Today, the House Ways & Means Committee is gearing up to mark up five tax-related bills that could potentially have a significant impact on various aspects of the tax system. Let’s delve into some of the key legislative items that are up for consideration:
- Repeal of the $600 Form 1099-K reporting requirement, returning the threshold to $20,000
- Exemption of certain devices from firearms and ammunition taxes
- Provision of a tax credit for donations to nonprofits offering workforce training programs
- Introduction of Republican-led tax bills related to gig economy employees, tax-exempt organizations associated with terrorism, and scholarships donations
Meanwhile, property owners in Houston are bracing for a possible increase in property taxes. After years of declining tax rates, city officials are contemplating a hike to cover the costs incurred by recent natural disasters. The proposed increase would see tax rates rising from around 52 cents per $100 valuation to approximately 55 cents.
On a different front, the Government Accountability Office (GAO) recently released a report shedding light on the IRS workforce diversity. The report highlighted persistent disparities in the representation of women, employees from historically disadvantaged racial or ethnic groups, and persons with disabilities within the IRS ranks, occupations, and divisions. In response, the GAO has recommended that the IRS intensify efforts to diversify its workforce and establish a comprehensive strategic plan to enhance diversity, equity, inclusion, and accessibility, with corresponding performance measures. The IRS has agreed to implement these recommendations.
In a significant legal development, the European Court of Justice has dealt blows to tech giants Apple and Google. The court upheld a 2016 European Commission ruling that required Ireland to recover $14.4 billion in back taxes from Apple for allegedly receiving illegal tax benefits. Additionally, Google lost a final legal challenge against a $2.7 billion EU fine for favoring its shopping recommendations over rivals in search results.
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