tax

Zach Gibson | Getty Images News | Getty ImagesThe Covid-19 pandemic caused a backlog of nearly 8 million paper business tax returns with the IRS, according to a report released Tuesday by a Treasury Department watchdog.This is an increase…

George Town, Grand CaymanNoel HendricksonEurope's largest banks book an average of € 20 billion ($ 23.7 billion) in tax havens every year, according to a new report.That accounts for 14% of their total profit, the analysis showed.The EU Tax…

A man walks past the U.S. Capitol in Washington on June 25, 2020.Al Drago | ReutersThe head of the IRS believes that stricter disclosures by the country's banks could help fill a yawning tax gap and recoup billions in owed revenue.In a…

Stefani Reynolds / Bloomberg via Getty ImagesThe IRS this week started issuing an additional 1.5 million tax refunds to people who received unemployment benefits in 2020. That's on top of the nearly $ 9 million worth of refunds the agency…

"The advance loan reduces the total amount of taxes paid," said Rob Seltzer, accountant in Los Angeles. "So there might be an estimated tax penalty problem," depending on how much the taxpayer has made this year compared to last year. It…

Senate Majority Leader Chuck Schumer, DN.Y., and President Joe Biden arrive for a Senate Democratic luncheon in the U.S. Capitol on July 14, 2021.Drew Angerer | Getty Images News | Getty ImagesAccording to a budget framework released…

Taxpayers who received unemployment benefits this year shouldn't expect another tax cut in the next filing season, financial experts say.Unemployment benefit is generally treated as taxable income. However, federal legislators waived…

Millions of tax returns are still waiting to be processed by the Internal Revenue Service, which is far more backlog than in previous years.This means that any refunds due for these Americans have also been delayed. Approximately 70…

(People on low incomes - under $ 40,000 a year for unmarried taxpayers and $ 60,000 for married couples - are in need, according to a report by the Congressional Research Service.)Also, some families prefer to get a big refund when filing…

Oliver Contreras / Sipa / Bloomberg via Getty ImagesThe US would tax capital gains and dividends for the rich at the highest rates in the developed world if President Joe Biden's proposal were implemented.The top rate high-income Americans…