Tax Notes
Tax Notes is the first source of essential daily news, analysis, and commentary for tax professionals whose success depends on being trusted for their expertise.
Tax Notes is a portfolio of publications offered by Tax Analysts, a nonprofit tax publisher. It provides comprehensive and impartial coverage of tax news, while its commentary contributes important voices to the discussion and understanding of tax policy.
Tax Notes
The richest 0.1 percent of earners worldwide hold around 80 percent of the $3.55 trillion held offshore, more than the entire wealth of the poorest half of the world, according to a new Oxfam analysis.
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#tax #billionaires #taxhavens #news
1 month ago | [YT] | 0
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Tax Notes
As NASA plans its return to the moon and billionaires dream of colonies on Mars, there's a lot of opportunities in outer space. And as these plans come into focus, so too does the need to determine taxing rights.
Opinion: Erika Isabella Scuderi, visiting assistant professor of tax law at the University of Florida’s Levin College of Law, discusses her proposal for establishing taxing rights in outer space.
Check out the full "Tax Notes Talk" conversation wherever you get your podcasts.
#tax #nasa #outerspace #podcast
2 months ago | [YT] | 2
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Tax Notes
The complaint in Josefsberg v. Uber Technologies Inc., excoriated Uber’s vetting process of driver-applicants and accused the company of issuing thousands of Forms 1099-NEC to individuals who have never signed up to be drivers for the rideshare app. The issuances of those tax forms are fraudulent and in violation of section 7434, it asserted.
The complaint contended that Uber was aware of applicants using other people’s information, including Social Security numbers, during the background screening process and still allowed those applicants to become drivers.
Uber “knowingly and willfully accepts these applications to fulfill its never-ending need for more and more drivers to fuel its growth and increase its revenue,” the complaint alleged.
When reached for comment, an Uber spokesperson said that identity theft and tax fraud “are sophisticated, ever-evolving issues that have long impacted a wide range of industries” and that the company maintains safeguards designed to prevent that activity and address emerging tactics.
“We disagree with the claims in this complaint,” the spokesperson said.
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#tax #uber #news
2 months ago (edited) | [YT] | 0
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Tax Notes
The House Ways and Means Committee has advanced five separate tax bills that would address disaster relief, settlements for sexual assault survivors, a deduction for educators, the IRS whistleblower program, and taxpayer services.
All five bills received unanimous support from the committee during a markup hearing on March 25 and now await a full House vote before they can advance to the Senate.
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#tax #congress #taxpolicy #irs #news
2 months ago | [YT] | 0
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Tax Notes
Opinion: Mindy Herzfeld examines historical shifts in tax policy caused by wars and oil crises and considers whether changes like new excess profits taxes might come in response to the ongoing war in Iran.
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#iran #oil #iranwar #tax #news
2 months ago | [YT] | 0
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Tax Notes
The New York State Assembly's plan would tax corporations with annual income of more than $5 million but less than $10 million at 7.25 percent and create a new temporary top tax rate of 9.25 percent for corporations with more than $10 million in income. The top rate would expire at the end of 2029.
Meanwhile, the Senate proposes to increase the temporary top corporate franchise tax rate from 7.25 percent to 9 percent for tax years beginning on or after January 1, 2026, and ending before January 1, 2030.
The Assembly plan also proposes to create a new top personal income tax rate of 12 percent for annual income exceeding $100 million while increasing the current top tax rate from 10.9 percent to 11.75 percent. It would also reduce the first five income tax brackets. The changes would expire at the end of 2032.
But the Senate would impose a 0.5 percent income tax surcharge on the top two personal income tax rates, bringing the top rate to 11.4 percent from 10.9 percent and the second highest to 10.8 percent from 10.3 percent.
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#tax #newyork #kathyhochul #news
2 months ago | [YT] | 0
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Tax Notes
Some U.K. tax advisers suggest Britain might attract the wealthy Americans seeking to escape California’s “billionaire tax" and any subsequent wealth levy, but U.S. tax advisers are more circumspect about the prospect.
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#tax #california #wealthtax #uk #news
2 months ago | [YT] | 0
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Tax Notes
A Georgia man will spend nearly 15 years in prison for running a scheme through which he received a $3.4 million tax refund by creating a fictitious business that listed various celebrities and fictional characters as employees.
Carl Delano Torjagbo of Marietta was sentenced to 14 years and seven months in prison after he was convicted of falsely claiming that Kremkov Industries LLC — his purported gold mining operation in Ghana — listed Charlie Brown, Gene Hackman, Nancy Drew, Keanu Reeves, and Emilia Clarke among its employees, the Justice Department said in a January 29 release.
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#tax #news #charliebrown #doj #justicedepartment
2 months ago | [YT] | 0
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Tax Notes
"This is what makes the legal standard so disingenuous: There is no way to reconcile the fact that people are allowed to move to lower their taxes but are seemingly not able to introduce enough evidence to prove it."
Opinion: William Hays Weissman argues that a recent case out of New York points to the ambiguity of state law regarding where residents are domiciled for tax purposes.
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#tax #newyork #florida #opinion
2 months ago | [YT] | 0
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Tax Notes
A bicameral pair of progressive lawmakers introduced legislation that would establish an annual wealth tax on billionaires and direct the revenue to policies benefiting low- and middle-income Americans.
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#tax #wealthtax #berniesanders #rokhanna #congress
3 months ago | [YT] | 1
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