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

The tax code’s Achilles heel is surprisingly popular – and it’s a problem for taxing the rich

Jeff Bezos’ wealth grew by $99 billion between 2014 and 2018. New ProPublica report shows he paid less than 1 percent of that in income taxes. Our research shows that although people don’t like the wealthy paying so little tax, the tax provision that allows this is hugely popular. It is a problem. The key […]

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 […]

Tax regulations

Spain adopts digital services tax regulations and tax declaration | Hogan Lovells

Spain’s Digital Services Tax (“DST”) law was published in October 2020 and entered into force on January 16, 2021 (please see our related publication). However, the DST regulations were only approved on June 8, 2021, coming into effect on June 10, 2021. This delay in approving regulations has forced the first quarterly assessment deadline to […]

Tax code

Dorothy Brown on Racism in the Tax Code

A ProPublica Report released this week documents how some of the wealthiest Americans are taking advantage of loopholes to avoid paying federal income taxes. While the report focused on billionaires like Jeff Bezos and Elon Musk, Dorothy Brown — a South Bronx native and law professor at Emory University in Atlanta, who holds a master’s […]

Tax code

Russia: Article 54.1 of the Tax Code – a conciliatory gesture towards taxpayers

Article 54.1 of the Tax Code of the Russian Federation turned out to be very controversial. Recent statistics show that taxpayers won only 75 cases (out of 1,013) and their claims were partially upheld in 140 cases. On March 10, 2021, the Federal Tax Service (FTS) issued Letter No. BV-4-7/[email protected] to clarify how the article […]

Tax deductions

The legislature adopts 3 tax bills concerning personal income tax, corporate tax deductions

BATON ROUGE, Louisiana (LSU Manship School News Wire) – The legislature passed three bills on personal income tax and corporate tax deductions on Thursday, including one that lowers personal income tax brackets. The tax overhaul will allow individuals and businesses to reduce their income tax rates while waiving the right to deduct federal tax payments […]

Tax code

Ohio legislature considers tax code bill that could impact people working from home

Are you still working from home? Many people have done this at some point over the last year and a half. Working from your kitchen table instead of your desk could impact the use of your tax dollars if a bill passes the state legislature. “You can’t put your car in reverse at the same […]

Tax deductions

Tax deductions for property management – TheStreet

If you become a professional or part-time property manager or start renting properties to tenants, it could mean years of stable income. This income is subject to tax, but it may also have tax benefits, such as tax deductions for property management, write-offs, etc. Therefore, you will want to better understand these items at tax […]

Tax code

Senate Finance Committee Advances Emissions-Based Review of US Energy Tax Code | Davis Wright Tremaine LLP

On May 26, 2021, the Senate Finance Committee Advanced the Clean Energy for America Act (S1298, 117th Congress) to the entire Senate on a party vote. The legislation, which is part of President Biden’s bill Building back better plan, would overhaul the federal energy tax code by consolidating more than 40 different energy tax incentives […]

Tax laws

Business News | Stock market and stock market news | Financial news

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Tax regulations

Ford faces potential fine of $ 1.3 billion for circumventing ‘chicken tax’ regulations with Transit Connect imports

Picture: Ford In the 1940s, the US government implemented a cash prize for chicken farmers who could produce larger birds in less time.e. Here, in 2021, the domino effect has made its way around the world as Ford potentially faces a $ 1.3 billion fine for importing Transit Connect vans into from Turkey. These two […]