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Search resuls for: "Richard Rubin"


25 mentions found


☆ Bipartisan Tax Deal Would Provide Boost to Businesses, Families
  + stars: | 2024-01-16 | by ( Richard Rubin | ) www.wsj.com   time to read: 1 min
The new plan would provide some U.S. households with more money from the child tax credit. Photo: Alex Wong/Getty ImagesWASHINGTON—Top U.S. lawmakers unveiled a bipartisan tax agreement that would revive expired breaks for businesses and increase the child tax credit for low-income families, and they are aiming to push the $78 billion in tax breaks through Congress in the next few weeks. The deal comes from Sen. Ron Wyden (D., Ore.) and Rep. Jason Smith (R., Mo. ), ideological opponents who found common ground after months of talks. They have a tough task ahead, given skepticism about aspects of the deal in both parties and a tight deadline before tax season starts.
Persons: Alex Wong, Sen, Ron Wyden, Jason Smith Organizations: Getty, WASHINGTON —, WASHINGTON — Top U.S Locations: WASHINGTON — Top, Mo
☆ Supreme Court Hears Biggest Tax Case in Decades
  + stars: | 2023-12-05 | by ( Richard Rubin | Jess Bravin | ) www.wsj.com   time to read: 1 min
The Supreme Court doesn’t take many cases about the scope of federal taxing power. Photo: shawn thew/ShutterstockWASHINGTON—The Supreme Court’s oral arguments in a closely watched case Tuesday could signal whether the justices intend to rein in Congress’ power to tax income. The case, Moore v. U.S., stems from one piece of the 2017 tax law regarding accumulated overseas earnings of foreign corporations. But conservative groups are hoping the justices will reach much further and issue a ruling that could prohibit any future tax on billionaires’ wealth and unrealized capital gains.
Persons: shawn thew, WASHINGTON —, Moore Organizations: WASHINGTON Locations: .
☆ Supreme Court Wary of Remaking Income Tax
  + stars: | 2023-12-05 | by ( Jess Bravin | Richard Rubin | ) www.wsj.com   time to read: 1 min
The Supreme Court doesn’t take many cases about the scope of federal taxing power. Photo: Shawn Thew/ShutterstockWASHINGTON—The Supreme Court looked unlikely to impose strict new limits on Congress’s power to tax income, with some conservative and liberal justices alike signaling wariness about upending long-settled principles of the federal tax code. Tuesday’s arguments involved a relatively small payment required by a one-time charge under the 2017 tax overhaul. Challengers are seeking a ruling limiting income that can be taxed to money “realized” by taxpayers—that is, cash they receive or in some fashion control, as opposed to a mere increase in the value of their holdings.
Persons: Shawn Thew, WASHINGTON —, “ Organizations: WASHINGTON
☆ One Supreme Court Case Could Mess Up Chunks of the Tax Code
  + stars: | 2023-12-03 | by ( Richard Rubin | Jess Bravin | ) www.wsj.com   time to read: 1 min
A sweeping ruling by the Supreme Court could upend many rules affecting partnerships, multinational companies and bond investors. Photo: mandel ngan/Agence France-Presse/Getty ImagesWASHINGTON—A case that could punch holes in the federal tax code heads to the Supreme Court on Tuesday. The court will hear arguments in Moore v. U.S., which challenges a piece of the 2017 tax law that imposed a one-time levy on profits that companies had accumulated outside the U.S. But its implications could reach much further, providing the justices an opportunity to define what Congress can tax under the Constitution—and what it can’t.
Persons: mandel ngan, Moore Organizations: Agence France, Getty, WASHINGTON Locations: Moore v .
