Tax code

To stimulate investment in R&D, stop penalizing it in the tax code

In his State of the Union Address, President Biden has called for a global level playing field for research and development (R&D) by increasing federal R&D spending, in particular by calling on Congress to pass the bipartisan U.S. Innovation and Competition Act (USICA). While the USICA proposes to increase public investment in R&D, it does […]

Tax deductions

What you can (and can’t) write off

Do you have a home equity loan or home equity line of credit (HELOC)? Homeowners often tap into their home’s equity for quick cash, using their property as collateral. But before that, you need to understand how this debt will be handled come tax season. With the Tax Cuts and Jobs Act of 2018, the […]

Tax deductions

The Pros and Cons of Standard Tax Deductions vs. Itemized Tax Deductions

Although you don’t have much choice when it comes to paying taxes, there are deductions available to reduce the amount… Although you don’t have much choice when it comes to paying taxes, there are deductions available to reduce the amount you owe Uncle Sam. Deductions protect some of your income from income tax. income, and […]

Tax code

Tax code proposes write-offs for certain private jet purchases

A tweet from a New York congressional candidate pitting federal tax deductions available to teachers against deductions available to people who can purchase private jets quickly spread, garnering 23,500 retweets and 91,700 likes. “Teachers can only deduct up to $250 for school supplies on their taxes, but billionaires can deduct the entire cost of a […]

Tax deductions

Complete Guide: Home Equity Loans and Tax Deductions

A home equity loan can be a great way to use the equity in your home for a variety of different purchases. In addition to using the money for home improvement projects, many people use home equity loans to finance debt consolidation or other major purchases like investments or higher education. Although interest paid on […]

Tax regulations

IRS Issues Favorable Tax Rule on Management Company Exception to FET | Holland & Knight LLP

Over the past several years, the Internal Revenue Service (IRS) has worked to issue final regulations that provide guidance to aircraft management companies and aircraft owners regarding their excise tax obligations. Federal (FET). The final rule – under Internal Revenue Code § 4261(e)(5) – implements a provision of the Tax Cuts and Jobs Act of […]

Tax regulations

IRS Issues Favorable Tax Rules on Management Company Exception to FET – Transportation

United States: IRS Issues Favorable Tax Regulations on Management Company Exception to FET January 27, 2022 Holland & Knight To print this article, all you need to do is be registered or log in to Mondaq.com. Over the past several years, the Internal Revenue Service (IRS) has worked to issue final regulations that provide guidance […]

Tax credits

How the states have become “Laboratories of Autocracy” — and why it’s worse than you think

There’s a booming literature on the erosion of democracy in America, as well as around the world, but David Pepper’s book “Laboratories of Autocracy: A Wake-Up Call From Behind the Lines” stands out as arguably the most important for three reasons: It brings the subject down to earth, connects democratic erosion to corruption and the […]

Tax deductions

Supreme Court Should Stop State Trial Over Tax Deductions

Outside the Internal Revenue Service building in Washington, DC (Jonathan Ernst / Reuters) Four state governments are continue their legal action against the federal government to defend their alleged right to have the taxes they levy on their citizens fully deductible from the federal taxes of those citizens. This trial has not had much luck […]

Tax laws

New abortion, police and tax laws take effect in the United States

Minimum wage increases, animal welfare, police liability, tax cuts and increases are all part of a slew of new laws that will take effect across the country on Saturday, the first day. from 2022.. Some of the laws such as abortion restrictions in New Hampshire or the police reform measures passed in Illinois, Oregon and […]

Tax deductions

Seven small business tax deductions you need to know about

Data from the US Bureau of Labor Statistics shows that about 20% of small businesses fail in the first two years and almost half fail by the end of their fifth year. There are nearly 32 million small businesses in the United States employing more than 61 million people, making the success of a business […]

Tax deductions

Tax deductions for financial advisor fees | Financial advisers

The Tax Cuts and Jobs Act of 2017, commonly known as the TCJA, removed the deductibility of financial advisor fees from 2018 to 2025. And while advisers and clients have had a few years to get used to the change, they may be looking at it with renewed interest after the long bull market that […]

Tax deductions

Tax deductions for the fees of financial advisers

The Tax Cuts and Jobs Act of 2017, commonly known as TCJA, removed the deductibility of fees for financial advisers … The Tax Cuts and Jobs Act of 2017, commonly known as the TCJA, removed the deductibility of Financial Advisor fees from 2018 to 2025. And while advisers and clients have had a few years […]

Tax deductions

Here’s Who Can Claim Home Office Tax Deductions (Sorry Remote Workers)

The number of people working remotely has increased as the pandemic has set in, and while some have returned to the office, others are still working from home. People started home businesses or new careers when they were made redundant or quit their jobs. There are many expenses that small business owners face, and one […]

