Taxes

Yesterday the IRS issued a statement acknowledging that “some payments made for 2021 tax returns have not been correctly applied to joint taxpayer accounts, and these taxpayers are receiving erroneous balance due notices (CP-14 notices) or notices showing the incorrect amount.” The problem started being reported by tax professionals on social media in early June.
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The estimated second-quarter Gross Domestic Product (GDP) data released on Thursday shows the U.S. economy teetering on the edge of recession, with an overall inflation-adjusted GDP decline of 0.2%. And if we get a full-blown recession, it will be tied to the sharp declines in housing and residential investment, which fell by 14% in the
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Tax Notes chief correspondent Stephanie Soong Johnston recaps the agreement on the OECD’s two-pillar corporate tax reform plan and discusses recent roadblocks to full implementation. This transcript has been edited for length and clarity. David D. Stewart: Welcome to the podcast. I’m David Stewart, editor in chief of Tax Notes Today International. This week: pillars
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Since its invasion of Ukraine on February 24, the Russian government has denied access to a lot of financial statistics, but the data we can see show that Russia’s tax revenue in the first five months of 2022 was sky-high. Calendar year 2021 was a year of strong revenue collections for the Russian government. Still,
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Donations of vehicles can have limited tax advantages compared to donations of appreciated assets such as business interests or real estate. After the passing of the American Jobs Creation Act of 2004, most taxpayers are restricted to a charitable deduction amount equivalent to the gross sale proceeds from the charity’s sale of a vehicle rather
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