Wisconsin tells Foxconn no tax credits without new deal

MADISON, Wis. (AP) — Wisconsin told Foxconn Technology Group on Monday that it won’t qualify for billions of dollars in state tax credits unless it strikes a new deal for a scaled-back factory complex.

State officials have told Foxconn since last year that it would not qualify for the tax credits without revisions to its 2017 contract because the scope of the envisioned factory has been reduced. President Donald Trump heralded the original deal as a sign of a revitalized American manufacturing economy, calling the envisioned plant “transformational” and the “eighth wonder of the world.”

The deal with Foxconn, the world’s largest electronics manufacturer, was announced by Trump at a White House ceremony and he traveled to Wisconsin in 2018 for the groundbreaking.

Foxconn signed a contract with Wisconsin under then-Gov. Scott Walker in 2017 to earn nearly $4 billion in state and local tax incentives for a $10 billion

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IRS Adds QR Codes To Tax Bills

The Internal Revenue Service (IRS) is adding barcode technology to its tax notices.

Starting this month, the IRS will add QR codes to certain tax notices. QR stands for quick response, since the code can convey a lot of information to your smartphone in a short period of time. It’s similar to a barcode but can transfer more information, including internet addresses.

QR codes are a combination of pixels. Each piece of the code conveys specific information – the combination can generate a lot of information. To read the information, you scan the QR Code with a smartphone.

The IRS is using the technology to allow taxpayers to scan codes on two particular notices, the CP14 or CP14 IA, with their smartphone and go directly to IRS.gov. From there, taxpayers can securely access their account, set up a payment plan or contact the Taxpayer Advocate Service. 

A CP14 notice

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EMERGING MARKETS-Thailand gains after govt adds tax deduction to stimulus push

By Shruti Sonal

Oct 8 (Reuters)Thai stocks climbed nearly 1% on Thursday as the government took measures to boost consumption in its coronavirus-battered economy, leading gains across a handful of Asia’s big emerging markets.

With markets globally eyeing a tumultuous U.S. election campaign and roadblocks in passing stimulus in the world’s biggest economy, currencies across the region were subdued, with the Taiwan dollar again the main standout, rising almost 1%.

Thailand’s benchmark index .SETI hit its highest in over two weeks after officials added a tax deduction on purchases of goods and services to cash handouts and subsidies announced last month.

Deputy Prime Minister Supattanapong Punmeechaow said altogether the measures would push about 200 billion baht ($6.4 billion) into the economy in the last three months of this year.

The tourist-heavy economy has started receiving its first visitors this week after months of travel curbs and its

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McAfee Founder Arrested In Spain And Accused Of Tax Evasion : NPR

John McAfee gives a speech in August 2016 at a Beijing conference. McAfee has been arrested on tax evasion charges in Spain.

Visual China Group via Getty Images


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Visual China Group via Getty Images

John McAfee gives a speech in August 2016 at a Beijing conference. McAfee has been arrested on tax evasion charges in Spain.

Visual China Group via Getty Images

Computer antivirus pioneer John McAfee tweeted last year that he hadn’t filed a tax return in eight years.

It was OK, he explained. He was “done making money.” His “net income is negative.”

“Taxation is illegal,” he said.

Now McAfee has been arrested in Spain on tax evasion charges. The U.S. Justice Department has accused him of failing to file tax returns from 2014 to 2018 despite making millions, according to an indictment unsealed Monday.

He is accused of making money from “promoting crypto-currencies,

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7 IRS Tax Lessons From John McAfee’s Tax Evasion Indictment

Colorful tech figure and sometimes taunter of the IRS John David McAfee has been indicted for federal income tax evasion. Given his profile, particularly such antics as proclaiming that he isn’t filing tax returns but the IRS can come find him, it may not seem a surprise that McAfee is in some serious hot water. He has long been completely out of the antivirus company that bears his name, but he has still been in the news in numerous controversial ways over the last decade. Everyone has to file tax returns of course, even McAfee, and failing to file can be criminal. The indictment dates from June 15, 2020, but it was just unsealed following McAfee’s arrest in Spain where he is awaiting extradition to the U.S. This is an indictment, so the charges have yet to be proven. But it may be hard for McAfee to explain himself after

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Software company founder McAfee charged with tax evasion

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FILE – In this Sept. 9, 2015, file photo, internet security pioneer John McAfee announces his candidacy for president in Opelika, Ala. McAfee has been charged with evading taxes after failing to report income made from promoting cryptocurrencies while also doing consulting work, making speaking engagements and selling the rights to his life story for a documentary, prosecutors in Tennessee said Monday, Oct. 5, 2020.

