In a recent letter to Treasury and the IRS, the AICPA called for greater certainty for taxpayers and tax practitioners and for underpayment and late-payment penalty relief, both of which will provide greater assistance to those affected by the COVID-19 pandemic.
In the letter, sent on Tuesday from Christopher Hesse, CPA, chair of the AICPA Tax Executive Committee, the AICPA urged Treasury and the IRS to announce any pending tax filing and payment deadline postponements by March 1. The AICPA also requested underpayment and late-payment penalty relief, a delay in collection activities, and an expansion of the temporary e-signature relief.
While you're here, how about this:
Harrisburg man sentenced to probation for not paying employment taxes
HARRISBURG, Pa. (WHTM) — A Harrisburg man has been sentenced to probation for conspiring to defraud the United States by failing to pay employment taxes on Tuesday, according to the U.S. Attorney’s Office for the Middle District of Pa.
Darasomalee Thach, 36, was sentenced to two years of probation by Chief U.S. District Court Judge John E. Jones III and ordered to pa $360,897.86 to the Internal Revenue Service as restitution.
Bloomberg - Are you a robot?
Business Owner Indicted on Sales Tax Evasion and Theft
On February 9, 2021, the Rutherford County Grand Jury indicted Ramirez on one count of theft over $250,000, 50 counts of false sales tax returns, and five counts of money laundering.
"The Department of Revenue has always been committed to making sure Tennessee's tax laws and procedures are applied uniformly to ensure fairness," Commissioner David Gerregano said. "We can never allow individuals engaged in fraudulent tax activity to have a competitive advantage over honest Tennesseans."
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Tax Hikes for High Earners Are on the Table in Some States - WSJ
State officials across the U.S. have grappled for months with the budgetary effects of the coronavirus pandemic . Now, some governors are proposing tax increases.
Prominent proposals include calls to raise billions of dollars across several states through taxes on the income and capital gains of higher earners.
Unlike the federal government, states generally can't borrow to plug budget holes. After accounting for existing federal aid, states might need to come up with about $56 billion in spending cuts or revenue increases to balance their budgets through the fiscal year that ends in most states in June 2022, according to an estimate from Moody's Analytics.
Trump's taxes: Why they matter to a criminal probe - BBC News
A criminal investigation into the financial affairs of former US President Donald Trump and his family business gained momentum this week.
On Monday the Supreme Court ordered Mr Trump to hand over his tax returns and other financial records to prosecutors in New York.
The ruling was a setback for Mr Trump, who had sought to prevent prosecutors from seeing his records for months.
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They could be "a pretty important piece of the puzzle", Daniel R Alonso, a former US federal and New York state prosecutor, told the BBC.
Biden's stimulus checks bill could cut your taxes by $3,100
Congress has put the stimulus package on a fast track in a race against time to get Americans the relief they need.
The House Budget Committee approved the budget plan, which contains Biden's stimulus package, on Monday. The House of Representatives plans to vote on the legislation on Friday, according to a tweet from House Majority Leader Rep. Steny Hoyer.
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Even more than that, some of these credits will be refundable for 2021. This means if your tax liability drops to zero, the IRS will send you a refund for a set amount — putting money directly back in your pocket.
Speaker Emanuel 'Chris' Welch wants a graduated income tax do-over — this time tied to pension
New Democratic House Speaker Emanuel "Chris" Welch suggested Wednesday that the state should again ask voters to approve a graduated-rate income tax, but this time target the new money toward paying down Illinois' massive pension debt.
The call for a do-over came after voters in November overwhelmingly rejected Democratic Gov. J.B. Pritzker's graduated income tax proposal. Opponents, including Republicans and business leaders, used distrust of Springfield to argue for keeping the state constitution's flat tax requirement.
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