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Biden’s Budget – Capital Gains Rates Reaching Nearly 45%

The Biden administration has recently made a proposition for several tax increases to America’s highest-earning individuals. These proposals were part of President Biden’s annual budget request that he presents to congress.… Continue reading

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New IRS Commissioner Daniel Werfel Begins Term

Just a few short days after the United States senate confirmed him, Daniel Werfel reported to IRS headquarters to get down to business. He was approved sometime last week by a relatively thin margin of 52-42. Part of the job … Continue reading

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Biden to Propose Taxing America’s Wealthiest, 25%

US President Joe Biden will make a call to Congress to impose a minimum tax on billionaires as part of several proposed tax hikes on the country’s wealthiest individuals and corporations. The minimum tax imposed would be 25%. The proposed … Continue reading

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Senator Manchin Says He Will Not Approve Biden’s Pick for IRS Commissioner

Last week, Joe Manchin who is a Democrat and West Virginia senator announced that he will not approve the president’s nomination for commissioner of the Internal Revenue Service. According to Manchin, one of the biggest reasons he is voting against … Continue reading

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NY Lawmakers Seek Changes to Cannabis Tax

Two Key lawmakers in the state Legislature are calling to make changes to the way New York taxes cannabis, as the state plans for the launch of this new market this year. Assembly Majority Leader Crystal Peoples-Stokes and state Sen. … Continue reading

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False W-2 Claims – A New Scam This Tax Season

The IRS is warning taxpayers to be aware of a new tax scam this season involving Form W-2. According to the agency, scammers are trying to convince taxpayers to use their wage information on a tax return to falsely … Continue reading

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Top 5 Biggest Individual Refund States

Despite popular belief, the amount received on an individual tax return isn’t determined by the economic condition of the state. Furthermore, the size and population of a state also do not help determine an individual tax returns refund amount.

This … Continue reading

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3 Keys to Know Before Filing Your Taxes

We are almost 6 weeks away from tax filing season, and IRS improvements are well underway which include things like staffing and tech upgrades as the agency continues to deploy its $80 million in funding from the Inflation Reduction ActContinue reading

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NY Cigarette Tax Increase Could Decrease States Tax Revenue

New York State is considering implementing a new cigarette tax that could have serious economic consequences. The proposed tax would increase the state’s cigarette tax from $4.35 to $5.35 per pack. While the goal of the tax is to discourage … Continue reading

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Tax Deadline Extended For Taxpayers in Certain Disaster Areas

Disaster-area taxpayers in most of California and parts of Alabama and Georgia now have until Oct. 16, 2023, to file various federal individual and business tax returns and make tax payments, the Internal Revenue Service announced today. Previously, the deadline … Continue reading

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