Author: News Desk

As tax season approaches, scammers ramp up their efforts to steal personal and financial information. Fraudsters use deceptive tactics such as impersonating IRS agents, sending phishing emails, and promoting fake tax credits to trick taxpayers into handing over sensitive details. To help individuals stay vigilant, Taylor Fisher, a postdoctoral research associate at Michigan State University’s School of Criminal Justice, shares insights into the most common tax scams and how to avoid them. How Do Tax Return Scams Work? Scammers often promise inflated refunds by encouraging false claims or impersonating legitimate tax preparers. Some pose as IRS officials, demanding immediate payments…

Proposed Tax Overhaul Targets Wealthy, Businesses, and Property Owners While Cutting Sales Tax Senate Democrats in Washington unveiled a sweeping tax package Thursday, aiming to generate billions in new revenue through higher property taxes, a new wealth tax, and a payroll tax on large businesses, while offering relief to consumers with a sales tax reduction. If enacted, the plan could cover nearly half of the state’s projected $12 billion to $16 billion budget shortfall over the next four-and-a-half fiscal years. However, the proposal sets up a potential clash with Gov. Bob Ferguson, who has expressed skepticism about certain elements, particularly…

Government and EU Officials Outline Key VAT and Excise Duty Updates In a continued effort to increase awareness of Moldova’s newly approved tax and customs policy measures for 2025, the Ministry of Finance, in collaboration with the European Union High-Level Advisers’ Mission, the State Tax Service, and Monitorul Fiscal FISC.md, hosted an open session on the latest fiscal changes. The event, held in a hybrid format, gathered over 400 participants, reflecting strong interest from businesses and taxpayers. Engaging Key Stakeholders in Tax Policy Development The session was opened by Minister of Finance Victoria Belous, EU High-Level Adviser on Customs and…

A Radical Proposal That Could Reshape Homeownership in the Sunshine State Florida lawmakers are exploring a groundbreaking proposal to eliminate property taxes, a move championed by Republican Gov. Ron DeSantis as home values and insurance costs continue to skyrocket across the state. While the idea is gaining traction, it faces significant hurdles, as property taxes serve as a crucial revenue source for local governments. Eliminating them could necessitate a sharp increase in sales taxes, with some estimates suggesting rates would need to jump to at least 12% to compensate for lost funds. What’s Driving the Proposal? Florida’s real estate market…

As 2025 approaches, individuals and businesses must prepare for significant updates in income tax notices driven by secondary legislation. These regulatory changes aim to streamline tax administration, clarify deductions, and enhance compliance measures. Understanding Secondary Legislation Secondary legislation allows tax regulations to be updated without passing new laws, enabling a flexible response to economic and policy shifts. These changes can affect filing deadlines, penalties, and tax deductions, making it crucial for taxpayers to stay informed. Key Tax Updates for 2025 Why These Changes Matter Staying updated on tax regulation changes is essential to ensure compliance, avoid penalties, and maximize potential…

Entergy New Orleans is hosting its final Super Tax Day event on Saturday, March 22, 2025, providing free tax preparation services for eligible customers. IRS-certified volunteers will be available to assist with income tax filings, ensuring a smooth and stress-free process. Maximizing Tax Benefits for Customers During the event, attendees will receive guidance on tax credits and deductions, including the Earned Income Tax Credit (EITC)—one of the most effective programs for lifting Americans out of poverty. Volunteers will help determine eligibility for tax credits, ensuring customers receive the maximum refund possible. Super Tax Day Event Details Additional Free Tax Assistance…

Ethiopia’s parliament has introduced a new national tax on workers and businesses to compensate for the financial shortfall caused by the suspension of USAID funding. The measure aims to sustain critical development and humanitarian programs previously supported by U.S. aid. Bridging the Funding Gap The revenue from this tax will be directed to the newly established Ethiopian Disaster Risk Response Fund, which will finance essential projects that have been disrupted due to the loss of USAID support. Ethiopia, home to over 125 million people, was the largest recipient of U.S. aid in sub-Saharan Africa, receiving $1.8 billion in 2023. These…

The Mississippi House and Senate have passed separate tax plans aimed at eliminating the state income tax and raising gasoline taxes, setting the stage for negotiations over a final agreement. While both chambers support cutting income taxes, they differ on how to offset revenue losses and fund critical state services. Senate Narrowly Passes Its Plan with Democratic Support The Republican-led Senate barely secured enough votes to pass its proposal, relying on the support of four Democratic senators: Sarita Simmons, Juan Barnett, Gary Brumfield, and Angela Turner Ford. Their votes ensured the bill’s passage despite four Republican senators voting against it…

A Tariff That Changed the Auto Industry For over 60 years, a 25% tariff on imported light trucks, known as the Chicken Tax, has shaped the U.S. automotive landscape. Initially a retaliatory measure in a trade war over poultry, this policy has protected domestic automakers, driven up truck prices, and blocked foreign competition. The Unexpected Origins of the Chicken Tax In the early 1960s, the European Economic Community (EEC) imposed tariffs on American poultry exports, triggering a trade dispute with the U.S. Seeking retaliation, President Lyndon B. Johnson implemented tariffs on four products, including a 25% levy on imported trucks—a…

Trade Body Recommends Tariff to Protect Domestic Industry Amid Rising Imports Shares of Indian steel companies surged on Wednesday following a government recommendation to impose a 12% temporary tax on certain steel imports. The proposed measure, aimed at curbing a surge in cheap foreign steel, has fueled optimism about higher earnings and price hikes for domestic producers. Steel Stocks Rally on Import Tax Proposal The Nifty Metal Index jumped 1.6% in early trading, with leading steelmakers JSW Steel and Tata Steel gaining 3%, ranking among the top ten gainers on the Nifty 50 Index. State-run SAIL saw an even stronger…