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☆ A 63-year-old peak boomer said she 'can't even think about retiring' despite having a master's degree and working two jobs
▼ + stars: | 2024-05-09 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +7 min

Despite having a master's degree, she's concerned about affording rent upon retirement. AdvertisementCathy R., 63, has a master's degree and has worked all her life, though she's very worried for her future. However, even with a master's, she said she couldn't find anything higher-paying than clerical work, as she was constantly told she didn't have enough experience. "How are you supposed to get that experience when all you do is give me clerical work?" "I don't own anything except a car, I always have to rent, but I don't know how seniors on limited income are paying rent," Cathy said.

Persons: Cathy, ALICE, —, Cathy R, she's, We've, ALICE Cathy, hadn't Organizations: Service, Alliance, Lifetime, Income, University of Minnesota, Department of Revenue Locations: Minnesota, Paul, Minneapolis, St

☆ 'Chrisley Knows Best' star Todd Chrisley ordered to pay former Georgia revenue investigator $755,000 after defamation lawsuit loss, report says
▼ + stars: | 2024-04-13 | by ( Eve Crosbie | ) www.businessinsider.com time to read: +5 min

His defamatory statements on social media and his podcast have cost him over $750,000. The "Chrisley Knows Best" star was incarcerated in 2022 on bank fraud and tax evasion charges. The 54-year-old Atlanta-based businessman and television personality, best known for appearing on the USA Network reality show "Chrisley Knows Best," has been ordered to pay $755,000 to a former Georgia Department of Revenue investigator for making defamatory statements against her. Todd previously starred in "Chrisley Knows Best" alongside family members, including wife Julie Chrisley. AdvertisementTodd Chrisley, Harvey Hughes, and Julie Chrisley in one of the last aired episodes of "Chrisley Knows Best."

Persons: Todd Chrisley, Chrisley, —, Amy Doherty, Heinze, Doherty, Todd, Julie Chrisley, Tommy Garcia, Leesa Guarnotta, Harvey Hughes Organizations: Department of Revenue, Service, USA Network, Georgia Department of, Los Angeles Times, People, Chrisley, Pensacola, USA, Getty, Georgia Department of Revenue, Georgia Department, Revenue's, Special Investigations, Business Locations: Atlanta, Georgia, Florida, Kentucky

☆ Betting on the Super Bowl? 'You gotta pay the piper' on your winnings, says tax expert
▼ + stars: | 2024-02-09 | by ( Mike Winters | ) www.cnbc.com time to read: +4 min

All gambling winnings are considered taxable income by the Internal Revenue Service, even if you aren't a professional gambler. How to report your winnings and lossesYour gambling winnings and losses are reported separately in your tax return. The reason for that "is to prevent tax filers from offsetting other income with gambling losses," says Razi. Why you probably won't actually claim gambling losses as a deductionThe only way to claim your gambling losses is to itemize your deductions, which most taxpayers don't do. What happens if you don't report your gambling winnings

Persons: Romeo Razi, You'll, Razi Organizations: Internal Revenue Service, CNBC, IRS Locations: Las Vegas

ATLANTA (AP) — With a runup in home values sparking higher property taxes for many Georgia homeowners, there is a groundswell among state lawmakers in this election year to provide relief. Political Cartoons View All 253 ImagesIn Texas, voters in November approved a plan cutting property taxes by $18 billion. Pennsylvania is using lottery proceeds to cut property taxes and subsidize rent for seniors and people with disabilities. That owner would have paid more except for a $950 million property tax rebate championed by Gov. More than $2 billion in property value in Columbus is shielded from taxation by homestead exemptions which don't allow for any rise in value.

