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Tesla paid no federal income taxes while paying executives $2.5 billion over five years
Over five years Tesla and 34 other companies paid their top five executives more money than they spent in federal income tax, a new study reports.
Spotify is mad at the French government and taking it out on users
Spotify said on Thursday it will raise its subscription prices in France in response to a new tax designed to support the nation’s music industry. CEO Daniel Ek wrote an open letter denouncing the tax, which France’s government passed in December.
IRS will start piloting its free TurboTax alternative in 2024
The US tax authority has announced that it will start pilot testing its new Direct File program for the 2024 filing season, though it will initially be available for select taxpayers in 13 states only.
EV buyers may get an instant rebate for car purchases starting in 2024
Car dealers can give buyers an instant rebate for purchasing certain electric vehicles starting in January of 2024, according to new guidance released by the IRS.
The IRS wants to phase out most IRL tax documents by 2025
Most taxpayers will have the option of going entirely paperless starting with the 2024 filing season. The IRS said today that it aims to “achieve paperless processing for all tax returns” by 2025. The agency says the IRS Paperless Processing Initiative will “eliminate up to 200 million pieces of paper annually, cut processing times in half and expedite refunds by several weeks.” The project is funded by President Biden’s Inflation Reduction Act of 2022.
Tax prep websites have been sending sensitive financial data to Facebook
Tax websites like H&R Block have been sending users' sensitive financial data to Facebook, including incomes.
Amazon reportedly paid no income tax on $55 billion in European sales in 2021
The company received €1 billion in tax credits as well, according to filings.
UK authorities seize NFTSs over $1.9 million in suspected tax fraud
UK authorities have seized three NFTs as part of an investigation into tax fraud.
G20 deal raises the minimum tax rate for big tech companies
G20 leaders have greenlit a deal that would set a global minimum tax rate of 15 percent for large companies, including big tech firms.
TurboTax creator Intuit leaves the IRS' free tax filing program
TurboTax creator Intuit has left the IRS Free File program over claims the federal tax agency's system is holding it back.
The UK is sabotaging its own plan to decarbonize heating
Air Source Heat Pumps offer a more energy-efficient way to heat your home. So why aren't we all buying them?
US Treasury may require crypto transfers over $10K to be reported to the IRS
The US Treasury Department wants tax payers to report any cryptocurrency transfer worth $10,000 to the Internal Revenue Service.
Crypto exchange Binance faces US money laundering probe
Binance, the world's leading cryptocurrency exchange, is reportedly being probed by the DoJ and IRS amid allegations that it is being used to launder money.
Apple and Ireland win European appeal over multi-billion tax deal
Europe's second-highest court has ruled in favor of Apple and Ireland.
UK to levy additional tax on big tech companies beginning April 1st
The UK's two percent tax on large, multinational tech companies goes into effect on April 1st. As much as big tech companies in the US may object, this is not an April Fools' Day joke. Unsurprisingly, the US government strongly objects.
TurboTax maker Intuit buys Credit Karma to corner personal financial data
Intuit wants to manage more of your financial data. The TurboTax developer has bought Credit Karma, best known for helping people track and control their credit, for $7.1 billion in cash and stock. It intends to use Credit Karma to craft a "personalized financial assistant" that provides insights into your money and helps you "find the right financial products." It might point you to a new credit card or a higher-yield savings account, for instance.
The IRS won't ask you to report 'Fortnite' V-Bucks on tax returns
Don't worry, you won't have to factor in-game currency into your taxes... at least, not yet. The IRS has removed a guideline (cached here) from October that treated Fortnite's V-Bucks, Roblox's Robux and other in-game currencies with real monetary value as "convertible" currency that could be subject to federal taxes. In a follow-up, IRS Chief Counsel Michael Desmond confirmed to CNN Business that including in-game money was an error. The updated section now focuses on cryptocurrencies like Bitcoin and Ethereum, so you can likely rest easy if you received a V-Bucks gift card last year.
Tax prep companies can’t hide their free filing software from Google anymore
This week, the Internal Revenue Service (IRS) announced changes that will hopefully make it less stressful for a lot of Americans to file their taxes in 2020. In an addendum to the almost 20-year-old Free File agreement, the agency has put new protections in place to make it easier for Americans to file their taxes for free.
Uber has to pay New Jersey nearly $650 million in employment taxes
Uber may insist that its drivers are contractors and not employees, but New Jersey isn't buying that argument. The state's labor department has slapped Uber and its Rasier subsidiary with a nearly $650 million bill for overdue unemployment and disability insurance taxes from the past four years, arguing that the ridesharing firm misclassified drivers. About $523 million of that is actual taxes, while up to $119 million is due in interest and penalties. Labor Commissioner Robert Asaro-Angelo said this was an example of the administration "cracking down on employee misclassification" and that there was "no reason" on-demand workers couldn't be treated like other flexible staff.
G20 leaders will discuss raising taxes for big tech firms next week
For years, European countries have been grappling with how to get big tech firms to pay more taxes. They've proposed interim taxes on revenues, suggested global minimum taxes and slapped companies with hefty fines. We may be getting closer to a solution. Next week, G20 finance ministers are expected to discuss a proposed tax overhaul that would target big multinational firms, including Google, Amazon, Apple and Facebook.
