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☆ Document: Report on Trump’s Tax Returns
▼ + stars: | 2022-12-21 | by ( ) www.nytimes.com time to read: +4 min

Closing Observations The IRS audit files we reviewed indicated that the first year of the mandatory examination program began with the 2016 tax year. As noted above, the IRS audit files noted 2016 as being the first tax year for a mandatory examination of Mr. Trump's returns. The IRS audit files again stated that the use of professionals to prepare the returns ensured accuracy. The IRS audit files show that numerous IDRs were issued and regular meetings between the IRS and Mr. Trump's counsel were held. If that is what is planned, it is unclear if that is consistent with the mandatory examination program.

Here's everything you need to know about paying your taxes with a credit card and the best cards to use. How to pay taxes with a credit cardYou'll have to pay your taxes through a third-party payment processor if you want to use a credit card, and they all charge credit card processing fees. If you want to pay state taxes or local taxes (like property taxes) with a credit card, you can try seeing if your tax agency accepts credit cards and charges reasonable fees. You should only pay your taxes with a credit card if you can afford to pay off your credit card bill immediately. Pay taxes with a credit card frequently asked questions (FAQ)Is there a cash advance fee if I pay taxes with a credit card?

The company, which has pleaded not guilty, could face up to $1.6 million in fines for the three tax fraud counts and six other counts it faces, if convicted. The first witness called by the defense was Donald Bender, an accountant with the firm Mazars who handled the Trump Organization's taxes. Bender was granted immunity from prosecution for testifying before the grand jury that indicted the company and Weisselberg. Bender said he prepared tax returns for Weisselberg and his family members free of charge as an "accommodation." Mazars in February dropped the company as a client and said it could no longer stand behind a decade of Trump's financial statements.

☆ Prosecutors rest case in Trump Organization's criminal tax fraud trial
▼ + stars: | 2022-11-21 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +3 min

The Trump Organization, which operates hotels, golf courses and other real estate around the world, could face up to $1.6 million in fines for the three tax fraud counts and six other counts it faces, if convicted. Trump, a Republican who last week launched another bid for the presidency in 2024, has called the charges politically motivated. The district attorney's office charged the Trump Organization and Weisselberg, who pleaded guilty to charges including grand larceny and tax fraud in an August deal with prosecutors calling for a jail sentence of five months if he testified truthfully in the trial. Weisselberg, who has worked for the company for nearly half a century, is on paid leave from the Trump Organization. U.S. Attorney General Merrick Garland on Friday named a special counsel to oversee the Justice Department's investigations related to Trump including his handling of sensitive government documents after leaving office and efforts to overturn the 2020 election.

☆ More Britons to pay top income tax rate in budget squeeze
▼ + stars: | 2022-11-17 | by ( Andrew Macaskill | ) www.reuters.com time to read: +3 min

LONDON, Nov 17 (Reuters) - More Britons will pay the top rate of income tax under government plans announced on Thursday to freeze allowances and lower the level at which people start to pay the highest rate as part of measures to stabilise public finances. Hunt said the government would freeze income tax allowances until 2028 and was lowering the threshold above which the 45% top rate of income tax is paid to 125,140 pounds ($148,053) from 150,000 pounds. Her government had said it would abolish the top rate of income tax, before reversing course amid financial turmoil triggered by her plans. The Conservatives pledged in their election manifesto 2019 not to raise income tax or national insurance rates. The Office for Budget Responsibility (OBR), Britain's independent fiscal watchdog, said the decision to freeze income tax allowances would raise an extra 26 billion pounds for the government by the financial year 2027-2028.

☆ Business owners have an IRS payment coming due well before April federal income tax deadline
▼ + stars: | 2022-11-15 | by ( Cheryl Winokur Munk | ) www.cnbc.com time to read: +6 min

New business formation has boomed, and that means more new business owners than ever are dealing with tax season and potential tax nightmares. For starters, there's a big tax bill coming due for many business owners related to the pandemic, well ahead of the April 2023 federal income tax deadline. Here are a few more tips to stay ahead of the IRS this income tax season. Expect a new tax form related to Venmo, PayPal incomeFor tax year 2022, many business owners may be receiving a form they haven't in the past. The Wave State of Small Business Study for 2022 found that 35% of small businesses are blurring the lines between personal and business accounts.

