Top News Stories

Donald Trump · New York

New York judge holds Trump in contempt for failing to comply with subpoena

47% Center coverage: 212 sources
A New York judge on Monday held former President Donald Trump in contempt, and fined him $10,000 per day. Trump failed to meet a court-ordered March 31 deadline to turn over subpoenaed material. Investigators want information from three mobile devices belonging to Trump, two of which are personal and one of which is company-issued.See the Story
Business · Washington

FTC sues Intuit to stop 'bait-and-switch' TurboTax ads

62% Center coverage: 57 sources
The US Federal Trade Commission (FTC) is suing Intuit to halt its ongoing attempts at "deceiving consumers with bogus advertisements pitching 'free' tax filing" The FTC claims two-thirds of filers in 2020 would not have been unable to use the free filing offer because it "is not available to millions of taxpayers"See the Story
Business

Biden Sharpens GOP Attack, Assailing Senator Scott’s ‘MAGA Agenda’

President Joe Biden called again for Congress to raise taxes on corporations and the wealthy to drive down the deficit. Biden broadly painted GOP proposals as in-line with the Make America Great Again ethos championed by former President Donald Trump. The president has sought to sharpen contrasts between Republican plans and his own stalled economic agenda six months ahead of November midterm elections.See the Story
Taxes

SALT deduction cap remains after Supreme Court rejects NY challenge - LA Daily News • ChronLAW.com

News for attorneys, lawyers and insurance, banking, credit, finance, government, education and law related professionals, covering politics, business, medicine, crime, law enforcement and other legal topics.See the Story

IRS budget increase slashed in latest spending bill

The House Rules Committee published the updated text of the $1.5 trillion omnibus spending bill being negotiated in Congress. The bill increases ICE's overall funding by $284.7 million, including a $57 million increase for the controversial Enforcement and Removal Operations (ICE-ERO) division.See the Story
IMF

Companies could pay almost 14% more with the global tax agreement, says IMF

IMF projections assume that countries that currently have below-floor tax rates increase themSee the Story

IRS sent over $800M in potentially improper recovery rebate payments

The Recovery Rebate Credit was part of the federal government's efforts to provide a stimulus to the economy during the early days of the COVID-19 pandemic. The CARES Act created the refundable tax credit of up to $1,200 per eligible adult that would be applied toward the taxpayer's tax year 2020 tax liability.See the Story
Connecticut · Connecticut

On the move: RubinBrown elects new MP

Steven Harris will be only the fourth MP of RubinBrown, the St. Louis-based Top 100 Firm. The first Black woman (and first sole practitioner) is named to head the American Institute of CPAs' PCPS Executive Committee. State CPA societies in Connecticut and Virginia install new boards.See the Story

IRS probed hundreds of cases of unauthorized access to taxpayer data

The IRS completed 1,694 investigations into the willful unauthorized access of tax data between fiscal years 2012 and 2021 by employees. Such access is against the law and could even lead to criminal prosecution. The IRS has come under fire from Congress and tax professionals for backlogs in processing tax returns, the destruction of 30 millions paper information return documents.See the Story

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