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WASHINGTON (AP) — Charles and Kathleen Moore are about to have their day in the Supreme Court over a $15,000 tax bill they contend is unconstitutional. "If you haven’t received any income, how can you be required to pay income taxes?” Charles Moore asks in a video posted by the Competitive Enterprise Institute. But far from being a passive investor with no influence over the company, Moore, who worked at Microsoft during his career in software development, served on KisanKraft's board of directors for five years. One other inconsistency is that while the Moores say they jointly invested the money, only Charles Moore's name appears in company documents. Rosenthal said that “the ugly facts matter” and that the justices could return the Moores' case to a lower court without ruling on it.

Persons: — Charles, Kathleen Moore, Charles Moore, Moores, Paul Clement said, Donald Trump, haven’t, ” Charles Moore, Moore, Charles, KisanKraft, ” Mindy Herzfeld, Charles Moore's, ”, Reuven Avi, Yonah, Andrew Grossman, Steven Rosenthal, Rosenthal, John Roberts, Clarence Thomas, Ginni, Ravindra “ Ravi ” Kumar Agrawal, “, ” Moore, Samuel Alito, David Rivkin, Alito, Rivkin, Fatima Hussein Organizations: WASHINGTON, Enterprise Institute, Foundation, Republican, U.S . Chamber of Commerce, Competitive Enterprise Institute, Microsoft, University of Florida, KisanKraft, University of Michigan, Associated Press, Urban, Brookings Tax, Center, Moores, ___ Associated Locations: Redmond , Washington, India, county Limerick, Ireland, Nebraska, Colorado, Washington, ___

☆ Tax prep companies shared private taxpayer data with Google and Meta for years, congressional probe finds
▼ + stars: | 2023-07-12 | by ( Brian Fung | ) edition.cnn.com time to read: +10 min

Some of the tax-prep companies still do not know whether the data they shared continues to be held by the tech platforms, the report said. The Warren aide told CNN it was unclear whether Meta knew it was inappropriately using taxpayer data at the time. The investigation found that all three tax-prep companies had discontinued their use of Meta’s pixel after The Markup’s report last November. “The scope of ‘taxpayer information’ is broad by design,” Rosenthal said, adding that tax-prep companies can be sued for “knowingly” or “recklessly” leaking that information. Depending on the strength of the allegations, the tax-prep companies could quickly be forced into a binding settlement, said a former FTC official who requested anonymity in order to speak more freely.

Persons: “, ”, David Vladeck, Vladeck, Democratic Sen, Elizabeth Warren, Meta, Warren, ‘, Sens, Ron Wyden, Richard Blumenthal, Tammy Duckworth, Sheldon Whitehouse, Sen, Bernie Sanders, Katie Porter, TIGTA didn’t, Block, TaxSlayer didn’t, TaxAct, TaxSlayer, TurboTax, Steven Rosenthal, ” Rosenthal Organizations: CNN, Meta, Google, Georgetown University, Federal Trade Commission, Democratic, FTC, Internal Revenue Service, Justice Department, Tax Administration, Intuit, IRS, Urban, Brookings Tax Locations: United States, Google’s

☆ How do you solve a problem like AI? Tax it
▼ + stars: | 2023-05-18 | by ( John Foley | ) www.reuters.com time to read: +6 min

The chances of “generative AI” being put back in its box are very small. Goldman Sachs economists estimate that 18% of work could be automated globally, and that 7% of the U.S. workforce might be substituted by AI. Moreover, while AI will create profit windfalls, many countries don’t tax those as effectively as they ought to. But a dollar of saved costs for a company creates only 21 cents in corporate income tax revenue. Capital gains are still taxed below the level of income in most countries.

☆ The $787.5 million settlement Fox has to pay is a big nut. But Fox's net cost for that will be much less.
▼ + stars: | 2023-04-20 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +3 min

Here’s why:Settlement payments are tax deductible if the company pays out of pocket. The corporate income tax is also about dollars and cents, not about judging behavior that led to the business expense in the first place. “Our income tax measures income, not probity,” said business tax expert Steven Rosenthal, a senior fellow at the Urban-Brookings Tax Policy Center. In addition, “Fox also may deduct their settlement payments for state and local income tax purposes,” Rosenthal noted. If Fox pays for an insurance policy that it expects will reimburse it for its settlement costs, then it may not deduct the cost of the settlement payment.

House Democrats are scrutinizing why the Internal Revenue Service failed to fully audit Donald Trump's tax returns when he was in the White House, despite an agency policy mandating such a review. Some insight into the lapse came in a report Tuesday from the Joint Committee on Taxation (JCT), a bipartisan congressional panel that examined Trump's tax returns from 2015-20. The JCT report was issued Tuesday, after the House Ways and Means Committee voted to make Trump's 2015-20 tax returns public. Trump was the first president not to make his tax returns public since the 1970s. Neal is pressing for legislation that would require the IRS to publish and audit presidential tax returns.

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