A team of academic economists and IRS researchers in 2021 found that the top 1% of U.S. income earners fail to report more than 20% of their earnings to the IRS.
taxes
Posted inAndroscoggin County, Franklin, Livermore Falls Advertiser, News
Jay approves settlement agreement with paper mill owners over tax abatement request
The Select Board voted unanimously Friday to accept a settlement agreement with Pixelle Specialty Solutions for a tax abatement of $12.2 million in valuation and $250,100 in tax dollars.
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Posted inBusiness, Nation / World, News
IRS steps toward new free-file tax return system have both supporters, critics mobilizing
And advocates for a free program to help file taxes are exponentially out-monied.
Posted inBusiness, Nation / World, News
IRS says it collected $38 million from more than 175 high-income tax delinquents
Federal tax collector’s enhanced ability to identify tax delinquents comes from resources provided by the Inflation Reduction Act.
Posted inBusiness, Nation / World, News
TurboTax customers to receive checks in $141 million settlement
TurboTax’s owner Intuit Inc. was ordered to pay $141 million to low-income consumers who were deceived into paying TurboTax to file their federal returns, despite being eligible for free, federally supported tax services.
Posted inMaine
IRS says Maine’s $850 pandemic relief checks not taxable
The agency had been studying whether the money sent out last year in Maine – and similar payments made in 16 other states – was subject to federal taxes.
Posted inBusiness, Maine, Politics
Time seems ripe for bipartisan action on income tax cuts in Maine
As the state enjoys a record surplus, lawmakers from both parties have submitted proposals that would reduce taxes for lower-income Mainers.
Posted inMaine, Nation / World, Politics
Maine’s Democratic representatives criticize Republican moves in U.S. House
Jared Golden and Chellie Pingree opposed a number of measures pushed by the new congressional majority.
Posted inBusiness, Nation / World, News
Trump executive Weisselberg gets 5-month jail sentence for dodging taxes
Allen Weisselberg is expected to be locked up at New York City’s notorious Rikers Island jail complex.
Posted inMaine, News
Kennebunk man owes $720,000 in unpaid federal taxes, complaint says
The Department of Justice is asking a judge to enforce several liens against his property to recover more than 10 years’ of income, Medicare and Social Security taxes.