Tax Refund

The GAO will audit the use of new IRS funding. In testimony delivered Wednesday to the Senate Appropriations Subcommittee on the Legislative Branch, Government Accountability Office (GAO) Comptroller Gene Dorado said the office has 32 ongoing or planned audits on Inflation Reduction Act spending through 2025, with more expected in the future.

Budget hearings on Capitol Hill next week. The Senate Finance Committee will hold a hearing on Wednesday, March 22, regarding President Biden’s fiscal year 2024 budget request for the Department of Health and Human Services. The House Budget Committee will hold a hearing on the President’s plan with Office of Management and Budget Director Shalanda Young on Thursday, March 23.

A Wisconsin printing company wants to take North Carolina to the Supreme Court. The Wisconsin-based printer Quad Graphics sold printed materials – produced out of state and delivered via common carriers– to customers and third-party recipients with North Carolina addresses. North Carolina argues the company owes sales tax of over $3 million, but Quad Graphics says it’s not a retailer and that the tax violates the commerce clause. Tax Notes has the petition here (paywall)

Tax refunds are on their way to Georgians. Republican Gov. Brian Kemp signed a bill this week delivering state income tax refunds to households. That could mean up to $500 for those who filed tax returns in both 2021 and 2022. The Georgia Department of Revenue will begin issuing the refunds in six to eight weeks. The money comes from the state’s $1 billion budget surplus. 

UK confirms corporate tax rate increase. The United Kingdom’s Chancellor of the Exchequer announced this week that the corporate tax paid on company profits will climb in April from 19 percent to 25 percent for companies with over £250,000 in profits. He also announced a plan to allow the full cost of business investments – including factories, machinery, and information technology equipment – to be deducted upfront instead of over several years. 


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