Tax code

Illinois Makes Major Tax Code Changes | Morgan lewis

Illinois Governor JB Pritzker enacted various bills on June 17, including the State Budget Bill, SB 2017 (Budget Bill), which contains several provisions intended to increase revenue. Other bills passed by both the Illinois Senate and House, but awaiting the governor’s signature, make significant changes to the Illinois tax code, including the creation of a […]

Tax code

How the tax code handles inflation (and how it doesn’t)

A temporary gas shortage, caused by a computer attack, across much of the east coast last month and fears of rising inflation have left some people wondering if the 1970s are back. The Bureau of Economic Analysis report released last week did little to allay this fear, finding that the personal consumption expenditure (PCE) price […]

Tax code

Legal pushback on the tax code in the event of a pandemic

It goes without saying that many Americans have made the switch to working from home for the first time due to the global pandemic. Such a change in the way businesses and employers operate has led to a delicate public policy question: how to tax businesses whose workers primarily operate from home. The Ohio legislature […]

Tax code

Our tax code allows billionaires like Bezos to opt out – YubaNet

During today’s hearing before the Senate Finance Committee, U.S. Senator Elizabeth Warren (D-Mass.) Asked Treasury Secretary Janet Yellen about the need for significant reforms to the U.S. tax code system . The exchange follows the recent ProPublica report which found that the wealthiest Americans often pay little or no federal income taxes. Senator Warren also […]

Tax deductions

How to Make the Most of Student Loan Tax Deductions

Article 80E specifies that only loans from specified financial institutions, including banks and any other financial institution notified by the central government, can benefit from exemptions. A student loan gives you the financial means and flexibility to undertake higher education and pay for it consistently over a longer period. At the same time, it gives […]

Tax code

The DOF open to changing the tax code for private schools

MANILA, Philippines – The Department of Finance (DOF) and the Bureau of Internal Revenue (BIR) support amendment of a provision in the Tax Code relating to the tax treatment of private schools and hospitals, provided that no refund is made . During the House Ways and Means Committee hearing yesterday, Deputy Finance Secretary Dakila Napao […]