Earlier this month, President Biden unveiled a budget plan that proposes to raise more than $4.5 trillion in new taxes over the next decade, largely by targeting corporations.
taxes
Posted inNation / World
The IRS has 940,000 unclaimed tax refunds from 2020. Is one of them yours?
People in the U.S. have until May 17 to submit tax returns for unclaimed refunds for tax year 2020, which total more than $1 billion nationwide.
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Posted inBusiness
The IRS’s new free site for tax filing is now up and running
Maine is not among the 12 states where the system is accessible, however.
Posted inBusiness, Maine, Politics
Gov. Mills proposes exempting all Maine nonprofits from sales tax
The change, which would cost the state about $10 million annually, is necessary to simplify the tax code and reduce confusion, officials say.
Posted inNation / World, News
IRS to collect hundreds of billions more in overdue and unpaid taxes thanks to new funding
Tax revenues are expected to rise by as much as $561 billion from 2024 to 2034, thanks to stepped-up enforcement made possible with money from the Democrats’ Inflation Reduction Act.
Posted inBusiness
IRS: Fund us, and we’ll collect hundreds of billions from tax cheaters
Biden administration officials say economic research shows they’ll avert hundreds of billions of dollars of tax evasion by funding the agency.
Posted inBusiness, Maine, News
State web portal now open for filing Maine personal income tax returns
Maine Revenue Services is offering free webinars for individuals and tax professionals on how to use the online portal to file, pay and manage state income tax returns.
Posted inBusiness, Maine, News
Maine officials accuse IRS of reversing pledge by taxing $450 state energy payments
The state says the IRS backed out of federal tax exemption for payments intended to help 880,000 Mainers cope with high energy costs last winter.
Posted inBusiness, Maine
Pollute less, profit more: How Maine industry is rewarded for cutting down emissions and wastewater
A state tax exemption benefits industrial companies for cutting down on pollution but also draws millions of dollars away from small-town tax revenue, and never expires.
Posted inNation / World, News
IRS plans limited rollout of free e-file tax return system with invitations to select taxpayers
The introduction of a government-run option could upend the industry and fundamentally change the way taxpayers interact with the IRS.