All articles tagged with #tax
A Justice Department settlement bars the IRS from auditing Donald Trump, his family, and related entities, permanently blocking audits of any matters currently pending and extending protections to future examinations under a broad “lawfare” provision—a move that shocks tax pros and could spark renewed Democratic oversight battles as Republicans weigh their response.
Spain’s Audiencia Nacional ruled that tax authorities wrongly pursued Shakira for 2011 taxes, ordering the repayment of more than €55 million (about $64 million) because she was not a tax resident that year. The court found she spent 163 days in Spain in 2011, short of the 183-day threshold, and noted the ruling covers only that year’s taxes. Shakira had already settled a separate tax case for 2012‑2014 in 2023, paying €17.5 million plus fines (€7.3 million), with prison time avoided on a suspended sentence. She called the decision decisive and historic.
Cherie DeVaux became the first woman to train a Kentucky Derby winner with Golden Tempo, but taxes will trim the $3.1 million first‑place purse. Both DeVaux and jockey Jose Ortiz are entitled to 10% of the winnings ($310,000 each); after deductions, Ortiz’s take‑home is about $208,320 post‑tax, while DeVaux would receive about $297,600 after taxes. The historic victory is celebrated, but the prize money is noticeably reduced by taxation.
Galway, Ireland is weighing an overnight visitor levy that would charge about $1.10–$2.20 per guest per night for hotel or short‑term stays, with potential annual revenue above $2.1 million to fund tourism infrastructure and services. The plan requires national legislation and approval, and faces opposition from local leaders who warn it could unsettle budgets or send the wrong message. Supporters note that many EU countries already apply similar fees, while Galway continues to attract about 1 million international and 1.4 million domestic visitors, highlighting the city’s push to manage tourism growth.
Washington’s proposed 9.9% “millionaires’ tax” starting in 2028 would cost Jaxon Smith-Njigba roughly $12.3M in state taxes on his $168.6M extension, while Ja’Marr Chase would pay about $4.46M under Ohio’s tax changes; after state taxes, Chase would take home about $156.54M and Smith-Njigba about $156.30M, meaning the tax geography narrows the gap despite the bigger contract and highlights how blue states tax athletes more than red states like Ohio.
Treasury and the IRS issued Notice 2026-15 to guide when electricity-producing facilities, energy storage technologies, or 45X components receive material assistance from a prohibited foreign entity, which could render them ineligible for clean energy credits under Sections 45Y, 48E, and 45X. The notice outlines interim safe harbors, how to calculate the material assistance cost ratio, and notes that forthcoming regulations and additional guidance will define PFE and update safe harbors. Taxpayers may rely on these rules for projects begun after 12/31/2025 through 60 days after the forthcoming safe harbor tables, and for 45X components sold in taxable years after 7/4/2025 until those tables are published. Comments on definitional, anti-circumvention, and related issues are due within 45 days.
Democrats in Olympia unveiled Senate Bill 6346 proposing a 9.9% tax on household incomes above $1 million to raise about $3.7 billion annually for public education, early learning, childcare, healthcare and other services. The plan would also eliminate the sales tax on grooming products, create a small-business gross-revenue threshold exemption, expand the Working Families Tax Credit and direct 5% of revenue to counties for public safety. Gov. Jay Inslee’s office notes the proposal doesn’t go far enough for Washingtonians, while Republicans call it unconstitutional and warn of potential court challenges or voter referendum.
US IRS proposals to tighten Section 892 could strip tax-exempt status from sovereign wealth funds and some public pensions that engage in US investments, by redefining when debt purchases and other activities count as 'commercial activity' and by widening 'effective control' tests. The changes would affect private credit, private equity co-investments and real assets, potentially costing SWFs billions in avoided taxes and prompting restructurings or shifts to more passive strategies; final rules are not settled yet, with comments due Feb 13.
California is implementing a controversial plan to tax billionaires, aiming to address wealth inequality, but facing significant political and public debate over its implications and effectiveness.
Starting Tuesday, Chicago has implemented a new ground transportation tax surcharge of $1.50 for rideshare pickups and drop-offs in designated congestion zones, with shared rides incurring an additional 60 cents, raising costs for users and potentially impacting drivers and ridership.
The U.S. Treasury announced an agreement with over 145 countries to exempt U.S.-based companies from the OECD Pillar Two global tax plan, affirming U.S. tax sovereignty and protecting domestic incentives and innovation, marking a significant victory for U.S. economic interests.
The United States has secured exemptions from the new global minimum corporate tax rules, allowing it to avoid certain tax obligations under the international agreement aimed at setting a minimum corporate tax rate.
Starting January 1, Washington state lifts a 40-year exemption on a 10.3% tax on precious metals and coins, which could lead to higher prices and drive customers and businesses to neighboring states like Oregon and Idaho, potentially reducing state revenue and impacting local coin dealers.
Delaying charitable donations until 2026 can provide significant tax benefits, allowing single filers to save up to $1,000 and married couples up to $2,000 on their taxes, due to a new provision in the tax law that applies to those who take the standard deduction.
The article discusses President Trump's proposal for a share of Nvidia's profits from China, raising questions about whether it constitutes a tax or a fee, with mixed reactions from lawmakers and experts about its legality and economic implications.