Tax
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NEW YORK (AP) — A national Black Lives Matter nonprofit, whose philanthropic fortunes grew almost overnight during historic racial justice protests three years ago, raised just over $9 million in its last fiscal year, new IRS tax filings show. That’s significantly less than the $79 million in revenue reported in a previous tax filing of […]
The Internal Revenue Service said on Tuesday it would launch a free, government-provided direct tax filing option next year, which could lead to the full-scale launch of an IRS filing system that would compete with private tax preparers. The IRS said in an exploratory report to Congress that 72% of American taxpayers surveyed said they […]
WASHINGTON, May 16 (Reuters) – The Internal Revenue Service on Tuesday said it would launch a free, government-provided direct tax filing option next year, which could lead to the full-scale launch of an IRS filing system that would compete with private tax preparers. The IRS said in an
What is a free trade agreement? The U.S. Treasury Department and the Internal Revenue Service recently took up this question in providing guidance on electric vehicle (EV) tax credits in the Inflation Reduction Act (IRA). What’s the answer? It’s unclear. Treasury and the IRS see two types: “traditional” free trade agreements, of which the U.S. has few; […]
The U.S. government’s Afghanistan watchdog told lawmakers on Wednesday that he can’t guarantee that American aid to Kabul isn’t being funneled to the Taliban. “While I agree — and we all agree — Afghanistan faces a dire humanitarian and economic situation, it is critical that our assistance not be diverted by the Taliban,” Special Inspector […]
The amount of money that the US government has on hand to pay its bills jumped $108.47 billion as tax receipts boosted a cash pile that’s been whittled down in a bid to avoid crashing into the nation’s statutory debt limit. The Treasury Department’s cash balance rose to $252.55 billion on Tuesday from $144.08 billion […]
Norwegian startup Freyr will first build batteries to power electric vehicles and store clean energy in a remote town near the Arctic Circle. Up next? An Atlanta suburb. That’s because a new U.S. clean energy law offers generous tax credits — up to 40% of costs — in what is a “massive, massive incentive” for producing in […]
LONDON (AP) — Norwegian startup Freyr will first build batteries to power electric vehicles and store clean energy in a remote town near the Arctic Circle. Up next? An Atlanta suburb. That’s because a new U.S. clean energy law offers generous tax credits — up to 40% of costs — in what is a “massive, […]
An annual net wealth tax could inject half a trillion dollars into the economy In advance of Tax Day, Oxfam called for a US wealth tax to reduce extreme wealth inequality, advance racial justice, tackle the climate crisis, and protect democracy. Oxfam also highlighted how fairer taxation of the ultrawealthy could have prevented the current […]
The U.S. tax code is an outdated system that does not reflect the needs of modern society and the country’s demographics. Among those it costs the most: single women, married Black couples and gay couples. In the U.S., it is much more expensive to be single than it is to be married. And according to […]