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Lawmakers want to know how TurboTax used $94 million in tax breaks

The Verge

The Verge · 1y ago

Lawmakers want to know how TurboTax used $94 million in tax breaks

Senators Elizabeth Warren, Bernie Sanders, Richard Blumenthal, and Representative Katie Porter have criticized tax software company Intuit for not explaining how it spent $94 million in tax breaks given to the company. Intuit received $94 million in federal research and experimentation credits in 2022 and $106 million in 2023. The lawmakers argue that the funds could have been used to offer free online tax filing to millions of Americans instead of supporting Intuit's research. Intuit has responded, calling the government-run tax preparation system unnecessary.

Related News

Intuit forecasts quarterly results below estimates on weak demand, promotions delay

Livemint

Livemint · 9m ago

Intuit forecasts quarterly results below estimates on weak demand, promotions delay

Intuit, the company behind TurboTax and QuickBooks, has projected lower-than-expected revenue and profit for the second quarter. The anticipated decline is due to slow demand for its financial management services and a planned change in the timing of promotions. Specifically, promotions for the desktop version of TurboTax have been delayed, resulting in a single-digit revenue decline in the consumer group. However, Intuit reiterates its annual forecast for double-digit revenue growth and CEO Sasan Goodarzi expressed confidence in the company's ability to weather competition and potential changes to tax software.

Booking.com to pay 94 million euros to settle Italian tax dispute

Economic Times

Economic Times · 1y ago

Booking.com to pay 94 million euros to settle Italian tax dispute

Booking.com, the online travel agency, has agreed to pay a settlement of €94 million euros to the Italian government to resolve a tax dispute. This settlement follows an investigation by Italian authorities into allegations of tax evasion by Booking.com. The company has confirmed the settlement but maintains that it has always operated in full compliance with Italian tax laws.

FTC orders Intuit to stop pushing "free" software that isn't really free

Medial

Medial · 1y ago

FTC orders Intuit to stop pushing "free" software that isn't really free

The U.S. Federal Trade Commission (FTC) has ordered Intuit, the company behind TurboTax, to cease falsely promoting its software as "free" when it is not actually free for all users. The order follows an FTC investigation into Intuit's deceptive advertising campaign that claimed TurboTax was free, but in reality, many users were charged when filing their taxes. The order prohibits Intuit from running ads for free tax products and services, unless they are truly free for all users or clearly disclose the percentage of eligible users. Intuit is also barred from providing false information about its products and services.

Vietnam parliament moves to curb tax breaks favouring ecommerce giants

Economic Times

Economic Times · 9m ago

Vietnam parliament moves to curb tax breaks favouring ecommerce giants

Vietnam's parliament has approved changes to tax laws that will require local operators of foreign e-commerce platforms to pay Value-Added Tax (VAT) and scrap tax exemptions on low-cost imported goods. The amendments will be effective from July 1, 2022, raising the maximum standard VAT rate from 8% to 10%. This move aims to ensure taxes are fully collected from e-commerce firms and addresses concerns about unfair competition from Chinese online retailers. The changes could impact the fast-growing $22 billion e-commerce market in Vietnam, which heavily relies on cheap goods from China.

US lawmakers raise worries about China in Microsoft deal with Emirati AI firm G42

VCCircle

VCCircle · 1y ago

US lawmakers raise worries about China in Microsoft deal with Emirati AI firm G42

US lawmakers have expressed concerns about Microsoft's $1.5 billion investment in artificial intelligence (AI) firm G42. They are worried about the transfer of sensitive technology and G42's ties to China, urging the Biden administration for an intelligence assessment. Republican lawmakers want a briefing on the deal before it progresses to involve the transfer of export-restricted semiconductor chips and model weights. They have also raised concerns about the lack of regulations around the export of sensitive AI models and the potential for companies like G42 to share technology with US adversaries like China.

Budget 2024: Battered Edtech Ecosystem Seeks GST Relief, Tax Breaks

Inc42 · 1y ago

Budget 2024: Battered Edtech Ecosystem Seeks GST Relief, Tax Breaks

Indian edtech startups are hoping for regulatory support and tax breaks in the upcoming interim Budget 2024, to revive the struggling sector. Startups are requesting a reduction in GST rates on educational products and services, aiming for a decrease from the current 18% to 5%. They also seek the announcement of a strategic GST policy and other incentives to provide a boost to the sector. Additionally, startups are looking for tax breaks and grants in the short term to instill confidence in the ecosystem. The education sector is expected to receive higher budgetary allocation to promote digitization and infrastructure enhancement.

Democratic senator raises concerns about Joe Biden campaign's decision to join TikTok

Economic Times

Economic Times · 1y ago

Democratic senator raises concerns about Joe Biden campaign's decision to join TikTok

Democratic Senator Mark Warner expressed concern about the decision by President Joe Biden's campaign to join the Chinese-owned TikTok app, citing national security implications. Republican lawmakers have also criticized the move. The Biden campaign currently has over 57,000 followers on TikTok. The US government's ban on TikTok's use on government devices remains in place, and the Committee on Foreign Investment in the United States (CFIUS) has demanded that TikTok's Chinese owners sell their shares. Efforts in Congress to ban TikTok have stalled, but some lawmakers want TikTok's parent company, ByteDance, to be put on an export control list.

EU Commission examines Italy's tax case against Meta

Economic Times

Economic Times · 1y ago

EU Commission examines Italy's tax case against Meta

The European Commission will evaluate Italy's tax claim against Meta (formerly known as Facebook) in a test case that could impact how the tech industry is taxed. Milan prosecutors launched an investigation into Meta's potential tax bill of €870 million ($954 million) based on a tax police audit that argued user registrations could be seen as a taxable transaction. The EU VAT committee's non-binding assessment could have wider implications for online platforms that exchange access for user data. Italy has pursued other tech companies over taxation, and Airbnb recently agreed to pay €576 million to settle income tax obligations.

US lawmakers urge probe of WiFi router maker TP-Link over fears of Chinese cyber attacks

Economic Times

Economic Times · 1y ago

US lawmakers urge probe of WiFi router maker TP-Link over fears of Chinese cyber attacks

US lawmakers are calling for an investigation into China's TP-Link Technology Co and its WiFi routers due to potential national security risks. TP-Link is a top seller of WiFi routers globally, but the lawmakers are concerned about known vulnerabilities in the firmware and instances where the routers have been exploited in cyber attacks. They believe that Chinese-origin routers could be used by Beijing for cyber attacks on US governments and businesses. The Commerce Department will respond to the lawmakers' request through appropriate channels. TP-Link and the Chinese Embassy have not yet provided comments on the matter.

₹25L in India, $100K in the US or tax-free Dubai? Bengaluru techie breaks down where life’s better

Business Today

Business Today · 4m ago

₹25L in India, $100K in the US or tax-free Dubai? Bengaluru techie breaks down where life’s better

A Bengaluru techie compares job offers in India, the US, and Dubai focusing on quality of life and financial aspects. While the US offers career growth and high salaries, it involves job insecurity and visa issues. Dubai boasts a luxurious lifestyle and tax-free income, but lacks citizenship options. In India, net income and savings are moderate, with notable tax implications. Key costs in each location include rent, tax, and healthcare, influencing overall savings and living standards.

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