS Commissioner

The Internal Revenue Service building in Washington. SAUL LOEB/AFP via Getty Images New role a ‘challenging assignment,’ former IRS commissioner says Biden’s nomination comes at a critical time for the agency. After another difficult filing season, the IRS is still wrestling with a backlog. As of Nov. 4, there were 4.2 million unprocessed individual returns … Read more

What the ‘millionaire tax’ in Massachusetts means for the wealthy

What the ‘millionaire tax’ in Massachusetts means for the wealthy

If you make more than $1 million a year in Massachusetts, you may soon be subject to a “millionaire tax” approved by voters this week through a ballot initiative. The new law creates a 4% tax on annual income above $1 million, on top of the state’s current 5% flat income tax, aiming to fund … Read more

Key deadline to claim 2021 tax credits, $1,400 stimulus checks looms

Key deadline to claim 2021 tax credits, ,400 stimulus checks looms

Charnsitr | Istock | Getty Images Certain tax credits were made temporarily more generous in 2021. For certain people, there still may be time to claim the money, which may add up to thousands of dollars — but some politicians aren’t happy the IRS just reminded Americans about the cash. The federal agency recently sent … Read more

Trump asks Supreme Court to block Congress getting his tax returns

Trump asks Supreme Court to block Congress getting his tax returns

Former U.S. President Donald Trump speaks during a rally in Robstown, Texas, U.S., October 22, 2022.  Go Nakamura | Reuters Former President Donald Trump on Monday asked the Supreme Court to block a judge’s order that the IRS give years of his tax returns to the House Ways and Means Committee later this week. The … Read more

What ‘millionaire tax’ plans on California, Massachusetts ballots mean for taxpayers

What ‘millionaire tax’ plans on California, Massachusetts ballots mean for taxpayers

How states plan to spend ‘millionaire tax’ revenue While the proposed taxes sound similar, there are differences in how each state plans to use the revenue.  In Massachusetts, assuming voters pass the measure, the tax is expected to generate about $1.3 billion of revenue in 2023, according to a Tufts University analysis. The state aims … Read more