Browsing Tag:Tax

Business

The U.S. is Losing $1 Trillion Annually to Tax Cheats

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Here’s what you need to know:Charles Rettig, the commissioner of the Internal Revenue Service, said during a Senate Finance Committee hearing that the agency lacks the resources to go after tax cheats.Credit...Anna Moneymaker for The New York TimesThe United States is losing approximately $1 trillion in unpaid taxes every year, Charles Rettig, the Internal Revenue Service commissioner, estimated on...
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Business

Yellen calls for a global minimum corporate tax rate.

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Treasury Secretary Janet L. Yellen advocated a global minimum tax on Monday, kicking off the Biden administration's efforts to increase US revenue and prevent companies from shifting profits overseas to evade taxes.Ms. Yellen, speaking to the Chicago Council on Global Affairs, called for global coordination of an international tax rate that would apply to multinational companies regardless of where...
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Business

What to know about tax credits

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kate_sept2004 | E + | Getty ImagesRecovery Discount Creditmiodrag ignjatovic | E + | Getty ImagesThe most recent round of relief included stimulus checks of up to $ 1,400 per person.But it also allows people to request earlier rounds of payments for economic impact that they may have missed.The first two tranches - up to...
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Business

The Tax Headaches of Working Remotely

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However, New Jersey has announced that it will give its new teleworkers credit for those New York City taxes for 2020, despite being entitled to the revenues as taxpayers now work within its boundaries, Walczak said. So residents don't have to worry about double taxation for the time being. But New Jersey estimates it will forego more...
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