Direct File, Crypto Power, And Conversions
IRS Direct File is now fully available in 12 states. Testing is complete and Direct File, the IRS’ free online tool for filing federal income taxes, is now available to taxpayers in Arizona, California, Florida, Massachusetts, New York, New Hampshire, Nevada, South Dakota, Tennessee, Texas, Washington, and Wyoming. That means, according to Treasury estimates, that one-third of all federal income tax returns filed could be prepared using Direct File and 19 million taxpayers may be eligible to use the tool this tax season.
Would a tax on cryptocurrency impact the environment? President Biden’s proposed budget for the coming year includes a tax on cryptocurrency miners in an effort to reduce the industry’s environmental impact. The industry accounts for an estimated 0.69 percent of electricity globally, and 2.3 percent of US electricity in 2023 is attributed to 137 crypto mining operations. President Biden proposes a 30 percent tax on miners’ total energy costs, both power from the grid and any electricity generated by the miners.
Pittsburgh councilman proposes plan for tax relief for building conversions. Pittsburgh Councilman Bobby Wilson announced a plan to give building owners and developers tax abatements in exchange for projects that create at least 50 full time jobs or offer housing. The plan aims to increase building conversions in the city, which is marked by increasing office vacancies and decreasing assessment values.
Idaho lawmakers put a tax credit for private schools on ice. After over an hour of testimony, Idaho House lawmakers voted to hold in committee a bill that would have provided $50 million in refundable tax credits of up to $5,000 to families whose children attend private K-12 schools or other non-public options. Those opposing the bill were concerned about the lack of transparency and accountability and noted that the credits would likely go to families who already pay private school tuition.
US DOJ arrests Florida man for hiding $20 million in assets for over 35 years. A Florida resident and businessman has been charged with using Credit Suisse Group AG, UBS Group AG and other Swiss banks to hide over $20 million in assets from the IRS between 1985 and 2020. The US Department of Justice (DOJ) is also trying to determine whether Credit Suisse broke its 2014 plea agreement, for which it paid $2.6 billion and admitted to helping thousands of Americans evade taxes.
For the latest tax news, subscribe to the Tax Policy Center’s Daily Deduction. Sign up here to have it delivered to your inbox weekdays at 8:00 am (Mondays only when Congress is in recess). We welcome tips on new research or other news. Email Renu Zaretsky at [email protected].