☆ IRS Court Win Paves Way for Higher Taxes on Hedge-Fund Managers
  + stars: | 2023-11-30 | by ( Richard Rubin | Peter Rudegeair | ) www.wsj.com   time to read: 1 min
The IRS has challenged investment funds over who qualifies for an exception that limited partners get from federal self-employment taxes. Photo: Ting Shen for the Wall Street JournalThe Internal Revenue Service scored a significant win over the hedge-fund and asset-management industries this week in a case that could bring higher taxes for many fund managers. The U.S. Tax Court’s ruling could require managers to pay self-employment taxes of more than 3% on much of their income. If the opinion survives additional legal battles and is applied broadly, it would close off a popular technique that lets them exclude millions of dollars in income from self-employment taxes and related levies that others must pay.
Persons: Ting Shen Organizations: IRS, Wall Street, Internal Revenue Service, U.S, Tax
☆ IRS Delays Tax Deadlines Set by Congress. It Could Cost $8 Billion.
  + stars: | 2023-11-23 | by ( Richard Rubin | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/politics/policy/irs-delays-tax-deadlines-set-by-congress-it-could-cost-8-billion-0e4d64e8
Persons: Dow Jones
☆ IRS Delays Tax Rule for Online Sellers—Again
  + stars: | 2023-11-21 | by ( Ashlea Ebeling | Richard Rubin | ) www.wsj.com   time to read: 1 min
The IRS again postponed enforcement of a law requiring e-commerce platforms like eBay to send the agency information about users earning more than $600 in revenue a year. Photo Illustration: Budrul Chukrut/SOPA Images/Getty ImagesThe Internal Revenue Service offered a surprise paperwork reprieve to millions of Americans as tax-filing season nears, delaying a new requirement affecting people who sell stuff on eBay , resell concert tickets, and use payment processors such as Venmo. For the second straight year, the IRS postponed enforcement of a law that requires those e-commerce and payment platforms to send the agency information about many users who receive more than $600 in revenue a year.
Persons: Budrul Chukrut Organizations: IRS, eBay, Internal Revenue Service
☆ IRS Warns Employers About This One Tactic to Claim Pandemic Tax Credit
  + stars: | 2023-11-09 | by ( Richard Rubin | Ruth Simon | ) www.wsj.com   time to read: 1 min
An IRS memo is the latest sign of the agency’s tough line in audits of the employee retention credit, or ERC. Photo: stefani reynolds/Agence France-Presse/Getty ImagesA lot of federal money is riding on what counts as a government order, and the Internal Revenue Service and tax firms are preparing for legal fights about that crucial definition. Employers can claim a pandemic-era tax credit worth up to $26,000 per worker if a government order fully or partially suspended their operations. Some employers and tax advisers say they can rely on Occupational Safety and Health Administration guidelines encouraging ventilation, physical distancing and other measures.
Persons: stefani reynolds Organizations: ERC, Agence France, Internal Revenue Service, Safety, Health
☆ GOP Ties Israel Aid to IRS Cuts, Renewing Fight Over Tax Agency
  + stars: | 2023-11-03 | by ( Richard Rubin | ) www.wsj.com   time to read: 1 min
The IRS and Democrats have emphasized that the tax agency’s additional funding is helping ordinary taxpayers. Photo: Ting Shen for the Wall Street JournalWASHINGTON—For everything, there is a season. Last winter, House Republicans kicked off their majority by trying to repeal almost all of the $80 billion that Congress gave the IRS in 2022 to improve technology and enforcement. This spring, in a debt-ceiling deal, Republicans got President Biden to agree that the IRS should give back $21.4 billion. House Republicans included even more IRS cuts in this summer’s spending bills for government agencies, and lawmakers are still arguing about those proposals.
Persons: Ting Shen, Biden Organizations: IRS, Wall Street Journal WASHINGTON, Internal Revenue Service, Republicans
☆ IRS Wins $109 Million Court Case, Defeats ‘Project Soy’ Tax Maneuver
  + stars: | 2023-11-02 | by ( Richard Rubin | ) www.wsj.com   time to read: 1 min
The Internal Revenue Service has become more willing to argue that some corporate transactions are purely tax-motivated. Photo: Ting Shen for the Wall Street JournalThe Internal Revenue Service won a $109 million victory in federal court this week that will help the tax agency combat aggressive corporate tax maneuvers and collect more money from other companies. The IRS defeated telecommunications company Liberty Global , which used a maneuver it dubbed “Project Soy” to exploit a gap in the 2017 tax law and was seeking a refund.
