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Over 25% of workers fear AI will diminish or replace their role
A new report from Grant Thornton has found that 28% of U.S. employees are concerned at the prospect of of their jobs being reduced or replaced by artificial intelligence (AI). Fears surrounding AI and automation are among a host of challenges facing today’s workers, who are also coping with increased burnout, global conflicts, post-pandemic inflation,…
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Washington voters reject capital gains tax repeal
Washington voters have decisively rejected Initiative 2109, aimed at repealing the capital gains tax, with 63.2% opposing the measure. The tax, which imposes a 7% levy on profits exceeding $262,000 from long-term asset sales, was enacted in 2021 and upheld by the state Supreme Court. Proponents of the tax argue that its repeal would jeopardize…
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Apple’s tax credit eases €13bn bill
Apple is set to record a U.S. foreign tax credit of $4.8bn, which will help mitigate the impact of a €13bn ($14.2bn) tax obligation to Ireland following a recent EU court ruling. The total amount owed to Ireland is $15.8bn, but this will be reduced by the foreign tax credit and a decrease of $823m…
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PwC Australia under police scrutiny
Police have launched an investigation into PwC Australia’s Sydney office as part of a tax scandal inquiry. Chief executive Kevin Burrowes informed partners to anticipate law enforcement presence at the site to review files. The investigation, which began in 2023, focuses on historical tax matters and individuals who have departed from the firm. According to…
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Tax codes can combat climate change
Amy Hanauer emphasizes the potential of federal, state, and local tax codes as tools for creating a climate-resilient America. She argues that a modernized tax code should discourage emissions and promote lower-carbon designs, particularly in transportation, which accounts for about 25% of U.S. greenhouse gas emissions. Hanauer notes: “We should use this moment to make…
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Flood relief: IRS extends tax deadlines
Individuals and businesses in Juneau, Alaska, affected by flooding on August 5, 2024, now have until May 1, 2025, to file federal tax returns and make payments. The IRS provides relief to areas designated by the Federal Emergency Management Agency, including Juneau. This extension applies to various filing and payment deadlines, allowing affected taxpayers to…
