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WASHINGTON (AP) — When IRS Commissioner Danny Werfel met privately with senators recently, the chairman of the Senate Finance Committee asked for his assessment of a startling report: A whistleblower estimated that 95% of claims now being made by businesses for a COVID-era tax break were fraudulent.
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WASHINGTON (AP) — Embargoed until Thursday at 1:35 pm EST
WASHINGTON — A $78 billion tax package with major benefits for companies took a significant step towards becoming law on Friday, when a key House panel overwhelmingly approved the bill by a vote of 40-3. The strong bipartisan showing in the House Ways and Means Committee adds more momentum to the proposed changes, which include allowing the immediate expensing of research and development costs, allowing machines, equipment, and vehicles to be fully and immediately expensed and increased flexibility for businesses through interest deductions. The package also includes tax credits to incentivize the building of affordable rental units, disaster relief for
WASHINGTON — The House Ways and Means Committee voted 40-3 on Friday to approve a bipartisan tax package that includes an expansion of the child tax credit and a series of breaks for businesses, sending it to the full chamber with momentum.
The Biden administration on Friday issued guidance that makes much of the country eligible for tax credits intended to offset the cost of installing electric vehicle chargers.
Lawmakers on the House Ways and Means Committee will attempt a rare feat on Friday when they begin debate on something that rarely comes together in an election year: bipartisan tax legislation.
As Toronto continues to gaze inward at its own tax proposals, a local Liberal MP has shared their outrage at the city’s decision to separate a portion of its proposed tax increase to blame the federal government for.