Persons: Ting Shen Organizations: Internal Revenue Service, Wall Street, IRS, Liberty Global
☆ Americans Can Stick More Cash in Their 401(k)s Next Year, Thanks to Inflation
  + stars: | 2023-11-01 | by ( Richard Rubin | ) www.wsj.com   time to read: 1 min
The IRS also raised the limit on contributions to an individual retirement account by $500 to $7,000. Photo: STEFANI REYNOLDS/Agence France-Presse/Getty ImagesWASHINGTON—Most workers will be able to put up to $23,000 into their 401(k)s and similar workplace retirement plans in 2024, up $500 from this year, the IRS said Wednesday. The tax agency announced the inflation-adjusted limits for retirement plans, following formulas set out in the law.
Persons: STEFANI REYNOLDS Organizations: IRS, Agence France, Getty, WASHINGTON
☆ What to Know About the GOP Probe Into Payments Between Joe Biden and His Brother
  + stars: | 2023-11-01 | by ( Annie Linskey | Richard Rubin | ) www.wsj.com   time to read: 1 min
Joe Biden and his brother James in 2008 at the Democratic National Convention in Denver. Photo: Rick Friedman/Corbis/Getty ImagesWASHINGTON—House Republicans leading an impeachment inquiry into President Biden are scrutinizing payments between him and his brother as part of a broader probe into the Biden family businesses and whether the president has personally benefited from them. The Republican staff of the House Oversight and Accountability Committee subpoenaed financial records that show in two cases—between his tenures as vice president and president—Joe Biden received funds directly from his brother James. The president and his allies say they represent the repayment of loans Joe Biden made to help out his brother. Financial records also indicate the checks represent a loan repayment.
Persons: Joe Biden, James, Rick Friedman, Biden, — Joe Biden Organizations: Democratic National Convention, Getty, WASHINGTON —, Republicans, Republican Locations: Denver
☆ Companies Clash Over Billions of Dollars in Hydrogen Tax Breaks
  + stars: | 2023-10-22 | by ( Amrith Ramkumar | Richard Rubin | ) www.wsj.com   time to read: 1 min
WASHINGTON—Big energy producers are sparring over billions of dollars in subsidies from last year’s climate law, a fight that pits the Biden administration’s goals for economic growth against its efforts to reduce greenhouse-gas emissions. The battle is over subsidies to produce clean hydrogen, a potential alternative to oil and natural gas in industries such as steelmaking and trucking where renewable energy and batteries alone aren’t adequate. The administration is weighing how strictly to define what energy sources can be used to make clean hydrogen and still be eligible for some of the most valuable tax credits in the Inflation Reduction Act.
Persons: WASHINGTON Organizations: Big, Biden
☆ Regret Claiming That Pandemic Employer Tax Credit? IRS Now Lets You Take It Back
  + stars: | 2023-10-19 | by ( Richard Rubin | ) www.wsj.com   time to read: 1 min
The IRS move is part of the agency’s attempt to combat fraud and abuse in the tax credit, known as the ERC. Photo: Ting Shen for the Wall Street JournalWASHINGTON—The Internal Revenue Service opened an escape hatch from one of its major tax-enforcement campaigns, giving employers the ability to withdraw pending claims for a pandemic-era tax credit that has become a headache for the agency. Employers who haven’t received their refunds or cashed their checks for the employee-retention credit can now withdraw their claims without penalties or interest, even if they are already under audit. If the IRS accepts their withdrawal, it would effectively end an audit.