Persons: Jon Burns, Newington, ”, Jared Walczak, Chuck Hufstetler, Bill, I’ve, Hufstetler, Burt Jones, It's, Atlanta Sen, Jason Esteves, Esteves, Burns, Shaw Blackmon, Kathleen, That's, Suzanne Widenhouse, Brian Kemp, Widenhouse, ” Widenhouse Organizations: ATLANTA, Georgia's, Republican, Tax Foundation, Democratic, Finance, Rome Republican, Associated Press, Georgia Department, Revenue, Georgia counties, Association of, of Georgia, Gov, Atlanta Locations: Georgia, Texas, Kansas, Colorado, Pennsylvania, California, Muscogee County, Columbus

The House was scheduled to vote Thursday on a GOP plan for cutting income, sales and property taxes by a total of $1.6 billion over three years. Top Republicans want to impose a single personal income tax rate of 5.25%, replacing three rates that top out at 5.7%, starting in 2025. The dispute over the single-rate or “flat” plan blocked a large tax cut in Kansas last year, when a dozen other states cut taxes, according to the conservative-leaning Tax Foundation. Her income tax proposal would increase the standard deductions that all individual filers claim. Kansas Senate President Ty Masterson, a Wichita-area Republican, said retaining an income tax with multiple rates would keep Kansas “behind the eight ball” economically.

Persons: Laura Kelly, Kelly, ”, Sen, Mike Thompson, Republican Sen, Caryn Tyson, Kelly's, Sam Brownback, “ Kansans, ” Kelly, Brianna Johnson, Neva Butkus, Butkus, Kim Reynolds, Ty Masterson, It's, Hannah Fingerhut Organizations: —, Democratic, GOP, Gov, Top Republicans, of Revenue, Tax Foundation ., Kansas City, Republican, Social, Republican Gov, Taxation, Economic, Tax Foundation, Kansas, Associated Press Locations: TOPEKA, Kan, Kansas, Tax Foundation . Kansas, Iowa, Wichita, Des Moines , Iowa

MINNEAPOLIS (AP) — The American Civil Liberties Union of South Dakota announced Monday that it is suing South Dakota over a state law that restricts content on vanity plates. Hart intended for the personalized license plate to refer to his business and its mission of promoting tribal sovereignty, the news release said. According to the complaint filed Friday, the state Department of Revenue denied Hart's application in 2022. Political Cartoons View All 1234 ImagesThe department used its authority to recall at least three personalized plates in 2022, the lawsuit says. It names both the state's Department of Revenue and the state's Motor Vehicle Division.

Persons: Lyndon Hart, REZWEED ”, ” Hart, Hart, Kendra Baucom, “ GAYPRIDE, ”, Georgia —, ___ Trisha Ahmed, @TrishaAhmed15 Organizations: American Civil Liberties Union of South Dakota, ACLU, South Dakota Motor Vehicle Division, of Revenue, state's Department of Revenue, Vehicle Division, Motor, U.S, 8th Circuit U.S, Appeals, state's, Motor Vehicles, Associated Press, America Statehouse News Initiative, America Locations: MINNEAPOLIS, South Dakota, U.S ., North Carolina, Delaware , Oklahoma, Georgia

WASHINGTON (AP) — The IRS plans to invite select taxpayers across 13 states to try out the agency's pilot electronic free file tax return system beginning in January. The agency estimates that hundreds of thousands of taxpayers will participate in the limited rollout of the program for the 2024 filing season. The IRS faces intense blowback from private tax preparation companies that have made billions from charging people to use their software. The introduction of a government-run option could upend the industry and fundamentally change the way taxpayers interact with IRS. The states are “really blazing the trail for this exciting project and finding a way for state filing to work within the context of this, ” Zucker said.

Persons: Daniel Werfel, ” Werfel, Werfel, ” Derrick Plummer, Joe Biden, Gabriel Zucker, ” Zucker, that’s, ” Organizations: WASHINGTON, IRS, Intuit, America, Arizona’s Department of Revenue, New York’s Department of Taxation, Finance, Taxpayers, “ Locations: Arizona , California , Massachusetts, New York, Alaska, Florida , New Hampshire , Nevada , South Dakota , Tennessee , Texas, Washington, Wyoming

☆ Creator merchandise company Spring has been hit with 7 lawsuits this year
▼ + stars: | 2023-09-08 | by ( Sydney Bradley | Amanda Perelli | ) www.businessinsider.com time to read: +6 min

Merch company Spring has been hit with numerous lawsuits this year. The creator merchandise company Spring has been hit with a slew of lawsuits this year following the sale of its assets, in late 2022, to the software company Amaze. Spring, as a company, still exists but has been effectively defunct since the asset sale. That hasn't stopped the lawsuits against Spring (formerly known as Teespring) from piling up, however. Since January, Spring has been sued by several vendors and business partners, with global shipping company DHL being the latest to sue the company.

