Tag: Internal Revenue Service

  • Gates Testifies He Stole From Manafort and Helped Him Break Law

    Paul Manafort’s former right-hand man, Rick Gates, broke his silence Monday and offered dramatic inside testimony about how wealthy Ukrainian businessmen used offshore accounts and shell companies to pay his boss millions of dollars for political consulting work. Gates, 46, appeared at Manafort’s bank and tax-fraud trial, where he told jurors that he worked to […]

  • IRS to Ban Hedge-Fund Tax Dodge on Carried Interest

    Treasury Secretary Steven Mnuchin said the Internal Revenue Service plans on closing a loophole that hedge-fund managers had been trying to exploit to avoid paying higher taxes on carried-interest profits. Mnuchin told the Senate Finance Committee that a Bloomberg News Read more about the new hedge-fund tax dodge The new guidance would effectively kill hedge […]

  • From Tax Refunds to Restrooms, What the Shutdown Has Shut Down

    Visitors to national parks will be prevented from using the full-service restrooms. Tourists won’t be able to get into the National Air and Space Museum after Sunday. The Internal Revenue Service will stop issuing refunds, but it will also stop conducting audits. At first glance, the tangible consequences of the latest government shutdown may seem […]

  • Heres a Juicy Tax Break. Now, How to Keep Everybody From Claiming It?

    House Republicans say they’re determined to simplify the U.S. tax code. A long-awaited provision in the massive tax bill they unveiled Thursday, a special rate for “pass-through” businesses, could do exactly the opposite. “The tax code was already overly complicated, and this is going to make it worse,” said Anjali Jariwala, a CPA and financial planner […]