AP

Antivirus software entrepreneur John McAfee has been charged with evading taxes after failing to report income made from promoting cryptocurrencies while he did consulting work, made speaking engagements and sold the rights to his life story for a documentary, prosecutors in Tennessee said Monday.

A June indictment charging McAfee with tax evasion and willful failure to file tax returns was unsealed in federal court in Memphis on Monday after McAfee’s arrest in Spain, where extradition to the U.S.

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John McAfee, McAfee Associates Founder, Indicted on Tax Evasion Charges

John McAfee, a computer programmer best known for his anti-virus software, has been indicted on federal tax evasion charges after allegedly hiding assets from the IRS, including real property, a vehicle, and a yacht, the Department of Justice said Monday. McAfee, the founder of McAfee Associates, has been charged with tax evasion and willful failure to file tax returns, according to an unsealed June indictment following his arrest in Spain. Prosecutors allege McAfee earned millions of dollars from promoting cryptocurrencies, consulting, speaking engagements, and selling his life story for a documentary—but failed to file tax returns from 2014 and 2018. To avoid tax liability, McAfee allegedly directed his income to several bank accounts and cryptocurrency accounts and bought several items, including real estate, a yacht, and a car. The indictment, however, does not allege McAfee received any income from the anti-virus company he once founded.

The announcement comes just hours

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Halsey and Bernie Sanders Sit Down to Discuss the Wealth Tax and Billionaires

Click here to read the full article on SPIN.

Way back on Sept. 30 — which may as well be eons ago but in reality was the day after the first presidential debate — Halsey sat down with former Democratic presidential candidate Bernie Sanders for the first in what she bills as an “intimate conversation to discuss the future of America, some of the most important issues facing our nation and why they’ll be voting for Joe Biden this November.”

In the chat that was titled “Greed & the Wealth Tax,” the debate (Halsey says is “arguably one of the most frustrating pieces of television that I’ve ever had the misfortune of witnessing”) and Halsey’s upbringings in a “lower class family.”

More from SPIN:

One of the most compelling parts of the conversation was when the two discussed the “preposterous concept” of billionaires.

As for being a member of the

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To Protect Good Jobs, End Tax Breaks for Job-Killing Technology

Ever wonder why companies spend so much money on machinery and software that kills jobs? One reason is that the U.S. tax code practically forces their hands. The tax on capital has fallen to around 5% in recent years while the tax on labor has remained around 25%, according to a new white paper (PDF) for the Massachusetts Institute of Technology’s Task Force on the Work of the Future.

“Favorable taxation of capital leads to excessive automation,” MIT economist Daron Acemoglu, the lead author of the paper, said in an Oct. 1 interview. Acemoglu testified about excessive automation before the House Budget Committee on Sept. 10 (PDF) and expanded on the tax aspects in the new paper.

The standard economic argument in favor of lightly taxing capital (equipment, software, buildings) is that the supply of capital is highly sensitive to tax rates. High taxes will discourage investment in

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Google Mandates 30% Tax For Play Store App Developers

Google is cracking down on app makers who have been evading Android’s app store tax. The company has updated its policy to enforce the 30% cut it requires developers to pay if they want to sell and distribute their apps on the Google Play Store.

This isn’t a new development. But over the years, many companies like Spotify, due to Google’s lax guidelines, have managed to circumvent this tax by offering their own payment systems.

Starting September 30 next year, however, Google will mandate the use of its own in-app billing interface. In addition to the upfront fee premium apps charge, this also applies to just about anything else you’d pay for inside an app such as virtual currencies on games, subscriptions to a fitness or education service, and more.

Google says about 3% of apps on its Play Store sell digital goods and out of that, 97% already take

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