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 UK 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 … Read more

Tax return backlog is ‘crushing the IRS’ as pileup exceeds 21 million

IRS Commissioner Chuck Rettig testifies before the Senate Finance Committee on April 7, 2022. Kevin Dietsch | Getty Images News | Getty Images The IRS backlog of tax returns has swelled over the past year, despite efforts to clear the pileup, according to an agency watchdog. There were 21.3 million unprocessed paper returns as of … Read more

Obama opposed U.S. gas tax holiday, but Biden now wants one

US President Joe Biden stands with former President Barack Obama during an event on the Affordable Care Act, the former president’s top legislative accomplishment, in the East Room at the White House in Washington, US, April 5, 2022. Leah Millis | Reuters Former President Barack Obama called opposing a federal gas tax holiday “one of … Read more

IRS making progress on backlog, but millions remain unprocessed

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, DC, June 8, 2021. Tom Williams | Pool | Reuters The IRS is making progress on its backlog of unprocessed tax returns, but millions remain, … Read more

Biden says he’s considering gas tax holiday as admin targets July 4 announcement

Gas prices are advertised at a Chevron station as rising inflation and oil costs affect consumers in Los Angeles, California, June 13, 2022. Lucy Nicholson | Reuters President Joe Biden said Monday that he is seriously considering a temporary halt in the federal gas tax as the White House looks to take steps to lower … Read more

IRS boosts mileage rate deductions as gas prices soar to $5 a gallon

Guy Benhamou sends a picture of gas prices to friends while pumping gas at an Exxon Mobil gas station on June 9, 2022 in Houston. Brandon Bell | Getty Images If you’re self-employed or own a small business, you may soon be eligible for a little relief from soaring gas prices. Starting on July 1, … Read more

The last chance for some tax filers to avoid late penalties is June 15

courtneyk | E + | Getty Images This week is the last chance to bypass a tax penalty if you’re earning money and the IRS still hasn’t received its share, according to the agency. While some employees pay taxes through withholdings, everyone else must make a second-quarter estimated payment by June 15 – and you’re … Read more

Tax planning begins when building your portfolio. Here’s what to know

Tetra Images | Tetra images | Getty Images If you’re still recovering from the tax sting of larger-than-expected mutual fund payouts in 2021, it’s never too early to prepare for future distributions, financial experts say. Mid-year capital gains distributions aren’t common, especially in a bear market year, said Russel Kinnel, director of manager research for … Read more

Beware of scams involving jobs, stimulus checks and tax refunds, IRS warns

IRS Commissioner Chuck Rettig testifies before the Senate Finance Committee on April 7, 2022. Kevin Dietsch | Getty Images News | Getty Images The IRS is warning taxpayers to look out for scams involving fake job offers, tax refunds and pandemic-era benefits like stimulus checks, as criminals continue to use the ongoing health crisis to … Read more

House Democrats push for repeal of rule blocking SALT cap workaround

Rep. Tom Suozzi, DN.Y., speaks during a news conference announcing the State and Local Taxes (SALT) Caucus outside the US Capitol on April 15, 2021. Sarah Silbiger | Bloomberg | Getty Images Three House Democrats are still pushing for relief on the $ 10,000 limit on federal deduction for state and local taxes, known as … Read more