IRS claws back money given to businesses under fraud-ridden COVID-era tax credit program
The IRS stopped processing new claims in September, but said it will likely resume processing sometime this spring.
Taxes
Articles
GOP candidates for governor share their stances on taxes
U.S. Sen. Mike Braun, former Indiana Secretary of Commerce Brad Chambers, Lt. Gov. Suzanne Crouch, Fort Wayne businessman Eric Doden, former Attorney General Curtis Hill and political newcomer Jamie Reitenour weigh in on where they fall on the state’s biggest tax issues.
Altered downtown Indy tax district legislation hits governor’s desk
Indianapolis’ planned Mile Square economic enhancement district will likely operate from a smaller tax pool and with a majority state-appointed board under state legislation.
IRS to go after executives who use business jets for personal travel in new round of audits
The audits will focus on aircraft used by large corporations and high-income taxpayers and whether the tax purpose of the jet use is being properly allocated, the IRS says.
Amended bill would retain taxing district but some could opt out
An Indiana Senate committee on Tuesday adopted an amendment to a bill originally aimed at disbanding the recently-created Mile Square economic enhancement district, essentially keeping the designation in place, but with several changes.
TurboTax maker Intuit barred from advertising ‘free’ tax services without disclosing who’s eligible
The Federal Trade Commission ruled that Intuit engaged in deceptive practices by running ads claiming consumers could file their taxes for free using TurboTax even though many people did not qualify for such free offerings.
Editorial: It’s past time for the Legislature to increase the cigarette tax
It is understandable that it might be politically difficult for lawmakers to consider any sort of tax increase in an election year in which 125 of the 150 state legislators will have to face voters. But it represents an issue of such import that we believe they should put their own political livelihoods aside.
State lawmakers hear testimony on bill to repeal Mile Square tax
The majority of people who testified about the bill were against it, arguing that it would undo the work of corporate and civic leaders to boost perceptions of downtown in the aftermath of the pandemic and the 2020 protests for racial justice.
Congress saddled scam victims with taxes. A new bill would change that.
The bill would reinstate a tax deduction for personal casualty losses that was removed by congressional Republicans in 2017. The deduction covered sudden or unexpected events such as floods, fires, earthquakes—and thefts.
House speaker wants public hearing on Mile Square tax
New legislation would repeal language included in the 2023 state budget that gave the city of Indianapolis the authority to create a special Mile Square taxing district to pay for downtown enhancements and a low-barrier homeless shelter.
IRS to waive $1B in penalties for people, firms owing back taxes for 2020 or 2021
Nearly 5 million people, businesses and tax-exempt organizations—most making under $400,000 per year—will be eligible for the relief starting this week.
State tax collection slump continues
Indiana coffers took in about $1.37 billion worth of taxes in November, but remained below expectations for a second straight month this fiscal year, which began in July.
Opponents of downtown tax to seek reprieve from Legislature, Bosma says
It’s unclear if lawmakers are open to rolling back the measure, which was slipped into the 2023 state budget without public input. However, the push for a change has a powerful ally in former Indiana House Speaker Brian Bosma.
Supreme Court signals it will uphold tax on foreign income, leave wealth tax for another day
Conservative and liberal justices voiced concerns that ruling for a couple challenging a provision of the 2017 tax bill would threaten other provisions of the tax code.
Council votes to approve creation of downtown enhancement tax
The 19-5 vote, which followed party lines, creates an economic enhancement district—or EED—bound by North, East, South and West streets—the Mile Square—that would see increases to property taxes within those boundaries.
City committee checks box on downtown taxing district for soccer stadium
As approved by the Metropolitan and Economic Development Committee, the district would collect various taxes to cover a portion of the cost for the stadium at the proposed Eleven Park development. The City-County Council now must weigh in.
Deloitte names new leader for Indianapolis office
Steve Pratt will lead an office of about 500 people. He will succeed Deloitte Tax LLP Partner Mary Boelke, who has led Deloitte’s Indianapolis office for more than 11 years.
Deadline looms on estate-tax option
The Tax Cuts and Jobs Act, which passed in 2017, temporarily doubled the estate-tax exemption starting in 2018. But the estate-tax provision of the TC&JA is scheduled to sunset at the end of 2025.
INDOT facing fiscal cliff without road-funding changes
Indiana’s Department of Transportation expects to lose billions of dollars in revenue in the coming decades as more Hoosiers buy alternative fuel-using and fuel-efficient vehicles.
MDC approves proposed taxing district for Indy Eleven stadium
The Metropolitan Development Commission’s approval, which came by a 8-0 vote, sends the proposal to the City-County Council, where it will be introduced Nov. 13.