Share to Twitter Share to Linkedin The Supreme Court does not muck around with Tax Court decisions very much. So Boechler, P.C v, Commissioner of Internal Revenue has a small but passionate group of people excited. It was a unanimous opinion delivered by Amy Coney Barrett. She managed to work in a hat tip to the late Justice Antonin Scalia, whom she clerked for and who was a pal of Ruth Bader Ginsburg, whose seat Barrett occupies. The decision is about the deadline for filing an appeal of the IRS decision in a Collection Due Process Hearing. What Is A Collection Due Process Hearing? If it has been determined that you owe money to the IRS and you don't just send them a check, you will at some point hear from the collection people. It starts with annoying mail. It may end there and if ten years goes by you are olly olly oxen free. If you are not so lucky you will at some point get some mail to the effect that they are filing a lien or intend to levy you … [Read more...] about Supreme Court Boechler Decision Cuts Some Slack In Tax Court Deadline
Tax deadline extended
Share to Twitter Share to Linkedin Planning to buy an electric vehicle? Your net cost could depend on how successful the lobbyists of General Motors GM , Toyota, Ford and Chrysler parent company Stellantis are and whether West Virginia Senator Joe Manchin is ready to strike a deal with his fellow Democrats. Back in 2008, in an effort to jump start the electric car business, Congress created a nonrefundable tax credit of up to $7,500 for eligible vehicles–a credit which (as modified in 2009) starts to phase out once a carmaker has sold 200,000 electric vehicles. After a manufacturer hits the initial cap, the credit gets slashed by 50% for half a year and then by 75% for another half a year, before disappearing entirely. Tesla TSLA hit the total phase-out at the end of 2019 and General Motors at the end of March 2020. Toyota is expected to reach the 200,000 threshold soon, having sold more than 180,000 eligible vehicles as of the end of 2021 , … [Read more...] about Elon Musk Wants The Electric Vehicle Tax Credit To Disappear; Joe Manchin Might Oblige
Gas taxes are excise taxes that you pay when you fill up your car with gas. The federal government and all 50 U.S. states impose gas taxes, with much of the revenue raised going toward fixing highways and other infrastructure projects. State gas taxes range from just under 9 cents per gallon in Alaska to nearly 59 cents per gallon in California, though some states charge based on the amount spent rather than the volume of fuel purchased. Key Takeaways Federal and state governments levy gas taxes to help pay for road infrastructure projects. The average state gas tax is about 31 cents a gallon, though they range from less than 9 cents to nearly 59 cents a gallon. Gas taxes have not kept pace with road maintenance costs, leading some states to legislate increases tied to inflation and many to adopt variable rates. How Have State Gas Taxes Evolved? History of gas taxes U.S. states have levied gas taxes since the early days of automobile travel. In 1919, … [Read more...] about Gas Taxes and What You Need To Know
Share to Twitter Share to Linkedin The Biden administration announced on Friday that it has approved over $8 billion in student loan forgiveness for 145,000 borrowers, under a temporary expansion of the Public Service Loan Forgiveness (PSLF) program. But the initiative is set to end in just a few months. And advocates are calling on Biden to extend it. Here are the details. Biden Administration Approves Billions in Student Loan Forgiveness Under Expanded PSLF Program In October, the Biden administration announced a broad (but temporary) expansion of the Public Service Loan Forgiveness (PSLF) program . Borrowers who commit to working for at least 10 years for certain nonprofit or government organizations can get their federal student loans forgiven through PSLF. But historically, the PSLF program has been plagued by low approval rates, complicated eligibility rules, and poor oversight. The expansion —which the Biden administration has dubbed the … [Read more...] about Education Department Approves $8.1 Billion In Student Loan Forgiveness Under Expiring Program — Will Biden Extend It?
