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Senators Ask Treasury To Limit Biofuel Tax Credit Eligibility

by usoftax_admin | Jul 31, 2024 | Tax News

The U.S. Treasury Department shouldn’t grant biofuel production tax credits to companies that use foreign-sourced feedstocks, a coalition of Republican and Democratic senators said in a letter published Wednesday.

Judge Won’t Undo IRS’ Pause On Worker Retention Credits

by usoftax_admin | Jul 31, 2024 | Tax News

An Arizona federal judge rejected a tax advisory firm’s request to lift the IRS’ pause on processing claims for the pandemic-era employee retention credit, saying he wasn’t eager to stop the agency from addressing the fraud it alleges has been...

States Fail To Advance MTC Project On Trucking Receipts Reg

by usoftax_admin | Jul 30, 2024 | Tax News

A Multistate Tax Commission project on creating a model regulation that would allow states to source trucking receipts based on where deliveries occur appears to be shelved after a commission panel narrowly failed Tuesday to approve a motion seeking to further explore...

Ex-HFZ Capital Chief Can’t Reduce Bail In $86M Fraud Case

by usoftax_admin | Jul 30, 2024 | Tax News

A Manhattan judge on Tuesday denied, for now, a request by the former head of troubled real estate firm HFZ Capital Group to lower a hefty bail requirement so he can get out of Rikers Island while fighting $86 million theft and tax fraud charges.

Legalization Foes Mount New Challenge To NY Pot Program

by usoftax_admin | Jul 30, 2024 | Tax News

A group of anti-cannabis activists renewed their challenge to New York’s proposal to use public funds to help marijuana retailers launch their businesses, alleging in a new state court lawsuit that the policy violates federal law.

Mo. Hits Revenue Triggers For Continued Income Tax Cuts

by usoftax_admin | Jul 30, 2024 | Tax News

Missouri has hit the needed revenue markers for additional tax cuts to be triggered that were passed under bills in 2022, the governor announced Tuesday. 
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