Persons: Ting Shen, haven’t Organizations: IRS, ERC, Wall Street Journal WASHINGTON, Internal Revenue Service, Employers
☆ U.S. Charges IRS Contractor With Tax Return Leak
  + stars: | 2023-09-29 | by ( Richard Rubin | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/us-news/law/u-s-charges-irs-contractor-with-tax-return-leak-90756f09
Persons: Dow Jones Organizations: irs
☆ IRS Contractor Is Charged in Leak of Trump Tax Returns, Thousands of Wealthy Americans’ Records
  + stars: | 2023-09-29 | by ( Richard Rubin | Aruna Viswanatha | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/us-news/law/u-s-charges-irs-contractor-with-tax-return-leak-90756f09
Persons: Dow Jones Organizations: irs
☆ The Town With a Song in Its Heart
  + stars: | 2023-09-25 | by ( Richard Rubin | ) www.nytimes.com   time to read: +1 min
A merciful evening breeze kicked up, swatting away the Arkansas heat and giving wing to the melodies coming from two of the gazebos in the grassy park. In the larger one, a dozen people were playing the last strains of “Barbry Allen” on fiddles, mandolins, guitars, a stand-up bass, dulcimers, banjos and even a dulci-banjo. A pretty tune I did not recognize drew me over to the smaller group. But I never got to ask what it was because, just as I approached, they stopped. Crafts and charactersAll the roads to Mountain View, the seat of Stone County, in the Ozarks of northern Arkansas, are two-lane and twist through towns with names like Pumpkin Bend, Grubbs, Fifty-Six and Oil Trough.
Persons: swatting, Barbry Allen ”, “ I’ve, Johnny Cash, “ Baraboo Locations: Arkansas, Waterloo, Kalamazoo, ”, Stone County, Grubbs
☆ California Companies Defer Billions in Taxes, Interest-Free, as Borrowing Costs Rise
  + stars: | 2023-09-18 | by ( Jennifer Williams-Alvarez | Richard Rubin | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/california-companies-defer-billions-in-taxes-interest-free-as-borrowing-costs-rise-8aea409f
Persons: Dow Jones Locations: california
☆ IRS Shuts Door on New Pandemic Tax Credit Claims Until at Least 2024
  + stars: | 2023-09-14 | by ( Richard Rubin | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/politics/policy/irs-shuts-door-on-new-pandemic-tax-credit-claims-until-at-least-2024-e06bdef
Persons: Dow Jones
☆ Tax Cuts Are Here to Stay—and So Are Exploding Budget Deficits
  + stars: | 2023-09-13 | by ( Richard Rubin | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/politics/tax-cuts-budget-deficits-republicans-democrats-4f2a0d33
Persons: Dow Jones, 4f2a0d33
☆ Tax Cuts Are Here to Stay—And So Are Exploding Budget Deficits
  + stars: | 2023-09-13 | by ( Richard Rubin | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/politics/tax-cuts-budget-deficits-republicans-democrats-4f2a0d33
Persons: Dow Jones, 4f2a0d33
☆ Some Business Owners Are Facing Giant Tax Bills. Why Congress Hasn’t Done Anything.
  + stars: | 2023-09-11 | by ( Richard Rubin | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/politics/why-bipartisan-support-isnt-enough-to-change-this-tax-provision-a5ef8985
Persons: Dow Jones
☆ Why Bipartisan Support Isn’t Enough to Change This Tax Provision
  + stars: | 2023-09-11 | by ( Richard Rubin | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/politics/why-bipartisan-support-isnt-enough-to-change-this-tax-provision-a5ef8985
Persons: Dow Jones
☆ IRS Slows Refund Payments for Pandemic-Era Tax Break
  + stars: | 2023-09-05 | by ( Richard Rubin | Ruth Simon | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/us-news/irs-slows-refund-payments-for-pandemic-era-tax-break-54e80763
Persons: Dow Jones
☆ Inside a Sales Army Turning a Tax Break Into a Modern-Day Gold Rush
  + stars: | 2023-09-04 | by ( Ruth Simon | Richard Rubin | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/business/entrepreneurship/inside-a-sales-army-turning-a-tax-break-into-a-modern-day-gold-rush-3741fa42
Persons: Dow Jones
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