Tax deductions

Four most overlooked tax deductions | Business

Who among us wants to pay the IRS more taxes than we need? Most people don’t, but Americans routinely pay too much for failing to receive the tax deductions to which they are entitled. Let’s take a look at the most overlooked opportunities to manage your tax bill. 1. Reinvested Dividends: When your mutual fund […]

Tax laws

Businesses Must Navigate Year-End Tax Planning With Potentially New Tax Laws On The Horizon – Tax

The end of the fiscal year is fast approaching for many businesses, but their ability to engage in traditional year-end planning may be hampered by the specter of impending tax legislation. The budget reconciliation bill, dubbed the Build Back Better Act (BBBA), is expected to include provisions affecting corporate taxation – although its passage is […]

Tax deductions

Stopping Trump’s cap on tax deductions hurts Californians. Stop the bleeding

A small tax injustice is about to be erased – if the middle class can avoid being falsely labeled “rich” and unworthy. Let me explain. Remember the long-standing state and local tax relief that was cut four years ago by President Trump and Republican-controlled Congress? It could be largely restored as part of President Biden […]

Tax deductions

IRS releases new tax deductions and common tax brackets as inflation rises

Tax time is months away, but it’s never too late to know what to expect when it comes to potential repayments, especially if inflation is consuming national budgets. Hours after the release of data showing inflation hit a 31-year high in October, the Internal Revenue Service announced how many inflation-targeted tax provisions would be adjusted […]

Tax code

Yo, NYT! Washington’s tax code is definitely regressive, but Democratic leaders in the state have actually worked to change that :: NPI’s Cascadia Advocate

This morning, The New York Times released a provocative new opinion piece titled “Blue states, you are the problem”, in which Johnny Harris and columnist Binyamin Appelbaum take aim at a selection of Democratic-led states for so-called not living up to one’s values. The fourteen-plus-minute video consists of an introductory segment followed by a set […]

Tax deductions

New York Democrats push to keep reinstatement of SALT tax deductions in Biden’s spending plan

WASHINGTON – Democratic lawmakers in New York on Wednesday scrambled to maintain the reinstatement of a costly tax deduction that benefits Blue States in President Biden’s ambitious spending plan. Powerful Democrats in the Senate and House are opposing efforts to ditch the return of the so-called SALT deduction, which is an acronym for state and […]

Tax code

Federal appeals court upholds Trump-era tax code change limiting local and state tax deduction – JURIST – News

The United States Court of Appeals for the Second Circuit on Tuesday upheld a provision in President Trump’s Tax Cuts and Jobs Act of 2017 that capped the National and Local Tax Deduction (SALT) at $ 10,000 . The deduction, which has existed in one form or another since the creation of the modern tax […]

Tax code

Polis signs quartet of Colorado tax code redrafting bills | Legislature

Governor Jared Polis on Wednesday enacted four bills to fundamentally restructure Colorado’s tax code. “Today is definitely one of my most exciting days as governor as we provide tax breaks to the people of Colorado,” Polis said, touting the package during a signing ceremony at Boettcher Mansion. “Together, we are delivering significant tax relief so […]

Tax laws

Tax laws for non-resident professional athletes – Taxation

INTRODUCTION High performance athletes who participate in various sports earn millions of dollars in salaries. Just like a normal employee, they have the right to pay their contributions to the government. Earning extraordinary salaries also results in extraordinary tax payments. Cristiano Ronaldo – a top athlete has decided to join Juventus FC, one of the […]

Tax code

The NC tax code reinforces racial exclusion; Senate proposed budget would make matters worse

New tool enables policymakers to assess and improve the impact of tax policy on racial equity Tax policy is not racially indiscriminate, and specific conceptions of tax policy can be attributed to outcomes that have prevented Blacks, Aboriginals, and Browns from reaching their full potential and achieving quality of life. high. Currently, the General Assembly […]

Tax deductions

Congress proposes to restore tax deductions for performers

Two House lawmakers on Wednesday reintroduced bipartisan legislation aimed at changing a provision in the Tax Cuts and Jobs Act that makes it difficult for performers to deduct professional expenses. The Performing Artist Tax Parity Act, sponsored by Representative Judy Chu, D-Calif., And Vern Buchanan, R-Florida, would update the tax deduction for qualified performers to […]

Tax laws

4 ways Biden’s proposed tax laws could impact stock compensation

President Biden’s proposed tax hikes may impact your stock piggy bank getty Tax increases could be looming. If you have stock options, restricted stock units or company shares, now is the time to analyze whether the tax changes proposed by President Biden could affect your financial planning, whether either directly or indirectly. Some of the […]

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

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

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 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 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

Federal budget 2021: Liberals seek to tighten corporate tax laws and close loopholes, but avoid sweeping changes

