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 […]
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 […]
WASHINGTON – Democrats are considering changing the law to allow Americans to deduct more state and local taxes from their federal returns as part of a major economic set of liberal priorities, a policy that would help heavily taxed states primarily in the Northeast. A group of House Democrats pushing to raise the “SALT” cap, […]
Do you own a business? The legislation is expected to generate nearly $ 150 million in annual revenue by changing the way various businesses pay their taxes. The biggest sum will come from insurance companies. It will now be more difficult for them to claim a tax deduction that rewards companies with offices in Colorado, […]
We are all trying to find a way to lower our tax bill without breaking the law, and some professions may claim things that others cannot. Tax time has arrived again and we are all trying to find a way to reduce our tax bill without breaking the law. All tax deductions are not the […]
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 […]
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 […]
Matthew X. Rolling Over the past decades, wealth inequalities in our country have started to spiral out of control. I believe one of the main culprits is the US tax code. When you step back and take a look at our tax laws, they seem like they were written for a select group of people. […]
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 […]
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 […]
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 […]
Spain’s Digital Services Tax (“DSTâ€) 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 […]
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 […]
Illinois lawmakers have passed legislation that is both good and bad news for Illinois taxpayers. The good news is, if approved by Governor Pritzker, Illinois taxpayers will be able to take advantage of a workaround to the $ 10,000 Federal Tax Deduction Cap for States and Local Authorities (SALT). . The bad news is that, […]
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 […]
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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 […]
As Tennessee is preparing to send an additional $ 45 million in federal coronavirus aid to small businesses before the end of the year. ) program. Governor Bill Lee enacted a bill that creates a tax deduction for one of the many pandemic relief funds sent between March 1, 2020 and December 31, 2021. “It […]
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 […]
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 […]
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 […]
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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 […]
Reality TV streaming service Hayu sent subscribers an email announcing a price hike ranging from 5% to 14.98%. For example, Hayu now costs $ 6.29 in Ontario, $ 6.71 in British Columbia, and $ 6.89 in Quebec. You can find all the changes to the cost of the service in the table below. In the […]