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Search resuls for: "United States Tax"


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☆ How the billionaire creator of 5-Hour Energy's erratic takeover led to a fumble of Sports Illustrated
  + stars: | 2024-03-17 | by ( Jack Newsham | Jake Swearingen | ) www.businessinsider.com   time to read: +12 min
A week earlier, he had become a large minority shareholder at The Arena Group, but had no official title. The company Bhargava claimed to be taking over was so poorly run that he questioned the intelligence of those in the meeting. He also said Bhargava was talking about his charitable endeavors in order to underscore his priorities to Arena Group employees. Media, Bhargava said in the meeting, was "biased." Days later, Bhargava sacked Arena Group CEO Ross Levinsohn, too, causing Levinsohn to angrily resign from the board.
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☆ Beyoncé petitions IRS over $2.7 million in tax penalties, claiming government denied her millions in deductions and charitable donations
  + stars: | 2023-04-29 | by ( Jordan Hart | ) www.businessinsider.com   time to read: +2 min
Beyoncé is challenging the IRS over its assessment of $2.7 million in taxes and penalties. The singer alleges the agency rejected over $800,000 in charitable donations, according to the petition. The notice claimed Beyoncé owes over $1.4 million in additional tax and over $288,000 in penalty for 2019. For 2018, it alleged the singer owes about $805,000 in additional tax and $161,000 in penalty, according to Forbes. In her 20-page petition, Beyoncé argues that the agency refused millions of dollars in deductions, including $868,766 attributable to a charitable contribution carryover from 2018.
☆ Tesla scales back German battery plans, won over by U.S. incentives
  + stars: | 2023-02-21 | by ( Victoria Waldersee | ) www.reuters.com   time to read: +2 min
BERLIN, Feb 21 (Reuters) - Tesla (TSLA.O) has paused plans to produce entire batteries in Brandenburg, Germany, and will instead carry out some production steps in the United States where tax incentives are more favourable, the Brandenburg economy ministry said on Tuesday. The U.S. carmaker had originally planned to produce the full battery at the Gruenheide site in Germany, with a peak capacity of over 50 gigawatt hours per year. But with the United States offering electric vehicle makers sourcing batteries from within the United States tax breaks and consumer discounts, the company has changed course. "Tesla has started its battery system production in Gruenheide and is preparing to manufacture battery cell components. The company has prioritized further production steps in the USA because tax incentives make business conditions more favorable there," the Brandenburg economy ministry said in a statement.
☆ Companies like Etsy, eBay, and PayPal are fighting a new tax law they fear could lead to an avalanche of 40 million new tax forms and mass confusion among their users
  + stars: | 2023-01-23 | by ( Madeline Stone | ) www.businessinsider.com   time to read: +6 min
A group of companies including Etsy, eBay and PayPal are lobbying against new tax rules. E-commerce companies including Etsy, eBay, and Poshmark are lobbying to stop a new tax rule that they say would confuse millions of their users. But at the lower threshold, an estimated 30 to 40 million businesses or individuals could receive a 1099-K for the first time in 2024. An eBay spokesperson said the lowered threshold is "concerning for many sellers on eBay who casually sell online to help meet important financial needs." Jeffrey Zubricki, head of Etsy Americas advocacy and public policy, was optimistic about efforts to raise the threshold from $600.
☆ New $22 million Korean War memorial in Washington has 1,015 spelling errors and 245 service members who didn't die in the war, report says
  + stars: | 2023-01-10 | by ( Sophia Ankel | ) www.businessinsider.com   time to read: +3 min
The Wall of Remembrance at the Korean War Veterans Memorial was unveiled in Washington last year. But the memorial contains over a thousand spelling mistakes and errors, The New York Times reported. Two historians told NBC it will cost US taxpayers millions of dollars to rectify the mistakes. The Wall of Remembrance at the Korean War Veterans Memorial was first unveiled last summer and is meant to include all of the 36,634 names of American service members who died in battle in the Korean War. The Korean War lasted from 1950 to 1953.
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