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Search resuls for: "Richard Rubin"


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☆ Supreme Court Clears Way for Donald Trump’s Tax Returns to be Released to House Panel
  + stars: | 2022-11-22 | by ( Jess Bravin | Richard Rubin | ) www.wsj.com   time to read: 1 min
WASHINGTON—The Supreme Court on Tuesday said it wouldn’t block a House committee from accessing Donald Trump’s tax returns, handing an apparently final defeat to the former president in a long-running court fight. The court denied Mr. Trump’s request for a temporary order, known as a stay, that would have blocked the House Ways and Means Committee from obtaining the tax returns from the Internal Revenue Service. The unsigned order from the court had no dissents and, as is typical in emergency matters, provided no explanation of the court’s reasoning.
☆ Tax Breaks for Retirement, Corporate Research on Congress’s Lame-Duck Agenda
  + stars: | 2022-11-15 | by ( Richard Rubin | ) www.wsj.com   time to read: 1 min
A lame-duck session can often be an opportunity for the current Congress to push through final priorities. WASHINGTON—The House and Senate returned for a postelection session of Congress this week with tax breaks for retirement savings and corporate research on the agenda. Lawmakers are hopeful that some of these tax measures with bipartisan support can get through Congress before the end of the year. But short deadlines and postelection uncertainty could impede those efforts.
☆ As Pandemic Aid Dries Up, Businesses Chase Covid Tax Credit
  + stars: | 2022-11-13 | by ( Ruth Simon | Richard Rubin | ) www.wsj.com   time to read: 1 min
A temporary tax break for small businesses has spawned a cottage industry of advisory firms tapping into federal pandemic aid, raising alarms at the Internal Revenue Service that some claims are going beyond what the law allows. The Paycheck Protection Program and other federal aid programs long ago shut their doors. But small businesses and nonprofits battered by Covid-19 can still use a lesser-known lifeline, the employee-retention tax credit, or ERC. Businesses can claim up to $26,000 per employee in refunds by amending payroll tax returns from 2020 and 2021.
☆ Biden Picks Daniel Werfel to Run IRS
  + stars: | 2022-11-10 | by ( Richard Rubin | ) www.wsj.com   time to read: 1 min
WASHINGTON—President Biden will nominate Daniel Werfel, a former federal budget official and former acting Internal Revenue Service commissioner, to run the tax agency, the White House said Thursday. Mr. Werfel, if confirmed by the Senate, would take on an important job for the Biden administration: Implementing the $80 billion expansion of the IRS that Congress recently approved.
☆ Tax Court Strikes Down IRS Rules on Land-Conservation Deals
  + stars: | 2022-11-10 | by ( Richard Rubin | ) www.wsj.com   time to read: 1 min
The IRS has tried for several years to boost enforcement of conservation easements. WASHINGTON—The U.S. Tax Court struck down IRS rules requiring taxpayers and promoters to disclose certain land-rights deals to tax authorities, damaging a high-profile agency enforcement initiative. When the Internal Revenue Service and Treasury Department identified so-called syndicated conservation easements as potential tax shelters in 2016, the agencies failed to follow the formal notice-and-comment procedures required for federal regulations, the court ruled Wednesday.
☆ U.S. CFOs Ask Congress to Repeal Change to R&D Tax Rules
  + stars: | 2022-11-07 | by ( Jennifer Williams-Alvarez | In A Letter Finance Chiefs On The Change To R D Deductibility Tax Rules. | ) www.wsj.com   time to read: +8 min
For decades, businesses were allowed to deduct certain R&D expenses straight away to reduce their taxable income. Tax deductions are subtractions from taxable income while tax credits get subtracted from the amount of tax owed. Over the course of this year, companies have been making estimated tax payments that incorporate the R&D change, tax attorneys said. On the agenda: Agreeing on funding the government to avoid a shutdown, aid for Ukraine, alongside potential changes to the treatment of R&D expenses. When it comes to a potential repeal or deferral related to R&D deductibility, timing is crucial, said Shelby Ford, a tax partner at Crowe LLP, a public accounting, consulting and technology firm.
