Taxes

Thanks to decades of spending, many local police departments now resemble well-armed military squads. But budget shortfalls and protests will likely force a change. Among Delaware’s beach towns, Dewey Beach, sandwiched between artsy Rehoboth to the north and family-friendly Bethany Beach to the south, is known as a place to party after a day of
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Several states may legalize recreational marijuana in the coming years as the coronavirus pandemic has left many state budgets in disarray and policymakers looking for new revenue sources. Combined with a desire to decriminalize, the zeitgeist is ideal for marijuana legalization. Montana is one state that could legalize sooner rather than later as campaigners for
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Will Treasury delay Tax Day again? Treasury Secretary Steven Mnuchin suggested that he may delay deadlines for filing and paying taxes once again. As a result of the pandemic, Treasury moved the April 15 deadline to July 15, but the IRS has processed 12.2 percent fewer tax returns than at that time last year. It has processed
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A vacation tax credit? Arizona Senator Martha McSally proposed a $4,000 tax credit for adults ($8,000 per couple and $500 per child) for tourists who travel at least 50 miles from home. The credit, floated earlier by some White House aides, would be good for travel through 2021. President Trump, who owns   hotels and
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Department of Justice sign, Washington DC. Getty On June 19, 2020, the Tax Division of the U.S. Department of Justice filed a Petition To Enforce Summons against the Delaware Department Of Insurance, which seeks testimony and certain documents relating to Artex Risk Solutions, Inc. and Tribeca Strategic Advisors, LLC in connection with its promoter audits
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After the 20007-2008 financial crisis, countries were pressed to tax the financial sector to compensate and partly recover the fiscal assistance governments offered to support the sector. However, in the wake of the coronavirus (COVID-19) crisis, some governments are seeking to cut bank taxes to enhance financial support to businesses and public investment projects. While
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US Supreme Court declines to hear Altera’s appeal. In a big win the for the IRS, the High Court declined to hear Altera Corp.’s challenge to agency regulations from 2003 that determine how companies split costs—namely stock-based compensation often used in the tech industry—with their foreign subsidiaries. The ruling could cost tech giants like Facebook,
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TOPLINE Asked whether the government will send Americans another stimulus check in an interview Monday with Scripps Washington correspondent Joe St. George, President Trump said, “Yeah, we are,” and indicated that another bipartisan stimulus bill is on the way, but did not elaborate further on the possibility of another round of direct payments to Americans. 
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What will happen to the next stimulus bill in an election year? The Wall Street Journal describes the dilemma facing Senate Republicans (paywall). Some prefer to  join Democrats and quickly pass another bill to boost the economy before the November elections. Others want to wait and see if the economy improves on its own. Said Sen.
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Getty Recent reports indicate that the IRS is launching an audit campaign that will focus on hundreds of returns filed by high-wealth taxpayers.  The initiative, which was confirmed by Douglas O’Donnell, head of the IRS’s Large Business and International Division (“LB&I”), last week, is expected to begin around July 15th, and will likely involve taxpayers with
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Economic Security Planning, Inc. Today’s column addresses questions about early spousal benefits before full retirement benefits, survivor benefits, which month to start benefits to avoid early filing reductions, unpaid Social Security and Medicare taxes and benefits on an ex’s record after remarriage. Larry Kotlikoff is a Professor of Economics at Boston University and the founder
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