The final 2014 fiscal year interest on debt payment was tallied.
September Interest on Debt payment $19,594,265,555.11
Fiscal YTD payments & total for 2014 $430,812,121,372.05
2014 total is $15 Billion higher then 2013 total and $70 Billion higher then 2012 interest on debt payments.
Category / Internal Revenue Service
Majority of $159 Billion of Owed IRS Taxes Will Go Unpaid
JustFactsDaily.com released some new IRS data showing in 2013 there was $159 Billion in unpaid federal taxes. Here is what they found:
Per the IRS’s Fiscal Year 2013 Financial Statement, 78% of unpaid taxes that taxpayers have agreed they owe or courts have ruled they owe are “estimated to be uncollectible due primarily because of the economic situations of the taxpayers.”
2015 Fiscal Year For U.S. Government Starts Today
The United States federal government starts a new fiscal year today. The President proposed a budget in March but has not worked with the Senate or House in finalizing an actual budget. U.S. federal government spending will occur through later appropriations legislation that is signed into law.
Here’s a snapshot of 2015 proposed spending and tax revenues from the President. Deficits and debt still accumulate at an historical rate.
IRS Now Taxing Business Meals
The government is broke and with that the IRS will go searching for any revenue possible. Unfortunately it will probably cost more then what it actually brings in. This will stretch out to many industries and not just tech firms listed in the article. The first people to lose any benefits should be the politicians and government employees who are allowed up to $20/day bought for them.
Here is the tax news out of Silicon Valley Business Journal:
The Internal Revenue Service wants to tax the free food that tech companies like Facebook and Google give to employees, potentially putting one of Silicon Valley’s most famous perks in jeopardy.
The IRS argues that the employer-provided food is a taxable fringe benefit and has sought back taxes that may amount to a third of the meals’ fair-market value
In another move that shows more focus on complimentary fare, the IRS and U.S. Treasury Department said their top tax priorities list for the current tax year that ends next June will include taxing “employer-provided meals,” the Journal reported. The agencies plan to issue new instructions on the matter as well, though specifics and details were not provided.
Cost Breakdown of Craft Beer
United States YTD Interest on Debt Payments
Month of August Interest on Debt payment was $27,093,517,258.24. Fiscal YTD payments now stand at $411,217,855,816.94. There is one fiscal month left for 2014.
Soure: Twitter page @USGovtInterest
H&R Block: Yeah Taxes Will Get More Complicated Because of Obamacare
H&R Block confirmed what many predicted would happen with the new health care law enacted 4 years ago: make taxes even more complicated.
Speaking on H&R Block’s quarterly earnings conference call, CEO William Cobb said that the company was already taking steps to train its tax preparers based on the draft forms that the Internal Revenue Service has released to comply with Obamacare.
“As expected, the forms are very detailed and can present significant complexity, depending on a filer’s coverage status during the year, income level, and household composition,” Cobb said. “Depending on their situation, there are instances where filers may need to file multiple new tax forms and complete additional worksheets.”
And he wasn’t he wasn’t finished…
“Depending on the type of exemption, the process to claim it could be quite cumbersome and time consuming,” Cobb said.
Colorado Pot Tax Revenue Prediction Goes Up In Smoke
Colorado government tax revenue prediction was off for the first six months of legalized pot sales. They were only off by about 70%.
When voters approved recreational marijuana sales the state predicted it would pull in more than $33 million in new taxes in the first six months. The actual revenue came up more than $21 million short.
Swiss Banks to IRS: Pound Sand
This story is from Reuters:
At least 10 Swiss banks have withdrawn from a U.S. program aimed at settling a tax dispute between them and the United States, Swiss newspaper NZZ am Sonntag said on Sunday, quoting unnamed sources. Around 100 Swiss banks came forward at the end of last year to work with U.S. authorities in a program brokered by the Swiss government to help the banks make amends for aiding tax evasion.
The newspaper said the banks were convinced they had not systematically broken U.S. law and lawyers of the U.S. Department of Justice had actually been surprised to see them take part in the program and did not object to the banks leaving the program.
IRS Desperation: Taxing Frequent Flyer Miles
Two things about the U.S. government, they are broke and their tax collection agency the IRS will do anything for revenue. This piece of legal news comes via TaxProf Blog:
The Tax Court yesterday required the taxpayer to include $668 in income as reported by Citibank on Form 1099-MISC as the value of an airline ticket received by the taxpayer upon redemption of 50,000 “Thank You Points” from opening a Citibank account. Shankar v. Commissioner, 143 T.C. No. 5 (Aug. 26, 2014).
Hoosier Econ 