Most of the large merchants have complied with the RBI's card-on-file (CoF) tokenisation norms and 19.5 crore tokens have been issued so far, sources said. The RBI had directed the merchants to implement its tokenisation norms by June 30, 2022. The central bank has twice extended the deadline of its implementation in the past. Card-on-file or CoF refers to card information stored by payment gateway and merchants to process future transactions. According to the sources, the system is fairly well prepared as most large merchants have already adjusted. Some of them are in the process of doing it, while for some foreign entities business may not be that large for them to focus on making these changes, the sources said. There are about 19.5 crore tokens have already been issued so far and it is going up regularly, they added. Under tokenisation services, a unique alternate code is generated to facilitate transactions through cards. The RBI in last September prohibited merchants … [Read more...] about Most large merchants comply with card tokenisation as deadline nears
The White House released a proposal today for Congress to institute a three-month gas tax holiday to provide relief at the pump. President Biden has also called on states to take similar action to alleviate the financial pain of record-high fuel prices. Some experts say the proposal has already lost traction, particularly due to opposition from the president's own party. Key Takeaways Due to increased oil prices, Russian sanctions, and other factors, gas prices have reached an all-time high in the U.S. The White House has proposed a federal three-month gas tax holiday and has also called on states to provide similar relief at the pump. Democratic leaders have expressed opposition to the proposal, citing fears of profiteering from gas companies. What a Gas Tax Holiday Would Entail The average price per gallon of gasoline exceeded $5 for the first time last week, prompting President Biden is calling on Congress to institute a gas tax holiday through the end of … [Read more...] about President Biden Calls on Legislators to Declare a Three-Month Gas tax Holiday
Oil prices fell 2% in early trade on Thursday, extending losses from the previous day, as investors worried that aggressive U.S. interest rate hikes could trigger a recession and dent fuel demand. U.S. West Texas Intermediate (WTI) crude futures fell $2.39, or 2.3%, to $103.80 a barrel by 0031 GMT. Brent crude futures dropped $2.24, or 2.0%, to $109.50 a barrel. Both benchmarks tumbled around 3% on Wednesday to hit their lowest levels since mid-May. Investors are continuing to assess how worried they need to be about central banks potentially pushing the world economy into recession as they attempt to curb inflation with interest rate increases. "Oil markets remained under pressure as investors were concerned that U.S. rate hikes would stall an economic recovery and dampen fuel demand," said Kazuhiko Saito, chief analyst at Fujitomi Securities Co Ltd. Close "The U.S. and European hedge funds have been selling off their positions ahead of the end of the second … [Read more...] about Oil extends losses as recession fears mount
Share to Twitter Share to Linkedin Colonel Scott “Manual” Mills has been tasked with managing the reactivation of the Air Force’s 65th Aggressor Squadron (AGRS), the first “red air” squadron completely equipped with F-35s. It’s a difficult job at any time but even more difficult now that the USAF has ended private “red air” aggressor support at Nellis Air Force Base. Nellis is home to the Air Force Weapons School , the USAF’s counterpart to the Navy’s Naval Aviation Warfighting Development Center, popularly known as TOPGUN. The base also hosts the world-renowned joint-service, international Red Flag and other air combat exercises. It’s the home of the Air Force’s F-16-flying 64th AGRS and other air combat training units, what the folks at Nellis call “Aggressor Nation.” Until the end of last month, Aggressor Nation was larger. The USAF squadrons which support the Weapons School and exercises as red air were augmented by aircraft and pilots from private … [Read more...] about The ‘Red Tax’: The Air Force’s Workaround for Fewer Aggressor Aircraft and Pilots at Nellis AFB
Share to Twitter Share to Linkedin The Supreme Court has been busy the last couple of weeks. In addition to issuing several decisions it granted a writ of certiorari for a case that will determine how penalties apply for non-willful violations of foreign account compliance reporting. But in late May it handed taxpayers with certain types of collections actions before the IRS a big win with its unanimous decision in Boechler, P.C. v. Commissioner of Internal Revenue. Boechler had a collections matter (the IRS was going to levy its property) before the IRS and requested and received a collection due process (CDP) hearing with the IRS Office of Appeals, but the Office sustained the proposed levy. When a taxpayer disagrees with an IRS Appeals decision, they have a fixed period of time to petition the U.S. Tax Court to review their case. The taxpayer has 90 days to petition for review of an exam (audit) appeal, after receiving a statutory notice of deficiency … [Read more...] about Supreme Court Gives Taxpayers In IRS Collections Cases A Win
Share to Twitter Share to Linkedin Drivers across the United States are suffering unprecedented pain at the pump, with national average prices spiking above $5 per gallon . Fortunately an inflation-busting option is ready to go – modeling shows electric vehicles save drivers thousands per year compared to internal combustion engines in most states. But these consumer-protection economics hinge upon the U.S. Senate passing legislation that has languished for months after passing the House of Representatives. The existing $7,500 federal EV tax credit cap of 200,000 vehicles sold has been surpassed by GM and Tesla TSLA while Ford, Nissan, and Toyota will likely exceed it this year. Without those extremely valuable incentives, EVs and billions in annual savings will slip out of reach for many families. If the Senate passes reconciliation legislation extending the EV tax credit cap for automakers and increases the federal tax credit to $10,000, it will … [Read more...] about Americans Are Suffering Record Pain At The Pump. Will Congress Provide Electric Vehicle Relief?