#federal revenue

[allthebrazilianpolitics]

Erstwhile Bolsonaro allies had their tax records scrutinized, says report

A former head of intelligence at Brazil’s federal tax authority used his position to illegally access confidential information about ex-allies of former President Jair Bolsonaro, newspaper Folha de S.Paulo has reported.

Ricardo Pereira Feitosa, who served as coordinator-general of research and investigation at the Receita Federal tax authority between May and September 2019, reportedly pulled up income tax records on businessman Paulo Marinho, Gustavo Bebianno (a member of Mr. Bolsonaro’s original cabinet), and former prosecutor Eduardo Gussem on three dates in July 2019, during the first year of the Bolsonaro government.

Mssrs. Marinho and Bebianno had supported Mr. Bolsonaro’s election bid in 2018 but broke with the former president early into his term. Mr. Bebianno briefly served as Mr. Bolsonaro’s secretary-general to the presidency, before being the first cabinet member to be axed in February 2019. He died of a heart attack aged 56 in March 2020.

Mr. Gussem, meanwhile, served as lead prosecutor for the state of Rio de Janeiro between 2017 and 2021, when the state prosecution service began investigating suspicious transactions in the accounts of Senator Flávio Bolsonaro, the former president’s eldest son, leading to an investigation into an illegal kickback scheme allegedly carried out when Flávio was a Rio state lawmaker.

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[thepioden]

It's not even third-party lenders and servicers. The federal government IS the lender. They contract to the servicers for customer service and data management, but the Department of Ed owns these loans. PSLF is a program for federal loans. It's not like Biden drained the coffers to pay off banks to forgive these loans, his admin just told the government to stop collecting, per the terms they had offered to the borrower.

Remember: Biden is forgiving federal loans. Every time you hear about Biden's loan forgiveness, there is zero extra money paid out. It is potential loss of revenue only - the same as the tax cuts republicans are so goddamn horny for.

[productiveandfree]

Different Types Of U.S. Federal Tax Forms

You're not alone if you're confused about what a W-2, W-4, or 1040 is and isn't. Everybody must know the purposes and usage guidelines for each IRS tax form. When filing your taxes, there are numerous forms available. Choosing the correct one the first time is important to avoid an expensive error. (There are, however, some situations when you can make changes to a previous tax return to fix specific mistakes.) 

Some of the more complicated tax forms are ones you might never need, but there are others you'll probably encounter annually.

1. U.S. Individual Tax Return Form 1040

 The most often used IRS tax form for annual tax returns in the United States is Form 1040. Depending on your age, filing status, and gross income, you may need to use this form. This form may be appropriate for you even if you have no taxable income but are qualified for a tax credit or refund. You can also claim several tax credits and costs and itemize deductions.

 A shorter version of this form, Form 1040-EZ, Income Tax Return for Single and Joint Filers Without Dependents, was formerly accessible. However, the IRS no longer utilizes this form, which was eliminated in the 2018 tax year.

2. Wage and Tax Statement, Form W-2

Form W-2 and Form W-4 are sometimes confused. At the end of the year, your employer provides you with Form W-2, which details the total amount of taxes deducted from your paychecks.

Your employer also sends a copy of the Form W-2 to the Social Security Administration, the Internal Revenue Service, and some state taxing agencies. The amounts you report as income and the amounts your employer says they paid you are matched by these taxing authorities. You do not need to file this form with your tax return because your employer delivers it to the IRS, but doing so will help you report your taxable income accurately. 

However, if need be, you may get preprinted Federal tax forms with their respective envelopes from a reputed facility and file them yourself.

3. Employee's Withholding Allowance Certificate, Form W-4  

Form W-4 is not sent to the IRS or filed with your yearly tax return. Instead, you give it to your employer so they can decide how much tax to deduct from your gross salary and send it to the appropriate tax authorities. A worksheet is included with Form W-4 to assist you in calculating the amount. Try the W-4 calculator if you need help figuring out how much tax to deduct from your paycheck based on your objectives.  