Persons: Amaze, Ty Huls, Huls, Spring, et, Broder Bros, It's, Evan Stites, Clayton, Chris Lamontagne, Annelies Jansen, OpenAI's Sam Altman, Jansen, What's, Michael Curtiss Organizations: DHL, Spring, Washington State Department of Revenue, DHL Ecommerce, Inc, Teespring Inc, Trade Credit Insurance Inc, Al, Former Spring, Amaze, Amaze Holding, Amaze Software Inc, Software Locations: Amaze, Teespring, Spring, WilliamsMarston

☆ India finance minister not considering tax waivers for Tesla, senior official says
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: 1 min

NEW DELHI, July 13 (Reuters) - India's finance ministry is not considering any duty waivers for U.S. automaker Tesla Inc (TSLA.O), Revenue Secretary Sanjay Malhotra told Reuters on Thursday. Last month, Tesla CEO Elon Musk said Indian Prime Minister Narendra Modi was pushing the car maker to make a "significant investment" in the country, adding that such an announcement was expected soon. In the past, talks between the U.S. carmaker and the Indian government have involved seeking customs duty waivers for importing its electric vehicles, which was rejected by India. "Any duty waiver for Tesla is not under active consideration of the Department of Revenue, as of now," Malhotra said on Thursday. Reporting by Nikunj Ohri; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

Persons: Sanjay Malhotra, Elon Musk, Narendra Modi, Tesla, Malhotra, Nikunj Ohri, Devika Organizations: U.S, Tesla Inc, Indian, carmaker, of Revenue, Thomson Locations: DELHI, India

WASHINGTON, July 10 (Reuters) - A judge on Monday ordered Kansas to stop allowing transgender people to change the gender listed on their driver's licenses after a lawsuit filed by the state's Republican attorney general. Shawnee County District Court Judge Teresa Watson issued the temporary restraining order on Monday. Some states have banned teachers of younger children from discussing gender or sexuality, while conservative lawmakers have also proposed or passed laws restricting drag performances. In June, President Joe Biden warned of "ugly" attacks from "hysterical" people who he said were targeting LGBTQ+ Americans, especially transgender youth. Reporting by Kanishka Singh in Washington, editing by Deepa BabingtonOur Standards: The Thomson Reuters Trust Principles.

Persons: Laura Kelly, Kris Kobach, Teresa Watson, Kobach, Joe Biden, Kanishka Singh, Deepa Babington Organizations: Republican, Democratic, Kansas Department of Revenue, Defamation League, Thomson Locations: Kansas, Shawnee County, U.S, Washington

☆ Are Company Boards Prepared to Deal With Cybersecurity? Our Survey Says...
▼ + stars: | 2023-06-06 | by ( ) www.wsj.com time to read: 1 min

Journal Reports: TechnologyYour Personal Data Has Been Stolen. Will It Really Cost You Anything? By Min-Seok Pang , and Anthony VanceA breach at South Carolina’s Department of Revenue offers a real-world opportunity to answer that question.

Persons: Seok Pang, Anthony Vance Organizations: South Carolina’s Department, Revenue

☆ Fintech Zamp, which helps companies navigate sales tax compliance, used this 12-page deck to raise a $4 million seed round
▼ + stars: | 2023-05-22 | by ( Paige Hagy | ) www.businessinsider.com time to read: +4 min

Zamp is a startup that helps online sellers with sales tax compliance. Sales tax compliance laws are complex and constantly changing. Zamp is aimed at helping online sellers of all sizes manage their sales tax compliance. Additionally, sales tax compliance is handled on the state, county, city, and district levels, rather than the federal level. Zamp handles every aspect of sales tax compliance for the customer, from reporting and filing to handling notices from the state.

