Refund Seizures, Piles of Paper Returns, and Revenue Collections

Refund Seizures, Piles of Paper Returns, and Revenue Collections

Students with past-due loans sue the Treasury and Education departments over seizure of tax refunds. A federal order halted the seizure of these ref

GST collections at Rs 1.05 trn in Feb, up 8% over the same month last year
At Rs 90,917 cr, GST collections fall for third consecutive month in June
June GST collections at Rs 90,917 cr, up from Rs 62,009 cr mopped up in May


Students with past-due loans sue the Treasury and Education departments over seizure of tax refunds. A federal order halted the seizure of these refunds during the pandemic, but a class-action lawsuit claims that Treasury and the Education Department withheld nearly $19 million from 11,049 borrowers since April. The lawsuit accuses the departments of ignoring the Trump administration’s 60-day moratorium on tax offsets. The Coronavirus Aid, Relief, and Economic Security (CARES) Act codified that moratorium and extended it until September 30.

IRS and Treasury issue carbon capture tax credit guidance. The rules apply to equipment placed in service on or after Feb. 9, 2018. Separately, the IRS issued guidance for renewable energy tax credits for energy sources such as wind, biomass, and solar panels.

Millions of paper tax returns have piled up at the IRS. Since the IRS closed its offices due to the coronavirus pandemic, an estimated 5 million unopened paper tax returns have piled up in storage. Thousands of IRS workers return to work today, facing a backlog of 10 million pieces of mail to open and process.

Florida may start collecting online sales tax. The state has held off on requiring residents to pay sales tax on their online purchases. That may change now that state tax revenues have fallen drastically due the coronavirus pandemic.  March sales tax collections fell by almost…



Click here for the full story.

COMMENTS

WORDPRESS: 0
DISQUS: