Articles

WASHINGTON (Reuters) -A Senate Democratic deal includes a new $4,000 tax credit for used electric vehicles and other new tax credits and grants for automakers to retool factories to build greener cars. Read More.

Yesterday the IRS issued a statement acknowledging that “some payments made for 2021 tax returns have not been correctly applied to joint taxpayer accounts, and these taxpayers are receiving erroneous balance due notices (CP-14 notices) or notices showing the incorrect amount.” Read More.

Merriam-Webster defines the term recession as a period of reduced economic activity. In technical terms, a recession is generally considered to represent two consecutive quarters of economic decline, as reflected by GDP. First quarter 2022 GDP decreased at an annualized rate of 1.5% according to the U.S. Bureau of Economic Analysis. Read More.

Section 6 of the IRS Data Book provides an overview of IRS budget activities, including taxpayer services, enforcement, operations support, and business systems modernization. The section also includes information on the size and composition of the IRS workforce. Read More.

Congressional approval of at least one part of the OECD-led global tax deal is in jeopardy after Sen. Joe Manchin (D-W.Va.) said he wouldn’t back tax hikes in reconciliation due to inflation. Read More.

Sens. Pat Toomey (R-Pa.) and Kyrsten Sinema (D-Ariz.) introduced legislation on Tuesday that would exempt small crypto purchases from a capital gains tax. Read More.

The Grassroots Corner - Week Beginning 7/18/22: “Making it easier to get involved at a National Level” Read More.

Apple has settled its lawsuit with Chicago over the city’s so-called “Netflix tax,” according to a report from The Hollywood Reporter. The tax placed a 9 percent levy on “amusements that are delivered electronically” — essentially targeting streaming services. Read More.

The tax burden for funding state government and public schools in New Mexico is shifting slightly toward wealthier residents as the state stops collecting taxes on most Social Security benefits. Read More.

Mississippi lawmakers voted in the “largest tax cut” in state history earlier this year when they authorized a gradual reduction in its income tax rate. Read More.

Democrats are poised to approve their first big tax break of this year — but it’s not any of the ones they’ve spent so much time talking about. Read More.

So you didn’t win the $555 million Mega Millions jackpot Tuesday night. The glass half-full view? Phew! You dodged a huge tax bill. Read More.

Sen. Rand Paul, R-Ky., is out with a new report showing the Democrats' proposed tax hike on pass-through entities would fall disproportionately on small businesses. Read More.

Whether you work as a salaried employee or receive income from a pension, commission or other sources, understanding how much tax should be withheld from your earnings is crucial. Read More.

John W. Childs is the Chairman of J.W. Childs Associates, L.P., a private equity and special situation investment firm founded in 1995, currently focusing on life science, real estate and consumer brands investments. Previously, John was Senior Managing Director of the Thomas H. Lee Company from 1987 to 1995, where he had broad responsibilities for originating, analyzing, negotiating, and managing leveraged buyout transactions, such as Snapple and General Nutrition Company. Read More.