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An unclean sweep; quite an education; Ferrari fever; and other highlights of recent tax cases.Parkton, Maryland: Exec Brett Hill, of Parkton and Berlin, Maryland, has been convicted of 16 counts of failing to collect and pay over payroll taxes.He was CEO of two telecommunications companies. From the second quarter of 2016 through fourth quarter of 2018, Hill withheld taxes from employees’ wages at one or both of his companies but did not file returns or pay those taxes over to the government, nor did he pay over his companies’ share. Instead, Hill paid himself a salary and paid other expenses.Total…

Rep. Gwen Moore, D-Wisconsin, a member of the tax-writing House Ways and Means Committee, introduced legislation Thursday to expand the Section 199A Qualified Business Income deduction to provide a bigger benefit to the smallest businesses.The Mom and Pop Tax Relief Act, H.R. 3249, would let businesses deduct $25,000 of their QBI, giving small businesses with lower revenues an advantage. The deduction would phase out at $200,000 of QBI for single filers and $400,000 of QBI income for joint fillers, providing targeted tax relief to small businesses.The Tax Cuts and Jobs Act of 2017 created the Section 199A deduction, which allows…

House Speaker Mike Johnson said Republicans are discussing raising the state and local tax deduction cap to $30,000 — among other options — as the party seeks to resolve disagreements on the details of President Donald Trump’s tax package.”I’ve heard that number, and I’ve heard others as well,” Johnson told reporters on Thursday.”It’s still an ongoing discussion amongst the members, and I think we’ll find the right point,” he added. “I’m not going to handicap it because I’m not sure exactly what that is, but there’s a lot of analysis that’s going into it.”Republicans are seeking a deal between members…

House Republicans are considering nixing a Medicaid drug pricing plan floated by President Donald Trump and fiercely opposed by the pharmaceutical industry as the party pushes to strike a massive tax and spending deal in the coming days. But drugmakers may not be totally off the hook. Lawmakers have separately discussed eliminating a tax deduction for pharmaceutical advertising, Representative Vern Buchanan, the chairman of the House tax committee’s health subcommittee, said Thursday. It’s unclear whether that provision will be in the final tax cut package.”I know it’s been brought up, so I don’t know where it landed,” Buchanan said.Representative Richard Hudson of…

Bill Gates arrives for a press conference to launch the Global Polio Eradication Initiative at the European Commission’s Berlaymont headquarters in Brussels on October 11, 2023.Simon Wohlfahrt | Afp | Getty ImagesBillionaire Bill Gates announced on Thursday that he will double his charitable giving to $200 billion over the next 20 years.In a blog post, the Microsoft co-founder wrote that he was motivated by the many challenges facing the world, such as children’s health and climate change, as well as the late Andrew Carnegie’s admonishment of wealth hoarding.”People will say a lot of things about me when I die, but…

Justin Sullivan | Getty Images News | Getty ImagesKrispy Kreme stock plunged 24% on Thursday morning after the doughnut chain said it is “reassessing” its rollout with McDonald’s and pulled its full-year outlook in part due to economic “softness.”Krispy Kreme is not planning to launch its doughnuts in any additional McDonald’s locations in the second quarter, suspending a nationwide rollout. As of March 30, more than 2,400 of the burger chain’s roughly 13,500 domestic locations carried Krispy Kreme doughnuts.”I remain confident in the long-term national opportunity, but we need to work together with them to identify levers to improve sales,”…