income

Many GOP billionaires balked at Jan. 6. They’re coming back to Trump.

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Many GOP billionaires balked at Jan. 6. They’re coming back to Trump.

Nelson Peltz expressed remorse for voting for Donald Trump after the Capitol insurrection on Jan. 6, 2021, but later had breakfast with Trump and other billionaires at his mansion in Palm Beach, Florida. Peltz has stated that he would “probably” vote for the GOP front-runner in 2024. Elite donors who were once critical of Trump are now rediscovering their affinity for him due to fears of President Biden’s tax agenda. Some billionaires are considering supporting Trump financially, including Larry Ellison and Richard Uihlein, while others like Ken Griffin and Peter Thiel remain resistant. Some tech investors and leaders in Silicon Valley who were alienated by Trump’s election-fraud crusade are now coming around to support him. Gary Cohn, who was once critical of Trump, has recently spoken positively about the former president. Robert Bigelow, who criticized Trump after the Capitol riot, has pledged million to a pro-Trump campaign group. Trump is facing financial challenges and is seeking support from wealthy donors to fund his campaign.

How to file tax return extensions

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How to file tax return extensions

– Due dates for filing tax extensions for Forms 1040 and 1120 are April 15th.
– An extension of time to file a return does not grant an extension of time to pay owed taxes.
– Automatic extensions are granted in certain situations, such as natural disasters or for U.S. citizens living outside of the country.
– Clients can request up to an additional six months to file their U.S. individual income tax return.
– Preparers must use Form 7004 to request a six-month extension of time to file certain business income tax returns, including Form 1120 clients.
– There are specific periods for correcting and resubmitting rejected tax returns or extensions.

More for Them, Less for Us

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More for Them, Less for Us

Fact: Many major U.S. companies are paying their top executives more than they’re paying in federal income taxes.

EPIC Tax Proposal being discussed in North Platte

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EPIC Tax Proposal being discussed in North Platte

The EPIC Tax proposal aims to eliminate property, income, inheritance, and corporate taxes and replace them with a 7.5% consumption tax rate. Without this program, farmers in rural Nebraska may face a 1% increase in property taxes, leading to higher costs for consumers at the grocery store. The proposal is aimed at keeping essential services funded and preventing frustrations with landowners and consumers. The program is still in the signature gathering stage before potentially being considered by the Nebraska State Legislature for a vote.

Missouri House again votes to cut corporate income taxes. Democrats call it a giveaway

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Missouri House again votes to cut corporate income taxes. Democrats call it a giveaway

The Missouri House passed a bill repealing the corporate income tax, reducing the tax rate from 4% to 3% on Jan. 1 and eliminating it by 2028. The bill would reduce state revenues by at least 4 million when fully implemented.

Felony Tax Evasion Charges Lodged Against Rochester Area Couple

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Felony Tax Evasion Charges Lodged Against Rochester Area Couple

A couple from Chatfield, Jeffrey Paul O’Connor and Trista Jean O’Connor, are facing felony tax evasion charges for failing to file individual and corporate income tax returns, totaling more than 0,000 in unpaid taxes, penalties, and interest.

State Rundown 3/28: Tax Cut Madness, But Our Brackets Bet on Tax Fairness

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State Rundown 3/28: Tax Cut Madness, But Our Brackets Bet on Tax Fairness

– Several high-profile, regressive tax cuts are making their way through state legislatures in Kansas, Missouri, Nebraska, and Vermont.
– In Kansas, the House passed cuts to income, sales, and property taxes, with more than half of the benefits flowing to the state’s top 20 percent of earners.
– Missouri’s House passed a bill to fully eliminate the state’s corporate income tax by 2028, despite its 0 million annual revenue loss.
– Nebraska lawmakers are considering raising the state’s sales tax to fund property tax cuts.
– Vermont’s House Ways and Means Committee approved bills to generate 0 million by taxing wealthy households and corporations.

Balancing Uncle Sam’s Checkbook: Biden’s Tax Proposals | JD Supra

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Balancing Uncle Sam’s Checkbook: Biden’s Tax Proposals | JD Supra

Fact: President Biden’s Fiscal Year 2025 Budget Proposals include new tax proposals such as increasing the corporate alternative minimum tax, increasing the excise tax rate on corporate stock repurchases, limiting corporate tax deductions for certain salaries, increasing the tax cost of private jet usage, limiting benefits for private placement life insurance, expanding the 10% shareholder exclusion from the portfolio interest exemption, and requiring controlled foreign corporations’ taxable year to match the year of its majority U.S. shareholder.

Viewpoint: Taxes, taxes, taxes

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Viewpoint: Taxes, taxes, taxes

Fact: Due to the 2017 Trump/GOP tax legislation, 35 large, wealthy corporations paid less in taxes than they paid to their top 5 executives while receiving federal tax refunds of nearly billion.

Missouri House again votes to cut corporate income taxes

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Missouri House again votes to cut corporate income taxes

The Missouri House passed a bill to repeal the corporate income tax, gradually reducing the rate from 4% to 0% by 2028. The bill is estimated to reduce state revenues by at least 4 million when fully implemented. Democrats opposed the bill, arguing that corporations should contribute to government operations. The state has a surplus of .4 billion, but revenues are lagging. The bill also restricts corporations from claiming tax credits against corporate tax liability once the rate is cut to zero.