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The Supreme Court on Thursday upheld a prosecutor’s demand for President Donald Trump’s tax returns as part of a criminal investigation that includes hush-money payments to women who claim they had affairs with Trump. The court ruled 7-2 in a case in which it heard arguments by telephone in May because of the coronavirus pandemic. The records are held by Trump’s longtime accounting firm, Mazars USA, which has said it would comply with a court order. It probably will be at least several weeks before the court issues a formal judgment that would trigger the turnover of the records. The...

Sen. Rand Paul (Ky.) is attributing GOP rival Donald Trump's rise in the polls to a momentary "loss of sanity." "I think this is a temporary sort of loss of sanity, but we're going to come back to our senses and look for someone serious to lead the country at some point," Paul said told CNN anchor Wolf Blitzer on his show, when asked about a new national poll showing Trump still atop the crowded GOP field. Paul pointed to the extensive media coverage of the controversial candidate. "Television works, Wolf," said Paul. "If you would give some other candidates...

Just when it seemed as though America may be turning the corner after months of lockdown… just when it seemed as though we were on a path to reopening and gradually returning to normalcy… just when the prospects of panic-induced social unrest seemed to be behind us… …America’s cities erupted into flames. Antifa and BLM-organized rioting, looting, violence, and mayhem have pushed cities across the country into pandemonium. Even if the insurrections are soon quelled – as President Donald Trump promised to do in a speech in front of the White House on Monday – the consequences won’t soon go...

Pelosi wants to spend $3 trillion. McConnell says no more than $1 trillion. But, of course, both want to expand federal power and bureaucracy to pick the winners and losers while they dole it out. And there's no way they can keep it under $3 trillion, much less $1 trillion. Ok, if it's worth doing it should be big, bold, immediate and without growing the bureaucracy and without allowing government to pick the winners and losers. I've seen suggestions that we should have a payroll tax holiday until the end of the year. That would be a good start and...

They work hard, but they are not rich. He is a local police officer in a suburb of a midwestern city. His annual salary is $67,620 -- exactly the national average for his job, according to the Bureau of Labor Statistics. She is a registered nurse at the local Catholic hospital. Since their youngest joined his siblings in high school last fall, she has resumed working full time. Her annual salary is now $77,460 -- also exactly the national average for her job. Where does their money go? The biggest chunk goes to the government. They pay federal income taxes,...

US Rep. Alexandria Ocasio-Cortez wants to raise taxes on the rich - just not pay her own. The Democratic socialist congresswoman from The Bronx still hasn’t paid a 7-year-old tax bill leftover from a failed business venture. AOC had founded Brook Avenue Press, a publishing house that sought designers, artists and writers from urban areas to help paint The Bronx in a positive way in children’s stories, in 2012. As the Post previously reported, public records show the state dissolved the company in October 2016. The state can make such a move when a business fails to pay corporate taxes...

Rep. Pete King (R-N.Y.) said he plans to buck party lines and vote in favor of the $3 trillion coronavirus relief package proposed by House Democrats and slated to come to the floor on Friday, the New York Times first reported Wednesday. King — who represents one of the hardest-hit districts in the state and is set to retire at the end of this term — said while there are provisions that give him pause, he feels it’s critical that Congress provide funding for state and local governments that have been disproportionately affected by the deadly virus. The New York...

As the U.S. works to recover from the financial fallout of the coronavirus pandemic, President Trump is preparing a “stronger” playbook than his 2017 policy platform to return the U.S. economy to its former strength, he says, which could include a payroll tax cut. During an interview with FOX Business’ Maria Bartiromo on Thursday, Trump said he liked the idea of a payroll tax cut because it provides a benefit to both businesses and workers. “That’s one of the taxes that I want to see cut,” Trump said. “And by the way, we’ve already given – we’ve given the largest...

If, as Rush Limbaugh has opined, there is no way the Democrat Party will hoist Joe Biden over the finish line, then what do the Democrats have up their sleeve to stay in power? After all, "[t]he Democrats have no enthusiasm. There's no fire in their bellies. They're grumbling even as they're defending Biden. ...[T]hey really couldn't give a damn about Joe Biden." Enter Gavin Newsom. The California governor certainly has the credentials. From the beginning of his term, he blatantly ignored constitutional and immigration law. He has proven that he is a radical illegal immigration advocate, thus adhering to...

