Current News
The Chairman’s Report July 8, 2022
In March of 2021, the IRS shredded 30 million paper-filed information returns as a solution to the pandemic-related backlog.
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Billions in bitcoin trapped on lending platforms like Celsius may turn into a tax writeoff for investors
Crypto lending platforms like Celsius, Anchor, and Voyager Digital rose to prominence for offering almost unbelievable returns of up to 20% annually on customer deposits. Now, much of that crypto cash is trapped, as plunging token prices force platforms to temporarily suspend or limit withdrawals. Read More.
GM received $3.8 billion in tax credits from Michigan to keep jobs, automaker reveals
General Motors received a $3.8 billion tax credit from Michigan after it filed for bankruptcy in 2009 and during the Great Recession. Read More.
Biden repeats false claim that US has lower inflation than rest of world
President Joe Biden once again falsely claimed that inflation in the U.S. is lower than the rest of the world during a Thursday press conference. Read More.
Gov. Kemp Suspends State Gas Tax Again Ahead Of Fourth Of July Weekend
GEORGIA — Gov. Brian Kemp signed an executive order Friday that will extend the suspension of Georgia state gas taxes. Read More.
How tax credits can help fight soaring fossil fuel prices — and climate change
As Americans prepare to celebrate the Fourth of July, people in highway rest stops and grocery stores across the country this weekend will be feeling the pain of near record-high gas prices and soaring inflation. Read More.
California approved gas tax relief. When will I get my money?
Lawmakers and Gov. Gavin Newsom have finalized a deal to send $9.5 billion back to Californians feeling the crush of $6 gasoline and rising costs for groceries and other products and services. The payments, which could be as much as $1,050 for a family, will not be coming in time for a 4th of July road trip – but they should land before the winter holidays. Read More.
New Fuel Taxes Kick in July 1 in Number of States
Higher gas taxes will sweep across pumps in several states on July 1 to drive fuel prices even higher. Read More.
The Chairman’s Report July 1, 2022
Rather than have a picture of fireworks or picnics or other activities usually associated with the 4th of July, it seems that we should remember why many of us have persisted in the effort to replace the federal income tax with a national retail sales tax—the FAIRtax.
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Gas taxes: States with the highest and lowest fees at the pump
The nationwide average tax on gasoline was 57.09 in January 2022, according to a report by the American Petroleum Institute (API). However, taxes vary significantly between states. Read More.
Tax Breaks For Gas, Groceries Start In July For Illinois Residents
Illinois residents can look forward to tax breaks at the grocery store and the gas pump starting next month. Read More.
The Grassroots Corner July 4, 2022
The Grassroots Corner - Week Beginning 7/04/22: “Happy Fourth Of July” Read More.
Inflation and recession fears are squeezing some industries more than others
Inflation has been pushing prices higher, and shoppers are feeling the pressure as they pay more for goods like groceries and gas. Read More.
IRS tax return backlog swells to 21M as Americans await refunds | Fox Business
The Internal Revenue Service has a massive backlog of unprocessed tax returns, delaying refunds for millions, according to a report from the national taxpayer advocate. Read More.
Supreme Court Gives Taxpayers In IRS Collections Cases A Win
The Supreme Court has been busy the last couple of weeks. In addition to issuing several decisions it granted a writ of certiorari for a case that will determine how penalties apply for non-willful violations of foreign account compliance reporting. But in late May it handed taxpayers with certain types of collections actions before the IRS a big win with its unanimous decision in Boechler, P.C. v. Commissioner of Internal Revenue. Read More.