If your employment changes, you have to file a new W-4. In the event that your circumstances change—for instance, if you get married or have a child and wish to claim an additional dependent—you can also file a new Form W-4 with your current employer.

4. Form 1040, Schedule A: Itemized Deductions

It's possible that you've heard that you can "deduct" some personal expenses from your gross income to potentially pay less in taxes.   

That is accurate.  

You can itemize your deductions using Schedule A if the total amount of your deductible personal expenses is greater than the IRS standard deduction. 

The seven spending categories on Schedule A include mortgage payments, medical costs, and charity contributions. However, there are strict guidelines for figuring out and claiming these deductions. You may not always be able to deduct the entire amount. 

Additionally, you are not required to finish every line on the program. Just go on to the next category if you don't have any expenses in that one. Complete Form 1040 by adding your entire deduction amount when you're done.

5. Form 1099-INT: Income from Interest 

If banks or other financial organizations pay you a specified amount of interest on your deposits, you might receive a Form 1099-INT from them. You'll often need to file an income tax return and pay tax on the interest. 

You must include all the amounts shown on the form in your return. If the total taxable interest exceeds the $1,500 threshold, Schedule B is usually used to detail the players' names and the interest amount received.

6. Profit or Loss From Business (Sole Proprietorship) Schedule C to Form 1040 

If you work for yourself, you might have to file Schedule C to disclose your company's gross profit or loss. Insurance, travel, business lunches, taxes, office supplies, pay, and other expenditures related to the business are all considered expenses.

7. Non-Employee Compensation Form 1099-NEC

 Typically, Form 1099-NEC is sent to self-employed individuals by every customer who pays them annually. It details the total amount of money received, which you must include on your tax return. This form substitutes the Form W-2 you would receive as an independent contractor or freelancer when employed by a regular employer.  

Self-employed taxpayers used Form 1099-MISC to report non-employee compensation prior to 2020. While it still exists, this form is no longer used to report compensation to non-employees. Instead, other forms of sporadic income like rent, prizes, awards, health and medical payments, and fishing boat revenues are all lumped together under Form 1099-MISC.

In the end!

The IRS may update forms annually, so be sure to utilize the appropriate tax year versions of any forms you must complete. Additionally, keep in mind that your circumstances may vary and that you may need to file more or fewer forms annually, depending on your circumstances.

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[nationallawreview]

Disregarded Entity Eligibility for the CTA Large Operating Company Exemption

Summary: As discussed in detail below, the Corporate Transparency Act (CTA) provides an exemption to its reporting requirements for certain large operating companies (the Large Operating Company Exemption or “LOC Exemption”). In order to qualify for the LOC Exemption, a reporting company must, among other requirements, “have filed a Federal income tax or information return in the United States in…

[emergingpakistan]

اہم ٹیکس اصلاحات

فیڈرل بورڈ آف ریونیو (ایف بی آر) نے ٹیکس قوانین سے نان فائلرز کی کیٹگری ختم کرنے اور ٹیکس نہ دینے والوں پر 15 پابندیاں لگانے کا جو فیصلہ کیا وہ معاشی چیلنجوں کا سامنا کرنے والے وطن عزیز کیلئے نہ صرف وق�� کی ضرورت ہیں بلکہ امور مملکت چلانے کے تقاضوں کا لازمی جزو بھی۔ ریاست ایک ماں کی طرح اپنے بچوں کیلئے اپنے وسائل وقف کرتی اور بنیادی حقوق اور سلامتی سمیت تمام امور کی نگہبانی کرتی ہے تو ان سے ان کی آمدنی اور حیثیت کے مطابق ملکی معاملات چلانے کے لئے ٹیکس کی طلب گار بھی ہوتی ہے جس سے انکار یا ہیر پھیر کا طرز عمل دنیا کے کسی ملک میں برداشت نہیں کیا جاتا۔ کئی ممالک میں تو ٹیکس گریزی یا آمدنی و وسائل کے بارے میں غلط معلومات فراہم کرنے والوں کو سنگین جرم کا مرتکب قرار دیا جاتا ہے۔ جو ممالک آج ترقی یافتہ کہلاتے ہیں، ان کی ترقی و خوشحالی کا ایک اہم عنصر وہاں ٹیکس کی ادائیگی کا کلچر ہے۔ وطن عزیز میں محصولات میں اضافے کی راہ میں حائل رکاوٹوں کے حوالے سے اشرافیہ کے طرز عمل، سرکاری اداروں میں رشوت ستانی، مختلف النوع ٹیکس استثنا اور ایسے عوامل شامل ہیں جن کی آڑ میں ٹیکس گریزی کے عادی عناصر پناہ لیتے رہے ہیں۔

