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IRS Office Can’t Verify Low-Income Aid Meets Requirements

by usoftax_admin | Jan 21, 2025 | Tax News

The Internal Revenue Service office in charge of a program that provides assistance to low-income people dealing with tax disputes can’t access information that would allow it to make sure grant recipients meet requirements, potentially harming the...

Expat Facing $6.9M In FBAR Penalties, Interest

by usoftax_admin | Jan 21, 2025 | Tax News

An American woman living in Switzerland faces $6.9 million in penalties, interest and late fees because she did not report her accounts that were held at a Swiss bank, the U.S. government told a D.C. federal court.

Ill. Senate Bill Seeks Tax Deduction For OT Wages

by usoftax_admin | Jan 21, 2025 | Tax News

Illinois would create an individual income tax deduction for overtime wages under a bill introduced in the state Senate.

Ariz. General Fund Revenue $244M Above Projections

by usoftax_admin | Jan 21, 2025 | Tax News

Arizona’s total general fund collection from July through December surpassed budget estimates by $244 million, according to the state’s Joint Legislative Budget Committee. 

Md. Bill Seeks High Earner Tax, Water’s-Edge Reporting

by usoftax_admin | Jan 21, 2025 | Tax News

Maryland would impose a new tax rate on high earners, adopt combined water’s-edge corporate tax reporting and lower its corporate tax rate under legislation introduced in the House of Delegates to enact proposals by the governor.
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