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Tag Archives: tax

Biden Considering Gas Tax Holiday: July 4th weekend the target

A few states have already imposed a gas tax suspension due to the sharp rise in prices and inflation.  This was done, providing many Americans some relief at the pump.  Now, President Biden is strongly considering utilizing a gas tax … Continue reading

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House Committee Proposes $1B Funding Boost for IRS

The IRS may see an additional $1 billion in funding to improve taxpayer service and technology, as well as make the tax system in general, fairer.  A draft of the House Appropriations Committee’s 2023 Financial Services and General Government funding … Continue reading

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Mortgage Rates Hit 5.78%, Highest Level Since 2008

U.S. mortgage rates have recently hit their highest level since November of 2008.  This is the latest signal of turmoil tied to the Federal Reserve’s attempts to cool inflation.  According to a report published by Zillow, the average 30-year … Continue reading

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Car Manufacturers Pushing for Congress to Lift Electric Vehicle Tax Cap

Recently, many of the major electric vehicle producers have asked Congress to lift the cap on how many individuals can receive the Qualified Plug-In Electric Vehicle (PEV) Tax Credit for purchasing a hybrid, or fully electric vehicle. As it now … Continue reading

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IRS has Begun Imposing a Tax on Venmo Income

Venmo has become an increasingly popular way of payment due to its ease of use and extremely user-friendly app. This being the case, many entrepreneurs and small business owners are using Venmo and PayPal as one of their primary payment … Continue reading

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U.S. Treasury Prohibits Russia’s Access to Services

The United States continues significant and unprecedented action in response to Russia’s invasion of Ukraine by imposing severe economic costs that will have both immediate and long-term effects on the Russian economy and financial system. On May 8, 2022, the … Continue reading

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New York State To Mail Out Homeowner Tax Rebate Credit Checks

Homeowners in New York State should start checking their mail for a homeowner tax rebate credit. The one-year program was implemented by the state to give homeowners some property tax relief in 2022. The checks were originally scheduled to roll … Continue reading

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US Latest Country to Eye Windfall Tax

The US seems to be following in the UK’s footsteps as it eyes a windfall tax on oil and gasoline.  According to Deputy Director of the National Economic Council, Bharat Ramamurti, the Biden administration has looked at numerous proposals to … Continue reading

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NY Suspends Gas Tax Until 2023

No matter who you are, the odds are that you have been affected in some way by the rapid rise of gas prices seen throughout the country. This recent surge has posed a huge inconvenience for most Americans, forcing them … Continue reading

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IRS to Pay Interest on Late Tax Returns

It’s no secret that the IRS has millions of tax returns that still need to send out.  While waiting for your tax return can be extremely agitating, there may be one bright spot!  The IRS has 45 days to process … Continue reading

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