 پچھلے برسوں کے دوران معیشت کو دستاویزی بنانے کے لئے جو ترغیبات دی گئیں ان میں فائلرز کے لئے بعض رعایتیں اور نان فائلرز کے لئے کچھ رکاوٹیں شامل تھیں جن کے نتائج توقعات کے مطابق نہیں رہے۔ اب حکومت نے ٹیکس قوانین میں نئی اصلاحات کا فیصلہ کیا ہے تو کہا جاتا ہے کہ موجودہ فائلرز اور نان کمپلائنٹ شہریوں سے مزید ریونیو حاصل کرنے کے لئے بڑے صنعت کاروں کی حمایت حاصل کر لی گئی ہے۔ تاہم صنعت کاروں کا موقف ہے کہ زراعت پر ٹیکس نہ لگا تو ٹیکس ٹو جی ڈی پی تناسب جمود کا شکار رہے گا۔ اسلام آباد میں صنعت کاروں اور تاجروں سے ملاقات میں چیئرمین ایف بی آر وزیر مملکت برائے خزانہ  نے جو باتیں بتائیں ان سے ظاہر ہوتا ہے کہ پچھلے برس نان فائلرز سے صرف 25 ارب روپے فیس کی مد میں جمع ہوئے۔ اب نان فائلر کیٹگری ختم ہونے کی صورت میں لین دین پر ٹیکس ادا کرنے سے بچنے کے لئے معمولی فیس ادا کرنے کا راستہ بند ہو گیا ہے۔ نان فائلرز کی کیٹگری ختم کرکے ٹیکس نہ دینے والوں پر جو 15 پابندیاں عائد کی جانی ہیں ان میں سے پانچ ابتدائی طور پر لگائی جائیں گی جن میں جائداد ،گاڑیوں، بین الاقوامی سفر، کرنٹ اکائونٹ کھولنے اور میوچل فنڈز میں سرمایہ کاری پر پابندیاں شامل ہیں۔

حکومت نے جدید مشین لرننگ اور الگور تھمز کے ذریعے نان فائلرز کی شناخت کا فیصلہ کیا ہے۔ اسٹیٹ بینک کے ساتھ مل کر ایسے افراد کی نگرانی کی جائے گی جن کی آمدن کی سطح ان کے لین دین سے مطابقت نہیں رکھتی۔ چیئرمین ایف بی آر کے مطابق یہ اقدامات ایف بی آر کے تبدیلی کے منصوبے کا حصہ ہیں۔ جسے وزیراعظم کی منظوری مل چکی ہے اور بتدریج نان فائلرز کی 15 اقسام کے ٹرانزیکشنز پابندیوں کی زد میں آجائیں گے۔ جہاں تک مبصرین کا تعلق ہے، ان کا موقف پہلے بھی یہ رہا ہے اور آج بھی ہے کہ مخصوص آمدن سے زائد انکم اور وسائل کے حامل تمام لوگوں کو دیانتداری سے ٹیکس ادا کرنا چاہئے۔ بااثر افراد کے لئے چھوٹ کی گنجائشیں نکالنے سے گریز کیا جانا چاہئے کیونکہ ٹیکس ادا نہ کرنے والوں کا بوجھ ان لوگوں پر پڑتا ہے جو ایمانداری سے ٹیکس ادا کرتے ہیں جبکہ ٹیکس گریزی کےاثرات فلاحی اقدامات کی کٹوتی، غربت میں اضافے اور قرض خواہی کی صورت میں ظاہر ہوتے ہیں۔ توقع کی جانی چاہئے کہ نئی ٹیکس اصلاحات کے نتیجے میں ملکی معیشت استحکام کی راہ پر تیزی سے آگے بڑھے گی اور قرضوں کے بھاری بوجھ سے نجات میں مدد ملے گی۔