☆ How Hurricane Sandy transformed the Jersey Shore into 'a playground for the rich'
▼ + stars: | 2022-11-09 | by ( Zoe Rosenberg | Dan Latu | ) www.businessinsider.com time to read: +17 min

Jersey Shore residents battled through a patchwork of programs to rebuild after Hurricane Sandy. Even 10 years after Hurricane Sandy, Barbara is still reminded daily of the mental and financial toll it took on her. Courtesy of BarbaraThe bureaucratic red tape around flood insurance and rebuild programs linked to Hurricane Sandy deepened the divide between the haves and have-nots of the Jersey Shore. Milliman, an actuarial company that works with FEMA's National Flood Insurance Program, found that about 47% of coastal dwellers had flood insurance, The Inquirer reported. "After Sandy, there was a lot more money coming in," Mery, who has built Jersey Shore homes for 15 years, told Insider.

☆ In bankrupt Lebanon, locals mine bitcoin and buy groceries with tether, as $1 is now worth 15 cents
▼ + stars: | 2022-11-05 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +32 min

Others arrange clandestine meetings via Telegram to swap the stablecoin tether for U.S. dollars in order to buy groceries. In Jan., police raided a small crypto mining farm in the hydro-powered town of Jezzine, seizing and dismantling mining rigs in the process. But mining crypto tokens to earn a living is not for everybody. Younes tells CNBC that he initially moved 15% of his money into bitcoin, and he kept the remaining balance in cash. Lebanon has six bitcoin ATMs — one in Aamchit and five in Beirut, according to metrics offered by coinatmradar.com.

☆ UK economy: Rishi Sunak only has unpleasant choices as prime minister
▼ + stars: | 2022-10-25 | by ( Julia Horowitz | ) edition.cnn.com time to read: +7 min

There’s little appetite for government spending cuts after years of austerity in the wake of the 2008 global financial crisis. Plus, failing to help households deal with surging living costs could prove politically devastating and further weigh on the economy. Finance minister Jeremy Hunt got the ball rolling last week when he reversed £32 billion ($37 billion) in tax cuts that formed the bedrock of Truss’ plan to boost growth. Risk of a ‘doom loop’Investors and economists expect that the government will announce a mixture of tax increases and spending cuts shortly. No one wants to repeat the errors of the brief Truss era, when her gamble that unfunded tax cuts would jumpstart growth backfired spectacularly.

☆ Britain’s next leader will be on a short leash
▼ + stars: | 2022-10-21 | by ( Peter Thal Larsen | ) www.reuters.com time to read: +4 min

The British leader announced her resignation on Thursday after just 44 days in charge, making her the country’s shortest-serving prime minister ever. Truss will stay in office until the Conservative Party chooses a replacement by the end of next week. However, her tenure effectively ended last Friday, when she was forced to replace her finance minister and reverse massive tax cuts which had triggered a self-imposed financial crisis. Truss said she would step down as leader and remain prime minister until a successor is chosen “in the next week”. “I recognise though, given the situation, I cannot deliver the mandate on which I was elected by the Conservative party,” Truss said.

☆ Legal cannabis isn't beating the illicit market. The economist who wrote the book on legalization says there are 3 key ways to change that.
▼ + stars: | 2022-10-21 | by ( Jeremy Berke | ) www.businessinsider.com time to read: +7 min

Cannabis legalization is failing to live up to key promises, the economist Robin Goldstein said. While federal cannabis legalization is one of the few US policy questions where there's widespread polling consensus, the industry is struggling. The Blunt Realities of Cannabis Economics," Goldstein and Sumner take a microscope to cannabis policy and the broader industry to answer key questions about the drug's future. "If you want smaller businesses to thrive, just break down barriers to entry because those barriers are best met by the biggest companies," Goldstein said. High prices for legal cannabis often push customers to illicit sellers.

