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Taxation

  • Report: 19 Fortune 100 Companies Paid Little or No Taxes for 2021

    By:
    Ruth Singleton
    |
    Apr 27, 2022
    Nineteen of the largest U.S. corporations paid little or no taxes last year, according to an analysis of financial filings prepared by the Center for American Progress (CAP). The CAP report found that while corporate profits are surging to record levels, these corporations within the Fortune 100 paid an effective tax rate in the single digits—or nothing at all. 
  • Despite Fla. Bill Targeting Disney, Big Tax Breaks for the Company Remain Intact

    By:
    Ruth Singleton
    |
    Apr 25, 2022
    Although Florida Gov. Ron DeSantis has signed a bill to strip the Walt Disney Co. of its special tax status, in retaliation for Disney’s opposition to legislation that bans discussion of gender identity in kindergarten through third grade, he has left intact $578 million in tax credits that the company can use to lower its state income taxes through 2040.
  • Another Federal Court Strikes Down Ban on Using ARPA Funds for Tax Cuts

    By:
    Ruth Singleton
    |
    Apr 20, 2022
    A federal district court in Texas has struck down a provision in the American Rescue Plan Act (ARPA) that prohibits states from using funds received under that legislation to reduce state taxes.
  • 2021 Tax Returns of Biden and Harris Similar to Returns Filed Last Year

    By:
    Ruth Singleton
    |
    Apr 19, 2022
    The White House has released the 2021 tax federal income tax returns for President Joe and Dr. Jill Biden, as well as Vice President Kamala Harris and her husband, Doug Emhoff. Both were similar to the returns they filed last year for 2020. 
  • First April Tax Day Since 2019 Arrives With Fewer Hitches Than Feared

    By:
    Ruth Singleton
    |
    Apr 18, 2022

    Despite warnings by Treasury Department officials in January that the tax season would be extraordinarily challenging, it has progressed more smoothly for taxpayers and preparers than expected. The April 18 Tax Day was the first deadline to return to that month since 2019, before the COVID-19 pandemic. In 2020, the IRS extended the filing and payment deadlines to July 15, and last year, it extended those deadlines to May 17. On the other hand. Treasury officials still found the tax season to be quite challenging because of staff shortages and the complexity associated with distributing pandemic relief money.

  • GAO Report Details Workload Problems at IRS in 2021, As Agency Makes Some Progress on Catching Up

    By:
    Ruth Singleton
    |
    Apr 12, 2022
    The Government Accountability Office (GAO) issued a report to Congress this week,  based on the 2021 tax filing season, saying the IRS needs to address persistent challenges that led to a backlog of millions of unprocessed returns. IRS Commissioner Chuck Rettig recently testified l that the IRS plans to get caught up by the end of the year.
  • New York’s 2023 Budget to Include Tax Breaks for Middle Class and Small Businesses

    By:
    Ruth Singleton
    |
    Apr 8, 2022
    On Thursday, New York Gov. Kathy Hochul announced an agreement with state legislators on a 2023 budget, which will include tax breaks for middle class New Yorkers and small businesses.