Taxes

The $2.3 trillion omnibus spending bill and COVID-19 relief package passed by Congress Monday night includes an extended timetable for how soon U.S. troops and federal employees have to pay back deferred Social Security taxes, thereby reducing the hit to their paychecks next year.

Spending the time now to begin working on your end-of-year tax planning can be incredibly beneficial to your bottom line.

Congress is considering countermanding the Treasury with tax benefits worth hundreds of billions of dollars for business owners.

The Internal Revenue Service (IRS) explicitly asks taxpayers to disclose their cryptocurrency transactions on the newest tax form, making it easier for the federal government to tamp down on fraud or tax evasion later down the line. 

Rep. Chip Roy, R-Texas, wrote a letter to Treasury Secretary Steve Mnuchin demanding that he stop “sticking it to small businesses” by denying deductibility for Paycheck Protection Program (PPP) loans. 

As billionaires like Elon Musk move their businesses from states like California and New York to Texas, Ross Perot Jr. touted his state as the place for "economic freedom."

Assembly Speaker Carl Heastie, a Democrat from the Bronx, told reporters Monday he wants to increase rates during a December session so they can take effect starting in 2021.

The King County Council included $7.7 million in its 2021 budget for the so-called restorative justice program.

Luxury real estate specialist Katrina Campins said that companies and people are flocking to South Florida amid the coronavirus pandemic.

A candidate for New York City mayor and one of the highest-ranking Black executives on Wall Street hinted this week that he supports raising taxes on the state's wealthy residents.

Under the terms of the proposed settlement, an independent monitor would be appointed that would have the authority to investigate possible fraud and corruption within the UAW and to seek discipline against the union's officers and its roughly 400,000 members before an independent ethics officer or the UAW Trial Committee.

In a letter sent to Gov. Andrew Cuomo, a Democrat, and the state's legislative leaders, 50 economists wrote that a wealth tax could be New York's "saving grace" as it grapples with a $14.5 billion pandemic-induced budget deficit.