by usoftax_admin | May 23, 2024 | Tax News
The North Carolina Supreme Court on Thursday backed a $130,000 tax break for an asphalt maker, upholding a lower court’s decision that the company qualified for an exemption reserved for manufacturers even though it sold just a small portion of its... by usoftax_admin | May 23, 2024 | Tax News
About 24 million taxpayers are projected to claim the deduction for qualified business income for a total of an estimated $222 billion in deductions, the Joint Committee on Taxation said in a report released Thursday outlining the effects of various tax measures this... by usoftax_admin | May 23, 2024 | Tax News
A power company’s property in Illinois was not required to pay disputed property taxes before appealing a valuation, the Illinois Supreme Court affirmed Thursday, upholding a reduction in the assessment of about $28 million. by usoftax_admin | May 23, 2024 | Tax News
Tennessee will double the amount of land within a property tax jurisdiction that may be classified as agricultural, forest or open-space land and subject to a lower tax assessment under a bill signed by the governor. by usoftax_admin | May 23, 2024 | Tax News
Premier League soccer team Nottingham Forest must pay its more than £345,000 ($438,000) value-added tax bill, the U.K.’s Upper Tribunal ruled in a decision published Thursday, dismissing an appeal of a lower court ruling that found HM Revenue & Customs filed... by usoftax_admin | May 23, 2024 | Tax News
A woman who claimed a tax deduction for nearly $37,000 in charitable donations to her church actually donated less than $20,000 and owes taxes on the difference, the Tax Court ruled in an opinion released Thursday.