بشکریہ روزنامہ جنگ

[artisticdivasworld]

Truck Parking Revisited

Every day all over the country, drivers are using their last hour of driving time to try to find a safe place to park their rig.. It’s no secret that the lack of truck parking out there is getting ridiculous. Every day, drivers have to resort to parking in an unsafe place or risk going over their allotted HOS—it’s dangerous for you, your cargo, and other drivers on the road. Some have to park on…

[sarhadkasakshi]

No extension in tax return submission deadline: FBR - SUCH TV

Putting rumours to the rest, the Federal Bureau of Revenue (FBR) on Monday said that the September 30 deadline for the submission of tax returns was not being extended. In a statement issued today, the tax regulatory authority clarified that media reports about extension of income tax returns filing date “are untrue”. “All taxpayers are urged to file their income tax returns immediately to avoid…

[indianahal]

The US. government has placed new generations of Americans in financial peril because of their out-of-control spending.  The congress has crossed over the $33 trillion threshold of debt.  In recent months the debt is accelerating with over $1 trillion added almost every three months.  Spending is out running revenues by such a huge margin that the ratio of public debt to GDP cannot be maintained.  My new video looks at this, and also how the non-stop printing of money is weakening the value of the dollar worldwide.

[townpostin]

Supreme Court Empowers Jharkhand to Tax Minerals, Boosting State Revenue

Landmark Ruling Overturns 35-Year Precedent, Granting States Authority Over Mineral Taxation The Supreme Court’s recent decision on mineral taxation has been hailed as a game-changer for Jharkhand’s economic autonomy and development prospects. RANCHI – The financial landscape of Jharkhand and other states has the potential to be transformed by an innovative legal verdict that has granted them the…

[legalattorneyblog]

Nigerian Federal Government Drops Tax Evasion Charges Against Binance Executives

The Federal Government of Nigeria has officially dropped tax evasion charges against two high-ranking executives of Binance, the world’s largest cryptocurrency exchange. Tigran Gambaryan, a US citizen and head of financial crimes compliance at Binance, and Nadeem Anjarwalla, a British-Kenyan national and regional manager for Africa, were released from these charges after Binance appointed a…

[thetaxplanett]

Discover The Tax Planet, the ultimate resource for federal income tax in the USA and the key to hassle-free filing and financial success! Our skilled staff guarantees a stress-free tax season by providing exceptional insights and assistance for maximum financial success. We ensure a seamless filing process catered to your specific requirements, making it easier than ever to navigate the complexity of federal taxation. The Tax Planet can simplify the complex world of income tax by providing thorough information and committed help. Join us on the path to financial well-being, where convenience and competence come together for a profitable future.

[reasonsforhope]

"The Biden administration on Thursday [August 15, 2024] released prices for the first 10 prescription drugs that were subject to landmark negotiations between drugmakers and Medicare, a milestone in a controversial process that aims to make costly medications more affordable for older Americans. 

The government estimates that the new negotiated prices for the medications will lead to around $6 billion in net savings for the Medicare program in 2026 alone when they officially go into effect, or 22% net savings overall. That is based on the estimated savings the prices would have produced if they were in effect in 2023, senior administration officials told reporters Wednesday.

The Biden administration also expects the new prices to save Medicare enrollees $1.5 billion in out-of-pocket costs in 2026 alone.