☆ Chief Justice Temporarily Blocks House Access to Trump’s Tax Returns
  + stars: | 2022-11-01 | by ( Jess Bravin | Richard Rubin | ) www.wsj.com   time to read: 1 min
Former President Donald Trump never delivered on a campaign pledge to release his tax returns. WASHINGTON—Chief Justice John Roberts temporarily blocked a House committee from obtaining Donald Trump’s tax returns, issuing an administrative order Tuesday suggesting the Supreme Court won’t act on the former president’s emergency plea to shield his finances from congressional investigators until after next week’s midterm elections. Tuesday’s order gives the House Ways and Means Committee until noon on Nov. 10 to file its response, after which the chief justice or the full court could act on Mr. Trump’s request.
☆ Trump Asks Supreme Court to Block Release of Tax Returns to Congress
  + stars: | 2022-10-31 | by ( Jan Wolfe | Richard Rubin | ) www.wsj.com   time to read: 1 min
WASHINGTON—Former President Donald Trump has asked the Supreme Court to block a House committee from obtaining his past tax returns from the Internal Revenue Service before a Thursday deadline for the material to be turned over. In an emergency application filed on Monday to Chief Justice John Roberts , who is responsible for such requests for the D.C. Circuit, Mr. Trump’s lawyers asked the court to issue an interim order known as a stay by Wednesday. Such an order would block the Democratic-controlled House Ways and Means Committee from accessing the tax documents until further legal briefs are filed before the justices.
☆ Members of Congress Fear Insufficient Security After Pelosi Attack
  + stars: | 2022-10-30 | by ( Richard Rubin | ) www.wsj.com   time to read: 1 min
WASHINGTON—Security arrangements for members of Congress and their families are coming under increasing scrutiny following last week’s attack at the home of House Speaker Nancy Pelosi, in which her husband was severely wounded. U.S. lawmakers say they worry about rising violence against politicians and the ways that heated rhetoric can motivate potential attackers. The attack that left Paul Pelosi, 82 years old, injured at the couple’s home in San Francisco renewed worries from some members of Congress about whether the existing security arrangements outside the Capitol, which focus on congressional leadership, are sufficient to meet the threats.
☆ IRS Says Tax Compliance Rising, but Hundreds of Billions Still Go Uncollected
  + stars: | 2022-10-29 | by ( Richard Rubin | ) www.wsj.com   time to read: 1 min
The IRS said this week that it had hired 4,000 of the 5,000 customer-service representatives it is seeking to improve telephone wait times. WASHINGTON—Americans paid a greater share of the taxes they owe in recent years, according to new estimates from the Internal Revenue Service. In tax years 2014 through 2016, Americans paid 85% of their taxes on time, up from the agency’s 83.7% estimate for tax years 2011 through 2013, the IRS said Friday. That compliance rate climbed to 87% after IRS enforcement and late payments were included, from 85.9% in the prior estimate. The IRS projects that those higher percentages were consistent for tax years 2017 through 2019.
☆ IRS Leader’s Looming Exit Leaves Hole at Tax Agency as Expansion Begins
  + stars: | 2022-10-23 | by ( Richard Rubin | ) www.wsj.com   time to read: 1 min
The IRS can be an unwieldy agency, with a long list of mandates, layers of bureaucracy and about 80,000 workers across the country. WASHINGTON—With less than three weeks left in Charles Rettig ’s term as Internal Revenue Service commissioner, President Biden hasn’t picked anyone to replace him, leaving the tax agency without a leader to spearhead the $80 billion agency expansion that Democrats just pushed through Congress. The delay in choosing and confirming Mr. Rettig’s replacement nearly certainly means an interim IRS commissioner after Nov. 12. That acting commissioner might be reluctant to make binding decisions that affect the agency’s long-term future.