Ottawa has proposed a 3% tax on digital giants like Google, Amazon and Facebook as other countries consider similar measures. REUTERS PHOTO / Reuters FILE The federal budget aims to toughen corporate tax laws rather than reforming them, enforcing the rules more strictly and closing loopholes instead of changing the tax burden on businesses more […]

Tax deductions

Repeal of cap on state and local tax deductions would widen the racial wealth gap, new study finds

Top line As some heavily taxed blue state lawmakers call for the elimination of the Trump-era $ 10,000 cap on state and local tax deductions (SALT), a new study from the Left Institute on Taxation and Economic Policy shows that repealing the deduction would not only disproportionately benefit the rich, but also white taxpayers, widening […]

Tax deductions

Congressional leaders push for resumption of full tax deductions at state and local levels

Washington Receive the Capitol Alert newsletter Register now for the latest news on California politics, Governor Gavin Newsom and the Legislature. Serious efforts are underway in Washington to lift a limit imposed by former President Donald Trump’s 2017 tax law on the amount people can deduct from state and local income taxes on their federal […]

Tax regulations

NBAA article helps members with food and entertainment tax regulations

The National Business Aviation Association (NBAA) has had substantial engagement with the Internal Revenue Service (IRS) and the U.S. Department of the Treasury over the past few years with respect to tax regulations for dining meals. business and entertainment activities. The Tax Cuts and Jobs Act of 2018 made significant changes to the Internal Revenue […]

Tax deductions

9 tax deductions everyone can and should claim

fizkes / Shutterstock.com Deductions reduce your taxable income, so it’s in your best interest to claim as much as possible when filing your tax return. To get the most lucrative tax deductions, you must itemize expenses using a Schedule A. This form allows you to deduct mortgage interest, property taxes, charitable donations and certain medical […]

Tax deductions

Tax deductions could include coronavirus medical costs and teacher expenses

Most taxpayers check the box to claim the standard tax deduction. This tax season, however, the pandemic has made many people want to know how they can cope with medical bills related to COVID-19. Those who had huge medical bills last year should gather their documents to see if they can possibly deduct some of […]

Tax regulations

Major tax regulations could be on the chopping block after Biden win

President elect Joe biden The Treasury Department could try to review some of the Trump administration’s signature tax rules, especially since the potential for Republicans to hang on to the Senate would make it nearly impossible to pursue legislative plans to overturn the law. 2017 tax. Over the past three years, Democratic lawmakers have presented […]

Tax laws

Who is eligible for the head office deduction under the new tax laws?

small business weekSeptember 22-24 is a good time for individuals to consider taking advantage of the home office deduction if they qualify. The benefit may allow taxpayers working from home to deduct certain expenses on their tax return. The home office deduction is available to eligible self-employed taxpayers, independent contractors and those working in the […]

Tax laws

How New Tax Laws Affect Tax Exempt Organizations

The Internal Revenue Service says it wants tax-exempt organizations to be aware of recent tax law changes that may affect them. The Taxpayer Certainty and Disaster Tax Relief Act, passed on December 20, 2019, includes several provisions that may apply to current and previous tax years of tax-exempt organizations. Repeal of the “parking tax” for […]

Tax regulations

Treasury cuts anti-inversion tax regulations

The Treasury Department is cutting back on Obama-era rules designed to limit corporate tax reversal deals, deeming the regulations too onerous and less necessary. The administration on Thursday removed rules requiring companies to document certain internal loans and said it would propose changes to streamline other regulations. The measures taken by the government appear unlikely […]

Tax regulations

Proposed Tax Regulations Eliminate Recapture of Lifetime Gifts for Estate Tax Purposes | Bradley Arant Boult Cummings LLP

As previously reported, the Tax Cuts and Jobs Act, enacted in December 2017 (the “2017 Act”) made significant changes to the federal wealth transfer system with respect to tax transfers. on gifts and estates during the calendar years 2018 to 2025. One of these changes increased the amount of the basic exemption that can be […]

Tax laws

Football tickets, child credits and other changes

If you haven’t started preparing tax returns, consider this your sign. Significant changes have been made to federal tax law since the enactment of the Tax Cuts and Jobs Act of 2017. Here’s what you need to know as you prepare to file your case by Monday, April 15. You will probably take the standard […]

Tax laws

Trump’s tax laws could explain the slowdown in year-end giving

The five-day period between Christmas and New Years is one of the busiest times for charitable giving. But under President Donald Trump’s new tax laws, nonprofits across the country could see a drop in year-end giving. Some organizations in Charlotte may already be feeling the effects. The local branch of the Salvation Army is counting […]

Tax laws

9 Ways New Tax Laws Are Affecting Millennials

The Tax Cuts and Jobs Act (TCJA) of 2017 generated significant buzz as tax experts speculated about how the average American’s tax bill was affected. Some of the most significant changes relate to tax deductions and credits that could have a significant impact on the younger generation of taxpayers. For millennials, the latest round of […]