☆ Breakingviews: Britain’s next leader will be on a short leash
▼ + stars: | 2022-10-20 | by ( Peter Thal Larsen | ) www.reuters.com time to read: +4 min

☆ These are the wealthiest US states, according to a new report — and a wealth tax on the country's richest would raise $415 billion
▼ + stars: | 2022-10-13 | by ( Juliana Kaplan | Madison Hoff | ) www.businessinsider.com time to read: +5 min

That family is already effectively paying a wealth tax in their local property tax bill every year on the home that they own," Davis said. Once they're sold off, they're subject to the capital gains tax, which is much lower than the straightforward income tax most Americans pay on their paychecks. If wealth over $30 million there was subject to a 2% wealth tax, it would bring in $88 billion. According to the report, at the national level, a 2% wealth tax on those with over $30 million could bring in about $415 billion. "We've seen a big rise in extreme wealth, partly because we tax that wealth so lightly, if at all," Davis said.

☆ 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.

☆ U.S. picks team to oversee $52.7 bln in semiconductor funding
▼ + stars: | 2022-09-20 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

REUTERS/Kevin LamarqueWASHINGTON, Sept 20 (Reuters) - The Biden administration on Tuesday named a team of senior advisers to oversee $52.7 billion in government funding to boost semiconductor manufacturing and research. In August, Congress approved $52.7 billion for semiconductor manufacturing and research and a 25% investment tax credit for chip plants that is estimated to be worth $24 billion. At Commerce, Treasury official Michael Schmidt will serve as CHIPS Program Office director. Former Palm Computing CEO Donna Dubinsky is Raimondo's senior counselor for CHIPS implementation and Commerce official J.D. Commerce hopes by February to begin seeking applications for $39 billion in semiconductor chips subsidies to build new facilities and expand existing U.S. production.

☆ Patagonia founder's big donation potentially saves him over $1 billion in taxes — and experts say it shows how the wealthy are able to 'entirely opt out of taxes'
▼ + stars: | 2022-09-16 | by ( Juliana Kaplan | Grace Kay | ) www.businessinsider.com time to read: +9 min

The donations could save the Patagonia founder's family over $1 billion in taxes, experts calculated. "Instead of extracting value from nature and transforming it into wealth for investors, we'll use the wealth Patagonia creates to protect the source of all wealth." It also might give Chouinard and his family a big tax break, experts who monitor such big transactions told Insider. A Patagonia spokesperson told Insider the Chouinard family did not ask to create a company structure to avoid taxes. Russell James, director of graduate studies in personal financial planning at Texas Tech University, said that the ultra-wealthy generally "can't even use charitable income tax deductions."

How to pay taxes with a credit cardYou'll have to pay your taxes through a third-party payment processor if you want to use a credit card, and they all charge credit card processing fees. You should only pay your taxes with a credit card if you can afford to pay off your credit card bill immediately. Apply now A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.8 out of 5 Stars Editor's Rating A tooltip OUR EDITOR'S RATINGS ARE PRIMARILY BASED ON 3 THINGS: SIMPLICITY, AFFORDABILITY, AND VALUE. Apply now A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.6 out of 5 Stars Editor's Rating A tooltip OUR EDITOR'S RATINGS ARE PRIMARILY BASED ON 3 THINGS: SIMPLICITY, AFFORDABILITY, AND VALUE. Apply now A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.6 out of 5 Stars Editor's Rating A tooltip OUR EDITOR'S RATINGS ARE PRIMARILY BASED ON 3 THINGS: SIMPLICITY, AFFORDABILITY, AND VALUE.

☆ 5 all-too-common myths about taxes people refuse to stop believing
▼ + stars: | 2019-04-03 | by ( Ramit Sethi | ) www.businessinsider.com time to read: +8 min

Those myths include the fact that getting a tax refund is always bad, that it's better to earn less so you can pay less in taxes, and that rich people don't pay any taxes. TAX MYTH #1: Getting a tax refund back is badAnyone ever tell you that getting a tax refund back is bad because you've given Uncle Sam an interest-free loan? TAX MYTH #3: A ton of tax money goes to foreign aidPeople get really angry how their tax money is spent, but actually have NO real clue where that money goes. TAX MYTH #4: The rich never pay any taxes thanks to loopholesThere's a common perception that the rich take advantage of numerous loopholes to minimize or evade taxes. Next time you hear someone ranting and raving about taxes, ask them this: "It sounds like you don't like taxes.

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