Tax

Suspending the federal gasoline tax would be a largely symbolic move by an embattled president running out of options to ease pump prices weighing on Democrats’ political prospects.

The only clear theme from a recent Senate hearing was the lack of certainty around when a retailer should start collecting tax.

A recent report suggests that, should the government invest more in compliance, could mean billions more in tax dollars collected.

The celebrity lawyer also copped to a number of other counts, including wire fraud related to embezzlement.

NTA Erin Collins expressed concern Wednesday about continuing delays by the service in processing tax returns filed on paper last year.

Senate Democrats have scrapped a $4,500 bonus tax credit for electric vehicles made with domestic union labor as they seek to wrap up negotiations on a spending deal.

Partners’ pay as a retention tool; volunteering to file; the global tax debate; and other highlights from our favorite tax bloggers.

The service said that as of June 10, it had processed more than 4.5 million of the more than 4.7 million individual paper returns received in 2021.

Investors who take a loss in a taxable account can use it to offset capital gains taxes owed from selling stocks that have appreciated.

Allen Weisselberg, facing a tax fraud trial, argued that state prosecutors are improperly trying to enforce federal laws.