Sign In
Free Newsletter
D.C. sues bitcoin whale Michael Saylor for tax fraud
MicroStrategy Inc. founder Michael Saylor was sued in August by the city of Washington, D.C., which alleges that he defrauded the nation’s capital of more than $25 million in income taxes. The lawsuit argues that Saylor falsely claimed to reside in Virginia or Florida while instead living in a luxury Georgetown penthouse. The civil suit, filed […]
Bitcoin whale Michael Saylor accused of tax fraud
Tysons-based MicroStrategy Inc. Executive Chairman Michael Saylor is being sued by the city of Washington, D.C., which accuses Saylor of engaging in a fraudulent scheme to deprive the city of more than $25 million in income taxes while living in “a luxury penthouse on the Georgetown waterfront” and claiming to be a resident of Virginia […]
Virginians bet $402M on sports in February
Virginians bet almost $402 million in February, according to data released April 1 by the Virginia Lottery. Virginia sports bettors won more than $374 million in February. Since the state legalized sports betting in mid-January 2021, Virginia has recorded $4.1 billion in wagers. February’s gross revenue was a decrease of more than $83.6 million from […]
Youngkin signs bill to conform tax code
This year’s tax season may be a little less complicated for businesses that were granted Paycheck Protection Program loans and Rebuild Virginia grants during the pandemic. A bill that Gov. Glenn Youngkin signed into law Wednesday will ensure that the aid granted through those programs won’t be treated as taxable income. Because Virginia state and […]
Gimme a break
Of all the company perks offered by Ryan LLC, the paid, weeklong summer break often tops the list of employee favorites. Summer break dates are announced ahead of time, and the whole company shuts down. Clients are notified that the international tax services and software provider’s employees will be off. The setup allows Ryan’s workers […]
2021 TAXES/ ESTATES/ TRUSTS LAW Q&A
Farhad Aghdami Williams Mullen, Richmond Title: Managing partner, Richmond office Birthplace: Tehran, Iran. Our family moved to the United States in 1971 when my father joined the faculty of the Medical College of Virginia as an anesthesiologist. Education: Bachelor’s degree, University of Virginia; law degree, Wake Forest University School of Law; master’s degree, Georgetown Law [&hel[...]
Virginia finishes FY21 with record $2.6B surplus
Virginia reached the end of fiscal year 2021 with a $2.6 billion surplus, the largest in the commonwealth’s history, according to a statement released by Virginia Gov. Ralph Northam on Wednesday. Total revenue collections grew 14.5% over fiscal year 2020, ahead of 2.7% growth projections. State collections reached $8.6 billion in the final quarter of […]
State sees historic 66.2% General Fund revenue increase in May
The state’s General Fund revenue rose 66.2% in May 2021 compared with May 2020, Gov. Ralph Northam announced Friday, the largest increase in more than 50 years. He also announced the appointment of the state’s new secretary and deputy secretary of finance. May is usually a big month for revenue collections due to the state’s […]
State litter tax rate, penalty increase go into effect May 1
Rate increases and a large additional penalty for late payments for the state’s litter tax will go into effect for Virginian business owners on May 1. The changes, a result of legislation from the 2020 General Assembly session, are as follows: – The litter tax payment will increase up to $20 per business establishment. – […]
Va. General Fund revenue jumped 18.5% in March
Virginia‘s General Fund revenue for March 2021 increased by 18.5% compared with March 2020, Gov. Ralph Northam announced Tuesday. Total revenue collections rose 9% through March on a fiscal year-to-date basis, which was well ahead of the 3% growth forecast. “Virginia’s solid revenue picture is yet another sign that we are emerging very strong from […]
Business groups ask Va. lawmakers for higher PPP tax deductions
Virginia’s two legislative bodies have not yet agreed on an amount that Virginia businesses can deduct from federal Paycheck Protection Program loans they received last year, and how much of the loans they’ll have to pay state taxes on. Business groups are asking state lawmakers to allow higher deductions — especially for sectors like hospitality […]
Northam announces $730.2M state revenue forecast increase
Gov. Ralph Northam’s revised budget released Monday shows that the commonwealth expects a $730.2 million increase in this year’s revenues forecast over December 2020, from $46 billion to more than $46.7 billion during the next two years. “These revised budget numbers tell us that Virginia‘s economy continues to thrive, in spite of the pandemic,” Northam […]
