What the latest IRS crypto tax records summons means for investors

The IRS continues to chase U.S. taxpayers who failed to report and pay taxes on cryptocurrency transactions with a new court order allowing a summons for customer records. The agency will issue a so-called “John Doe summons” requiring M.Y. Safra Bank to turn over crypto transaction data for SFOX, a digital currency prime broker that … Read more

Trump tax returns must be given to Congress, court says

Former U.S. President Donald Trump speaks at the Conservative Political Action Conference (CPAC) held at the Hilton Anatole on August 06, 2022 in Dallas, Texas. CPAC began in 1974, and is a conference that brings together and hosts conservative organizations, activists, and world leaders in discussing current events and future political agendas.  Brandon Bell | … Read more

U.S. Senate Democrats’ bill will make mark on climate, health-care costs

U.S. Senate Majority Leader Chuck Schumer (D-NY) holds his weekly news conference after the Democratic caucus party luncheon at the U.S. Capitol in Washington, August 2, 2022. Jonathan Ernst | Reuters The $430 billion climate change, health-care and tax bill passed by the U.S. Senate on Saturday delivers a major win for Democrats, and will … Read more

Koch network pressures Sens. Manchin, Sinema to oppose $739 billion tax-and-spending bill

Sen. Kyrsten Sinema, D-Ariz., and Sen. Joe Manchin, D-W.Va., board an elevator after a private meeting between the two of them on Capitol Hill on Thursday, Sept. 30, 2021 in Washington, DC. Jabin Botsford | The Washington Post | Getty Images The political network backed by billionaire Charles Koch launched an ad blitz targeting Sens. … Read more

India’s bold GST reform expands tax base but too soon to celebrate?

Five years after it was launched, the simplified GST scheme has resulted in tax collections in India rising to record levels. Anand Purohit | Moment | Getty Images It’s been 5 years since India introduced its Goods and Services Tax, and while the government’s revenue collection has soared, some analysts say it may be too … Read more

FCA investigates Wise CEO Kristo Kaarmann over tax default

Kristo Kaarmann, CEO and co-founder of Wise. Eoin Noonan | Sportsfile | Getty Images The CEO of £3.9 billion ($4.8 billion) fintech firm Wise is being investigated by U.K. regulators after tax authorities found he failed to pay a tax bill worth over £720,000. Kristo Kaarmann, who co-founded Wise in 2011, was recently fined £365,651 … Read more

Joe Biden asked to replace IRS chief Charles Rettig over tax document destruction

Charles P. Rettig, commissioner of the Internal Revenue Service, testifies during the Senate Finance Committee hearing titled The IRS Fiscal Year 2022 Budget, in Dirksen Senate Office Building in Washington, D.C., June 8, 2021. Tom Williams | Pool | Reuters A leading House Democrat on Friday called on President Joe Biden to replace IRS Commissioner … Read more

The IRS has sent more than 78 million refunds. How to check on yours

If you filed a last-minute tax return, you may see your 2021 refund faster than you’d expect.  Nine out of 10 refunds have arrived within 21 days this season, according to the IRS. As of April 15, the agency has issued more than 78 million refunds worth over $242 billion in total, and the average … Read more

The tax deadline is 10 days away. Here’s the average refund so far

bymuratdeniz | iStock | Getty Images There are 10 days until April 18, the tax deadline for most Americans, and the IRS has already sent more than 63 million refunds worth over $204 billion in total, as of April 1, the agency reported Friday. Almost one-third of Americans don’t file until the last minute, according to a … Read more

Sen. Elizabeth Warren says billionaires should pay more taxes to help the ‘next Elon Musk

Elon Musk and fellow billionaires should pay it forward in taxes to support the next generation of entrepreneurs who can make a difference, Sen. Elizabeth Warren, D-Mass., told CNBC on Tuesday. “I’m happy to celebrate success, but let’s remember, Elon Musk didn’t make it on his own. He got huge investments from the government, from … Read more