Tax code

Two-Dollar Life Insurance Plans and the Tax Code | law of the free man

A recent Tax Court decision in De Los Santos v. Commissioner illustrates the complexity of shared dollar life insurance arrangements. Taxpayers who participate in these types of life insurance arrangements or other types of life insurance arrangements should consult with a competent tax advisor to ensure that the arrangement is properly reported on all tax […]

Tax deductions

Colorado’s 529 plan contribution limits would limit tax deductions

Update: The bill was approved during the legislative session by the House and the Senate. A major tax reform bill proposes to cap the amount Colorado parents can deduct on college savings account contributions. Supporters of the bill say a planned annual limit of $ 15,000 on tax-exempt contributions so-called 529 college savings plans would […]

Tax code

Tax Code 280E as an Obstacle for Cannabis Businesses and the SAFE Banking Act

Newswise – After passing new legislation in April allowing banks to provide services to cannabis companies in states where the drug is legal, the U.S. House of Representatives has signaled it may be high time to remove business barriers for the cannabis industry. The bill, dubbed the SAFE Banking Act, comes after a major lobbying […]

Tax deductions

Missouri Passes Bill to Allow Cannabis Companies to Receive State Tax Deductions

A bill to allow Missouri medical cannabis companies to deduct ordinary business expenses from their state income tax returns is heading to the office of Republican Gov. Mike Parson after near unanimous legislative approval, Saint-Louis public radio reports. The law should ease the tax burden on licensed cannabis operators, as they are not allowed to […]

Tax deductions

Albanian new petroleum tax law places limits on tax deductions that could discourage future investments

Albania offers upstream acreage in the form of production sharing agreements (PSAs). The initial costs of the tax system include signing and production bonuses, training fees, royalties collected at a rate of 10% and a government allowance at a rate between 1 and 5%. Both the royalty and the government allowance are levied on gross […]

Tax code

House Democrats seek to change tax code to fund Biden’s infrastructure plan: NPR

House Democrats have begun reviewing the tax code to see how to change it to pay for President Biden’s $2 trillion infrastructure plan. Republicans promise to do everything they can to stop it. ARI SHAPIRO, HOST: Democrats want to reverse major elements of President Trump’s 2017 tax cuts to pay for part of President Biden’s […]

Tax laws

Unprecedented changes proposed to gift and inheritance tax laws

Strong points Current exemptions and tax rates on inheritances, donations and generational transfers could be affected by the adoption of new tax legislation US plan for President Biden’s families would eliminate base increase in case of death The For the 99.5% bill includes provisions that could significantly affect the way wealth is transferred and restrict […]

Tax laws

Focus on Strategy: Preparing for New Tax Laws

The winds of political change bring with them the potential for significant tax code revisions. As expected, in late April, President Joe Biden unveiled a number of significant proposed changes to individual tax provisions. As with the proposed revisions to the corporate code made several weeks earlier, these potential increases would fund an ambitious multibillion-dollar […]

Tax deductions

Tax deductions for Canadian producers

Most of the tax rules that apply to Canadian small business owners also apply to farmers and agricultural producers. There are, however, certain expenses, tax deductions, and write-offs that apply specifically to income from farming activities that will help lower your tax bill. Expenses, Tax Deductions and Write-offs for Canadian FarmersRepair and maintenance of buildingsThis […]

Tax code

Reviews | Katie Porter: abolish the single parent penalty from the tax code

Placeholder while loading article actions Katie Porter, a Democrat, represents California’s 45th congressional district in the United States House. During my first term in the House, I was the only single mother of young children in Congress. Raising three school-age children, I’m sensitive to how the tax code treats parents — married and unmarried — […]

Tax deductions

How Good Planning Can Reduce Lost Tax Deductions For Senior Executives

Unlike all previous definitions of a covered employee subject to the $ 1 million deduction limit, the expansion of ARPA includes non-commissioned officers in the definition of covered employees. (Photo: Shutterstock) On December 16, 2019, the Internal Revenue Service (IRS) issued a draft regulation (REG-122180-18) under section 162 (m) of the Internal Revenue Code (IRC), […]

Tax laws

What U.S. Taxpayers Need to Know as Tax Day Approaches

By Seth Wilks, Director of Government Relations Did you trade or sell Bitcoin, Ether or other digital currencies in 2020? If so, you will have information that you must report on your tax return. With the tax deadline fast approaching, TaxBit’s CPAs and tax attorneys break down cryptocurrency tax laws to make this process as […]

Tax laws

Cryptocurrency Tax Laws: What U.S. Taxpayers Should Know As Tax Day Approaches

By Seth Wilks, Director of Government Relations Have you traded or sold Bitcoin, Ether, or other digital currencies in 2020? If so, you will have the information you need to report on your tax return. With the tax deadline fast approaching, TaxBit CPAs and tax lawyers are breaking down cryptocurrency tax laws to make this […]

Tax deductions

Gatchalian calls for tax deductions to offset work-from-home setup costs

Senator Sherwin Gatchalian is proposing to reduce employee taxes for work performed under a work-from-home (WFH) setup to ease their financial burden. In a statement on Saturday, Gatchalian said the benefits in the form of eligible tax deductions could help ease the burden on telecommuting employees, such as a P 25.00 reduction in their taxable […]