The nation will hit the debt ceiling on Thursday. Treasury Secretary Janet Yellen warned President Kevin McCarthy that the US. projected to achieve its debt limit of $31.4 trillion in two days. The Treasury will begin taking “extraordinary measures” to prevent default, including temporarily limiting the bonds it sells to the federal employees’ retirement fund. But these measures can only last until June.
OECD appoints Manal Corwin as tax chief. she will become the next Director of the OECD Center for Tax Policy and Administration starting April 3. Currently the partner in charge of the National Tax Office of the accounting/consulting firm KPMG, she served as Deputy Assistant Secretary for International Tax Affairs at the United States Treasury. She has long experience in international tax issues and a key part of her job will be to lead the implementation of the OECD’s corporate tax reforms. She will replace Pascal Saint-Amans.
The 2023 tax season begins next week. The IRS set Monday, January 23, as the official start of the 2023 tax filing season. The agency expects more than 168 million individual tax returns, most of which will arrive before the April 18 due date of this year. Tax Day will be delayed because April 15 falls on a Saturday and the District of Columbia’s Jubilee Day holiday is Monday, April 17.
What can help new mothers better understand tax filing and access tax benefits? According to a TPC survey: Trusted advisors, such as nurses, can help new mothers and others in low-income populations better access tax benefits. The researchers surveyed 1,500 Nurse-Family Partnership clients, half of whom worked with a tax assistance program called Let’s Get Set.
Next post: SALT limit should apply to owners of transfer entities. In 27 states, pass-through business owners can avoid the $10,000 federal limit on state and local tax deductions by paying state income taxes at the entity level. while the IRS allows workaround, NYU law professor Daniel Hemel, in a soon-to-be-published article in the Florida Tax Reviewit argues that the scheme could cost the federal government more than $50 billion by the end of 2025, with most of the benefits flowing to conveyancing owners who make $1 million or more.
Trump organization sentenced to pay $1.6 million for tax fraud scheme in New York. A Manhattan Supreme Court judge imposed the maximum phrase about the organization. Trump Organization subsidiaries Trump Corp. and Trump Payroll Corp. were convicted last month of 17 counts of conspiracy, criminal tax fraud and falsifying business records over 15 years.
This week’s recipe: The debate over the Child Tax Credit continues on Thursday’s episode of TPC’s The Prescription webcast. This week’s guest guest will be Scott Winship, AEI Principal Investigator, who will discuss his view that the expanded CTC’s disincentives to work will hurt low-income families in the long run.
The Daily Deduction resumes its regular schedule on Monday, January 23.
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