☆ Here's the 12-page pitch deck a startup helping online sellers navigate the complicated world of sales tax compliance used to raise a $4 million seed round
▼ + stars: | 2023-05-17 | by ( Paige Hagy | ) www.businessinsider.com time to read: +4 min

☆ This Massachusetts lawmaker wants to create a 4-day workweek: 'A life built around working all the time is not a very happy one'
▼ + stars: | 2023-04-13 | by ( Jennifer Liu | ) www.cnbc.com time to read: +1 min

A pair of Massachusetts lawmakers are the latest to try and make the four-day workweek a reality. Rep. Dylan Fernandes of Falmouth and Rep. Josh Cutler of Duxbury filed legislation this week to create a voluntary program, the "Massachusetts Smart Work Week Pilot," that would create a tax credit for businesses who move their workers to a shorter week for the same pay. Participating businesses would be required to transition at least 15 workers to a 32-hour, four-day weekly schedule without reducing their salaries. Employers would receive a tax credit in exchange for regularly reporting the shortened week's economic and social impact in their organization, such as on employee wellbeing and work-life balance. The legislation will now be directed to a committee and considered in a committee hearing.

☆ Homebuyers who fled to Florida to escape high taxes are now shocked at their massive tax bills
▼ + stars: | 2022-11-18 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +5 min

A Florida law caps property taxes at 3% a year for existing homebuyers. The tax bills have come as a shock for some, who may have to consider moving out of the state. Anyone who bought a Florida property in 2022 will be in the same situation next year. Corporate homebuyers are also getting hit with higher tax billsDeeply resourced, large-scale homebuyers are getting caught off guard, too. Some local governments in Texas have argued for increasing property taxes in order to finance things like hurricane relief, the Texas Tribune reported.

As millions of Americans prepare to submit applications for student loan forgiveness through the Biden administration's new program, the residents of seven states could get a tax bill if they accept the loan cancellation. California is the largest state currently in line to tax student loan forgiveness. However, California legislators have promised to change the state's tax code to exempt student debt forgiveness from being taxed. In a statement to NBC News, a spokesperson for the Indiana Department of Revenue confirmed its residents will owe up to $323 for $10,000 in student loan forgiveness and $646 for $20,000 in student loan forgiveness. “Legislative leaders need to find a solution that treats student loan forgiveness the same way they handled the PPP loan forgiveness that many of them received,” Cooper said.

☆ You have until next week to claim your relief check in some states—how to get your money before the deadline
▼ + stars: | 2022-10-14 | by ( Mike Winters | ) www.cnbc.com time to read: +4 min

However, in some states, eligibility is contingent on filing a tax return by the deadline, Oct. 17. Coloradans who haven't yet submitted a 2021 tax return can still receive this check if they file before Oct. 17. MaineFull-year residents who file a 2021 tax return by Oct. 31, 2022, will qualify for $850 relief checks mailed to their home. IdahoThe state has redirected a state tax surplus into bonus rebates for residents who filed income taxes for both the 2020 and 2021 tax years. Another tax rebate from earlier this year pays out $75 per taxpayer and each dependent, or 12% of income taxes paid, whichever is greater.

☆ DeSantis-appointed Florida official resigns after photo emerges appearing to show him in a Ku Klux Klan robe and hood: report
▼ + stars: | 2022-09-28 | by ( Cheryl Teh | ) www.businessinsider.com time to read: +3 min

A widely circulated photo appears to show Jeffery Moore in a Ku Klux Klan outfit. Moore resigned from his post on the Gadsden County Board of County Commissioners last week. Sheriff Morris Young told Politico that Moore didn't deny it was him in the photo when questioned. Ron DeSantis abruptly resigned on Friday after a photo that appeared to show him in a Ku Klux Klan robe and hood surfaced. Refuted nothing when I showed him the pictures," Young told Politico.

☆ If you file taxes in these 17 states, you could be getting an inflation-relief check from the government—here's who qualifies
▼ + stars: | 2022-09-21 | by ( Mike Winters | ) www.cnbc.com time to read: +12 min

Single tax filers qualify for funds up to $250, heads of household up to $375 and couples filing jointly up to $500. While most of the rebate checks from earlier this year have been mailed out already, the newer bonus checks are currently being processed. To receive the rebates, residents must file their 2020 and 2021 tax returns by Dec. 31, 2022. Charlie Baker announced that tax rebate checks will be sent to full-year residents who file a 2021 tax return on or before Oct. 17, 2022. No action is needed, as residents receive these payments automatically by direct deposit or check.

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