WASHINGTON – The Eighth Circuit Court of Appeals issued a precedential opinion on Friday, April 24, 2020, affirming a district court decision that a transaction designed to generate massive foreign tax credits (referred to as the STARS tax shelter) lacked economic substance and business purpose and was subject to the accuracy-related penalty for negligence, announced Principal Deputy Assistant Attorney General Richard E. Zuckerman and Deputy Assistant Attorney General Joshua Wu of the Justice Department’s Tax Division.In Wells Fargo v. United States, No. 17-3578, the Eighth Circuit Court of Appeals affirmed the decision of the U.S. District Court for the District of...

Paper Tax Returns: All taxpayers should file electronically through their tax preparer, tax software provider or IRS Free File if possible. The IRS is not currently able to process individual paper tax returns. ...... Practitioner Priority Service (PPS): Due to staff limitations the Practitioner Priority Service line is temporarily closed until further notice. The IRS is unable to process Centralized Authorization File (CAF) requests at this time.

I’ve noticed those that suffer from severe Trump Derangement Syndrome will even shred apart their ideology in order to own President Donald Trump. MSNBC’s Joy Reid is the latest TDS sufferer to do this. She tried so hard to downplay the stimulus checks people will receive but instead admitted taxation is theft.

The IRS said over the weekend it has started sending coronavirus stimulus payment to eligible Americans who have direct deposit. “#IRS deposited the first Economic Impact Payments into taxpayers’ bank accounts today,” the IRS announced in a tweet Saturday. “We know many people are anxious to get their payments; we’ll continue issuing them as fast as we can.” The payments are part of the $2.2 trillion package passed by Congress at the end of March intended to help workers who have been laid off or furloughed and to give businesses a financial boost to offset the dire economic effects caused...

The U.S. federal government is now in the process of sending Economic Impact Payments by direct deposit to millions of Americans. Most who are eligible for payments can expect to have funds direct-deposited into the same bank accounts listed on previous years’ tax filings sometime next week. Today, the Internal Revenue Service (IRS) stood up a site to collect bank account information from the many Americans who don’t usually file a tax return. The question is, will those non-filers have a chance to claim their payments before fraudsters do? . . . . In this case, fraudsters would simply need...

A slate of progressive youth groups have issued a list of demands they want to see presumptive Democratic presidential nominee Joe Biden adopt ahead of the general election. Eight progressive groups said in a joint letter released Wednesday that they feared Biden’s centrist policies would alienate younger voters, who trend more liberal, and hinder Democrats’s efforts to unseat President Trump in November. The groups noted that while Biden racked up delegates with a March winning spree, he consistently ceded voters under 45 years old to Sanders in the primaries. SNIP While Sanders, who had garnered the endorsements of all eight...

There are as many as 10 million low-income, childless adults in the United States who are eligible for the federal government’s stimulus payment program, but are at risk of missing out on the money, according to tax experts. That’s because they aren’t required to file tax returns, making it harder for the IRS to verify their income — or even to know who they are or where to find them. “These folks are very disconnected from the tax system." By law, people don’t have to file if they earn less than $12,200. Those without children aren’t eligible for the child...

New information from the IRS on Monday shines more light on what people can do to get their checks from the government as quickly as possible while many families worry about paying the bills and buying food during the coronavirus crisis, which has cost millions of people their jobs. For Americans eligible for stimulus cash under the new relief law, the fastest way to receive it is to make sure they've filed a tax return for 2019 or 2018 with bank information so the government can deposit the money directly. The IRS says it will use people's 2019 returns to...

The federal government is poised to send checks — or make direct deposits — to most Americans to help people survive financially in the wake of the COVID-19 coronavirus pandemic. The health crisis has evolved into an economic crisis as businesses and schools shut down to slow the spread of the virus. Based on the CARES act approved by the U.S. Senate late Wednesday, many American would receive a payments of $1,200, and families would see an extra $500 per child they claim as a dependent on their tax returns. Want to know how much you are projected to receive?...

It makes sense that the federal government is stepping in to provide financial relief to the millions of citizens facing economic ruin due to the coronavirus crisis and subsequent government restrictions on activity. But what’s unconscionable is the fact that, thanks to the way Congress spent the last decade ignoring any sense of fiscal responsibility, coronavirus relief must come at the cost of further indebting future generations and dimming the outlook of our financial future. It’s not the $2 trillion price tag on the coronavirus relief bill, passed Wednesday evening by the Senate, that does this in and of itself....

When will I get my check? Checks are supposed to be produced “as rapidly as possible,” but it’s been suggested that could take up to two months. If you use direct deposit, it will be faster. How big will my check be? Checks will be $1,200 per adult - or $2,400 for married couples filing jointly - and an additional $500 per child. Today In: Taxes Are there income limits on checks? The amount of the checks would start to phaseout for those earning more than $75,000 ($150,000 for joint returns and $112,500 for heads of household). This is adjusted...