☆ Inflation Causes IRS to Raise Tax Brackets, Standard Deduction by 7%
  + stars: | 2022-10-18 | by ( Richard Rubin | ) www.wsj.com   time to read: 1 min
WASHINGTON—The Internal Revenue Service adjusted key tax code parameters for 2023 to reflect higher inflation, raising the standard deduction and the income thresholds where tax rates take effect. The 37% top marginal tax rate will apply to individual income above $578,125 and married couples’ income above $693,750 next year, as those thresholds go up 7% from 2022 under inflation adjustments announced by the agency on Tuesday.
☆ GOP Gains in Congress Would Challenge Biden’s IRS Expansion
  + stars: | 2022-10-10 | by ( Richard Rubin | ) www.wsj.com   time to read: 1 min
House Minority Leader Kevin McCarthy and other Republicans discussed their Commitment to America agenda at the U.S. Capitol last month. WASHINGTON—Republican control of either the House or Senate could jeopardize the Biden administration’s plans to expand the Internal Revenue Service, with GOP lawmakers positioned to withhold funding should they gain power. Republicans unanimously opposed the IRS spending that Congress just passed, and their stance effectively puts the future of tax enforcement on the midterm election ballot. Winning would give them ample opportunities to use government-funding bills to reverse or weaken the Democrats’ tax-enforcement agenda.
☆ IRS Failed to Send Child Tax Credit Payments to Millions of Households, Report Finds
  + stars: | 2022-09-27 | by ( Richard Rubin | ) www.wsj.com   time to read: 1 min
The IRS didn’t send payments to 4.1 million eligible households, the report by the Treasury Inspector General for Tax Administration said. WASHINGTON—The Internal Revenue Service sent $1.1 billion in advanced child tax credit payments during 2021 to people who shouldn’t have gotten them, and failed to send $3.7 billion to eligible households, according to an inspector general’s audit released on Tuesday. The audit found 1.5 million taxpayers received the payments in error, and the IRS didn’t send payments to 4.1 million eligible households. Still, the agency was 98% accurate in sending more than 175 million child tax credit payments, made as part of the government’s response to the economic challenges of the coronavirus pandemic, the report by the Treasury Inspector General for Tax Administration said.
☆ IRS Failed to Send Child Tax Credit Payments to Millions of Households
  + stars: | 2022-09-27 | by ( Richard Rubin | ) www.wsj.com   time to read: 1 min
The audit also found the Internal Revenue Service sent 1.5 million taxpayers the child tax credit payments in error. WASHINGTON—The Internal Revenue Service sent $1.1 billion in advanced child tax credit payments during 2021 to people who shouldn’t have gotten them, and failed to send $3.7 billion to eligible households, according to an inspector general’s audit released on Tuesday. The audit found 1.5 million taxpayers received the payments in error, and the IRS didn’t send payments to 4.1 million eligible households. Still, the agency was 98% accurate in sending more than 175 million child tax credit payments, made as part of the government’s response to the economic challenges of the coronavirus pandemic, the report by the Treasury Inspector General for Tax Administration said.
☆ Amazon, Berkshire Hathaway Could Be Among Top Payers of New Minimum Tax
  + stars: | 2022-09-25 | by ( Richard Rubin | Theo Francis | ) www.wsj.com   time to read: 1 min
Warren Buffett, wearing glasses, and other very wealthy Americans could be affected by the new tax law. WASHINGTON—A handful of large companies, such as Berkshire Hathaway and Amazon.com could bear most of the burden from a 15% corporate minimum tax President Biden signed into law last month. Researchers at the University of North Carolina Tax Center analyzed securities filings to determine what companies would have paid if the tax had been in place last year. They found fewer than 80 publicly traded U.S. companies would have paid any corporate minimum tax in 2021, and just six—including Amazon and Warren Buffett ’s conglomerate—would have paid half of the estimated $32 billion in revenue the levy would have generated.
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