“For so many people, being able to afford these drugs will mean the difference between debilitating illness and living full lives,” Chiquita Brooks-LaSure, administrator for the Centers for Medicare & Medicaid Services, told reporters. “These negotiated prices. They’re not just about costs. They are about helping to make sure that your father, your grandfather or you can live longer, healthier.”

It comes one day before the second anniversary of President Joe Biden’s signature Inflation Reduction Act, which gave Medicare the power to directly hash out drug prices with manufacturers for the first time in the federal program’s nearly 60-year history.

Here are the negotiated prices for a 30-day supply of the 10 drugs, along with their list prices based on 2023 prescription fills, according to a Biden administration fact sheet Thursday.

What Medicare and beneficiaries pay for a drug is often much less than the list price, which is what a wholesaler, distributor or other direct purchaser paid a manufacturer for a medication before any discounts...

The administration unveiled the first set of medications selected for the price talks in August 2023, kicking off a nearly yearlong negotiation period that ended at the beginning of the month.

The final prices give drugmakers, which fiercely oppose the policy, a glimpse of how much revenue they could expect to lose over the next few years. It also sets a precedent for the additional rounds of Medicare drug price negotiations, which will kick off in 2025 and beyond. 

First 10 drugs subject to Medicare price negotiations

Eliquis, made by Bristol Myers Squibb, is used to prevent blood clotting to reduce the risk of stroke. 

Jardiance, made by Boehringer Ingelheim and Eli Lilly, is used to lower blood sugar for people with Type 2 diabetes. 

Xarelto, made by Johnson & Johnson, is used to prevent blood clotting, to reduce the risk of stroke.

Januvia, made by Merck, is used to lower blood sugar for people with Type 2 diabetes.

Farxiga, made by AstraZeneca, is used to treat Type 2 diabetes, heart failure and chronic kidney disease. 

Entresto, made by Novartis, is used to treat certain types of heart failure.

Enbrel, made by Amgen, is used to treat autoimmune diseases such as rheumatoid arthritis. 

Imbruvica, made by AbbVie and J&J, is used to treat different types of blood cancers. 

Stelara, made by Janssen, is used to treat autoimmune diseases such as Crohn’s disease.

Fiasp and NovoLog, insulins made by Novo Nordisk.

In a statement Thursday, Biden called the new negotiated prices a “historic milestone” made possible because of the Inflation Reduction Act. He specifically touted Vice President Kamala Harris’ tiebreaking vote for the law in the Senate in 2022.

Harris, the Democratic presidential nominee, said in a statement that she was proud to cast that deciding vote, adding there is more work to be done to lower health-care costs for Americans.

“Today’s announcement will be lifechanging for so many of our loved ones across the nation, and we are not stopping here,” Harris said in a statement Thursday, noting that additional prescription drugs will be selected for future rounds of negotiations."

-via CNBC, August 15, 2024

[nerdwelt]

LOLEK-Administrator verhaftet - Unterstützung der Netwalker-Ransomware-Bande Verbesserte Schlagzeile: LOLEK-Administrator verhaftet für Netzwalker-Ransomware-Unterstützung

Verbesserter Titel: LOLEKHosted-Administrator verhaftet wegen Unterstützung der Netwalker-Ransomware-Bande Verbesserte deutsche Schlagzeile: LOLEKHosted-Administrator aufgrund von Unterstützung der Netwalker-Ransomware-Bande festgenommen Update 11.08.23: Aktualisiert mit Informationen des DOJ über eine mutmaßliche Beteiligung an Netwalker Ransomware. Die Polizei hat den…

[nationallawreview]

USCIS Improvements Cut Naturalization Processing Time

USCIS is processing naturalization cases faster than they have in years, and the agency is managing to cut down on its naturalization backlog. Given the current average timing, eligible green card holders who applied early in the summer 2024 might be sworn in in time to vote in the upcoming November elections. Of course, field offices vary in processing times, but USCIS stated it was effectively…

[creepyscritches]

I read your post about open enrollment for the ACA and was hoping you might expand on why you believe it would take years to dismantle. I've been terrified that with a Republican house/senate, Trump could just snap his fingers and make it go away within months of taking office. I'd love some reassurance that that's not possible.

