The Congressional Budget Office (CBO) says it has concluded its analysis of a proposal by the White House to increase spending on IRS enforcement activity by $80 billion between 2022 and 2031. According to a recent blog post from the CBO, this funding increase would...
In a letter to Sen. Elizabeth Warren (D-Mass.) IRS Commissioner Charles Rettig said requiring banks to provide insight into customers’ transaction history could help the federal government recoup missed taxes, CNBC reported on Thursday (Sept. 2). As part of President Biden’s American Families Plan, banks...
Volkswagen has joined Tesla in urging Indian officials to lower the import taxes they impose on electric cars, a move that the firm says is motivated by increasing demand for so-called clean vehicles. “The market for EVs has to be big enough for investments to...
Intuit is leaving the IRS Free File program after 20 years because of “limitations of the Free File program and conflicting demands for those outside the program,” the company announced in a Thursday (July 15) blog post. The Intuit announcement noted that more than 90 percent...
The U.S. wants the European Union to think twice before implementing a new digital tax across its 27 members, Bloomberg reported. The proposed digital tax could do away with some progress made toward a global agreement for a corporate tax, according to Bloomberg. It might...
The European Union’s (EU) European Commission (EC) is instituting a new business tax to benefit the Post-Pandemic Recovery Fund, U.S. News reported on Friday (July 2). The levy will apply to numerous companies, most being European, executive vice-president Margrethe Vestager said. The 27 countries comprising...
Identity thieves are inflicting pain not only on victims, but on taxpayers whose refunds have been delayed by IRS security protocols the criminals have made necessary, data contained in the agency’s Taxpayer Advocate’s recent annual report to Congress indicates. Most taxpayers get refunds, the report...
Stripe launched its own tax compliance service for businesses in more than 30 countries around the world Thursday (June 10), the FinTech announced in a press release emailed to PYMNTS. Using location data, Stripe Tax calculates and gathers accurate sales tax, goods and services tax...
U.S. tax authorities want assistance with accessing digital currency hardware wallets, Vice reported Thursday (April 29), citing a document published on the agency website in March 2021. IRS Criminal Investigation, the law enforcement division of the Internal Revenue Service, and the Digital Forensic Unit are...