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Still missing your tax refund? You’ll soon receive 5% interest

E+ | E+ | Getty Images There’s good news for those who are still waiting on a refund. The rate increases to 5%, up from 4% as of July 1. According to the agency. latest quarterly adjustment.  The IRS typically has 45 days from the deadline for filing returns to process them and issue refunds. […]

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The World Economic Forum is grappling with an image problem

The World Economic Forum is working to correct an image problem. This week, nearly 2500 global leaders representing business, politics and civil societies will participate in rare Davos springtime edition. Annual meeting attendees will gather in Switzerland’s luxurious Alpine ski resort Davos to discuss issues such as Covid-19 and Russia’s war with Ukraine. The event […]

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House Democrats push for SALT relief in appropriations bill

Rep. Tom Suozzi (D-N.Y.) speaks at a news conference to announce the State and Local Taxes Caucus (SALT), outside of the U.S. Capitol, April 15, 2021. Sarah Silbiger | Bloomberg | Getty Images Five House Democrats, despite roadblocks to their cause, are fighting for relief from the $10,000 federal deduction for local and state taxes. […]

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How to sidestep a tax bomb when selling your home

With soaring prices record home equityYou might expect to make a profit selling your home. However, unexpected tax bills could result from the windfall.  Even though home profits declined slightly, typical single-family sellers still managed to make a $103,000 gross profit in the first quarter of 2022. according to ATTOMThe national property database.  Many people […]

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Tying the knot this year? Add ‘marriage tax penalty’ to potential cost

Gorodenkoff | Istock | Getty Images The IRS is a buzzkill if you are happy to say “I do” in this year’s wedding. While many couples end up paying less in taxes after tying the knot, some face a “marriage penalty” — meaning they end up paying more than if they had remained unmarried and […]

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Amazon’s Bezos criticizes Biden over inflation tweet

Jeff Bezos is the Amazon CEO. He speaks in Glasgow, Scotland (Britain), November 2, 2021. Paul Ellis | Reuters AmazonFounder Jeff BezosAt President Joe BidenA tweet on Friday that suggested taxing high-income corporations might bring down inflation was shared. Biden had tweeted an earlier tweet: “You want lower inflation?” Let’s ensure that the richest corporations […]

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Joe Biden asked to replace IRS chief Charles Rettig over tax document destruction

Charles P. Rettig, Commissioner of the Internal Revenue Service, was a witness during the Senate Finance Committee Hearing titled The IRS Fiscal Year 2022 budget, at Dirksen Senate Office Building, Washington, D.C., on June 8, 2021. Pool – Reuters| Pool | Reuters On Friday, a leading House Democrat called for President Joe BidenTo replace IRS […]

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TurboTax owner Intuit to pay $141 million to customers

Kimberly White | Getty Photos Leisure | Getty Photos Intuit, the proprietor of fashionable tax-filing software program TurboTax, pays $141 million in restitution to tens of millions of low-income Individuals who had been “unfairly charged” for companies that ought to have been free, in response to a multistate agreement introduced Wednesday. TurboTax additionally agreed to […]

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Social Security taxes up to $147,000 in wages. That could change

Istock | Istock | Getty Images Washington’s current hot topic is taxing the wealthy. In his annual budget for 2023, President Joe Biden has proposed a “Billionaire Minimum Income Tax” which would allow the government to increase taxes on America’s richest households. The plan would see people who have a net worth greater than $100 […]

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Elon Musk will be most indebted CEO in America if Twitter deal closes

The world’s richest person could soon add another title to his name – America’s most leveraged CEO. About two-thirds Elon MuskTakes over financing of the $44Billion deal TwitterPrivate funds will need to be taken out of the owner’s pocket. This is a deep pocket. His net worth is approximately $250 billion. But because his wealth […]