Indiana ranks well in national fiscal report, earns a ‘B’
Truth in Accounting’s Financial State of the States report gave Indiana a ‘B’ grade, ranking it 15th in the nation.
Taxes
Articles
Treasury proposes rule to prevent large corporations from evading income taxes
Treasury’s proposed rule will be open for comment until Dec. 12, the department said, and there will be a proposed hearing on the rule Jan. 16.
Indianapolis accountant pleads guilty to defrauding IRS of millions
An Indianapolis CPA faces up to three years in prison after he pleaded guilty to assisting in the preparation of false tax returns on behalf of clients who participated in an illegal tax shelter.
Supreme Court upholds a tax on foreign income over a business-backed challenge
The Supreme Court on Thursday upheld a tax on foreign income over a challenge backed by business and anti-regulatory interests, declining their invitation to weigh in on a broader, never-enacted tax on wealth.
Congressional Budget Office raises federal budget deficit projection by $400B
The Congressional Budget Office said Tuesday that it projects this year’s federal budget deficit to be $400 billion higher, a 27% increase compared to its original estimate released in February.
After legislative changes earlier this year, what’s next for Indy’s downtown tax district?
Although Majority Republicans in the Indiana Legislature didn’t kill a taxing district meant to help the city of Indianapolis and the not-for-profit Downtown Indy Inc. enhance public safety, beautification and homeless services downtown, the changes they made to the law that authorized it have sent local architects of the district back to the drawing board.
Property taxes enter Indiana’s tax reform spotlight
The chief budget architect for the Indiana House of Representatives outlined property tax concerns Wednesday for the next legislative session, with a focus on school referendums and the use of excess levy appeals.
IRS claws back money given to businesses under fraud-ridden COVID-era tax credit program
The IRS said it received $225 million from a voluntary disclosure program, which ended on March 22, that let small businesses that thought they received the credit in error give back the money and keep 20%. That money came from more than 500 taxpayers with another 800 submissions still being processed.
A Wisconsin ruling on Catholic Charities raises the bar for religious tax exemptions
Exemptions that allow religious organizations to avoid paying Wisconsin’s unemployment tax don’t apply to a Catholic charitable organization because its on-the-ground operations aren’t primarily religious, a divided state Supreme Court ruled Thursday.
Owner of Lawrenceburg casino must pay more Indiana taxes, court rules
The Pennsylvania-based company that operates Hollywood Casino in Lawrenceburg must pay additional Indiana taxes accumulated over a three-year period, the Indiana Tax Court ruled Wednesday.
Tax Court upholds board’s valuation of leased space in Circle Centre parking garage
The valuation of leased property in an Indianapolis parking garage will stand after the Indiana Tax Court upheld the Indiana Board of Tax Review’s challenged valuation.
Bill providing fetus tax exemptions draws committee testimony
A proposed bill that would provide tax exemptions for fetuses drew testimony from pro-abortion-rights and anti-abortion advocates Tuesday — even though the bill admittedly will not become law this year.
IN Tax Court rules in favor of state revenue department in toll road tax dispute
The Indiana Toll Road’s lease established it as a publicly maintained road for the 2016 and 2017 tax years, the Indiana Tax Court ruled Wednesday in denying three motor carriers’ claims that they should be awarded motor fuel tax refunds for those years.
Financial company wins summary judgment on bad debt deductions
A financial company seeking bad debt deductions on defaulted contracts has won partial summary judgment at the Indiana Tax Court.
Failure to file timely application means no 2020 homestead deduction for Carmel homeowner, IN Tax Court affirms
A Hamilton County woman should have filed her application for a homestead deduction before the end of 2020 to qualify for that assessment year, the Indiana Tax Court ruled Friday in affirming an Indiana Board of Tax Review final determination.
Appeal of 2018 tax assessment was timely, but Bartholomew Co. property owner not entitled to change in assessment, Tax Court rules
A Bartholomew County property owner timely filed an appeal of their 2018 land assessment, but the Indiana Board of Tax Review’s order to not change the property’s assessed value should stand, the Indiana Tax Court affirmed Wednesday.
Supreme Court signals it will uphold tax on foreign income, leave wealth tax for another day
The Supreme Court on Tuesday seemed inclined to uphold a tax on foreign income while leaving questions about a broader, never-enacted tax on wealth for another day.
The Supreme Court is taking up a case that could rule out a tax on wealth favored by some Democrats
The Supreme Court is taking up a case Tuesday over a Washington couple’s $15,000 tax bill that is widely seen as a test of a never-enacted tax on wealth.
Former Indy-area financial planner to plead guilty in $4.7M fraud case
A former financial planner at Carmel-based Valeo Financial Advisors has agreed to plead guilty to two criminal charges related to the misappropriation of $4.69 million in client funds.
Deadline looms on estate-tax option
A December 2025 deadline might seem far away — but for those who qualify for the estate-tax provision of the Tax Cuts and Jobs Act, now’s the time to decide whether and how to reduce the size of their estates.