Hiya, sure I can share some thoughts on the matter! First, it's very important to understand the ACA is a huuuuuuuuuuuuge system with subject matter experts in dozens of places throughout the process. I'm one of those SMEs, but I am at the end of the process where the revenue is generated, so my insight is limited on the public facing pieces.

What this means is that I am professionally embedded in the ACA in a position that exists purely to show what conditions people are treated for and then generate that data into what's called a "risk score". There's about 6 pages I could write on it, but the takeaway is that the ACA is

1) intricately interwoven with the federal government

2) increasingly profitable, sustainable, and growing (it is STILL a for-profit system if you can believe it)

3) wholeheartedly invested in by the largest insurance companies in the country LARGELY due to the fact that they finally learned the rules of how to make the ACA a thriving center of business

4) since the big issuers are arm+leg invested in the ACA, there is a lot of resistance politically and on an industry level to leave it behind (think of the lobbyists, politicians, corporations that will fight tooth and nail to protect their profit + investment)

The process to calculate a risk score takes roughly 2 years. There is an audit for the concurrent year and then a vigorous retro audit for the prev year - - this is a rolling cycle every year. Medicare has a similar process. These are RVP + RADV audits if you would like the jargon.

Eliminating the ACA abruptly is as internally laughable as us finishing the RADV audit ahead of schedule. If Trump were to blow the ACA into smithereens on day 1, he would be drowning in issuer complaints and an economic health sector that is essentially bleeding out. You cut off the RVP early? We have half of next RADV stuck in the gears now. You cut off the RADV early? No issuer will get their "risk adjusted" payments for services rendered in the prev benefit year (to an extent, again very complex multi-process system).

The ACA is GREAT for the public and should be defended on that basis alone. However, the inner capitalistic nature of the ACA is a powerful armor that has conservatives + liberals defending it on a basis of capital + market growth. It's not sexy, but it makes too much money consistently for the system to be easily dismantled.

Or at least that's what I can tell you from the money center of the ACA. they don't bring us up in political conversation because we are confusing to seasoned professionals, boring to industry outsiders, and consistently we are anathema to the anti-ACA talking points.

I am already preparing for next year's RVP for this window of open enrollment. That RVP process will feed into the RADV in 2026. In 2025, we begin the RADV for 2024. If nothing else, the slow fucking gears of CMS will keep the ACA alive until we finish our work at the end of the process. I highly doubt that will be the only reason the ACA is safeguarded, but it is a powerful type of support to pair with people protecting the ACA for other reasons.

I work every day to show, defend, and educate on how many diagnoses are managed thru my company's ACA plans. My specialty is cancer and I see a lot of it. The revenue drive comes from the Medical Loss Ratio (MLR) rule stating only 20% MAX of profit may go to the issuer + the 80% at a minimum must go back to the customer or be invested in expanding benefits. The more people on the plan using it, the higher that 20% becomes for the issuer and the more impactful that 80% becomes for the next year of benefit growth. It is remarkably profitable once issuers stop seeking out "healthy populations". The ACA is a functional method for issuers to tap into a stable customer base (sick/chronic ill customers) that turns a profit, grows, and builds strong consumer bases in each state.

The industry can never walk away from this overnight - - this is the preferred investment for many big players. Changing the direction of those businesses will be a monumental effort that takes years (at least 2 with the audits). In the meantime, you still have benefits, you still have care, and you still have reason to sign up. Let us deal with the bureaucracy bullshit, go get your care and know you have benefits thru 2025 and we will be working to keep it that way for 2026 and forward. This is a wing of the federal government, it is not a jenga tower like Trump wishes.