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 regulations

Kentucky Tax Talk: Inside Louisville’s New Tax Regulations

This article originally appeared in Law360 Tax Authority. When Louisville Metro Revenue Commission, or Metro Revenue, regulations were last changed, Arnold Schwarzenegger had just been elected Governor of California, the United States was on the brink of war with Iraq, and Apple had just to launch its new product, iTunes. Based on what has since […]

Tax regulations

Thai crypto tax regulations have become more lenient

Thai crypto tax regulations have become more lenient since the previous exposure. By using government-approved exchanges, crypto dealers can save 7% on their taxes. Long-term investors in start-ups will also benefit from tax advantages. Tax exemption for cryptocurrency traders Image source: Fx Empire Thailand’s Ministry of Finance has reportedly eased tax restrictions on crypto to […]

Tax deductions

Tax deductions for online business

Small business taxes are like vampires…not the cute vampires you see on TV. Unfortunately, waving a bunch of garlic won’t make them go away. The latest information and advice to help you run your business. However, you can reduce your tax bill by taking as many tax deductions as possible. Tax deductions for online businesses […]

Tax code

A change to the US tax code could solve the housing crisis

A six-word phrase keeps coming up on my Twitter feed: “Land value tax would solve this problem.” In response to the inefficient use of land as parking lots. As a policy of help finance a universal basic income. And even (jokingly) as a prescription for the rise in virginity among young men. The big question […]

Tax code

The federal tax code is not discriminatory

Natalie Moore’s column stating that the federal tax system is racially discriminatory (“In tax season, green isn’t the only color that matters”) is long on generalization but short on fact. For example, it is claimed that a married couple each earning $50,000 a year does not get the same tax relief as a single-earner couple, […]

Tax code

Can indexing the tax code to inflation lead to smarter investment and growth?

As the U.S. economy emerges from the pandemic, it is important for U.S. lawmakers and policymakers to ensure that fiscal policy encourages growth while recognizing that inflation is at a 40-year high. One of the main levers civil servants can use is indexing to inflation, the Tax Foundation explained in a new paper ((https://taxfoundation.org/economic-growth-opportunity-tax-reforms/) yesterday. […]

Tax laws

Texas Business Tax Laws – Why They’re Attractive:

For a decade, Texas has led the charge in the United States in terms of job creation, economic development and business formation. About 3 million small businesses have been established in the Lone Star State, making it a hotspot for entrepreneurial talent and new business establishments. With so many entrepreneurs moving to Texas from states […]

Tax regulations

US Tax Regulations for Vaping Products Intended for Pulmonary Delivery of Cannabinoids

DUBLIN, February 10, 2022–(BUSINESS WIRE)–The report “Tax Regulations in the United States for Vaping Products Intended for the Pulmonary Delivery of Cannabinoids” has been added to from ResearchAndMarkets.com offer. The Tax Regulation report provides a detailed analysis and comparison of the existing tax systems in each state in the United States in relation to cannabis […]

Tax regulations

US Tax Regulations for Vaping Products Intended for Pulmonary Delivery of Cannabinoids – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The report “Tax Regulation in the US for Vaping Products Intended for Pulmonary Delivery of Cannabinoids” has been added to from ResearchAndMarkets.com offer. The Tax Regulation report provides a detailed analysis and comparison of the existing tax systems in each state in the United States in relation to cannabis vaping products. The report includes […]

Tax regulations

US Tax Regulations for Vaping Products Intended for Pulmonary Delivery of Cannabinoids

DUBLIN, February 10, 2022–(BUSINESS WIRE)–The report “Tax Regulation in the US for Vaping Products Intended for Pulmonary Delivery of Cannabinoids” has been added to from ResearchAndMarkets.com offer. The Tax Regulation report provides a detailed analysis and comparison of the existing tax systems in each state in the United States in relation to cannabis vaping products. […]

Tax laws

Lawmakers Introduce Bill to Improve Crypto Tax Laws – Here’s How It Would Make Consumers’ Lives Easier

Weedezign/Getty Images/iStockphoto Legislation reintroduced in Congress last week by a bipartisan group of lawmakers aims to change the way cryptocurrency purchases are taxed and help clear up some of the confusion over how to account for certain crypto transactions on your tax returns. income. See: Taxes 2022 — Questions About Your Crypto Purchase to Ask […]

Tax laws

New Jersey Governor Murphy Signs New Sports Betting Tax Laws

New Jersey Sports Betting Tax Update On Jan. 18, New Jersey Governor Phil Murphy signed a bill that provides tax breaks on credits used to entice players to brick-and-mortar casinos and online operators tied to them in the state. Promotional game credits available for taxation include credits, chips or other incentives that entice players to […]

Tax laws

January 2022 review: the tax laws you need to know

While you focus on your business, we stay on top of legislative and policy changes that may affect your tax compliance. As real-world online sellers face a wave of train robberies and online marketplaces struggle to prevent the sale of stolen goods, a growing number of businesses are moving into the metaverse. This month’s roundup […]

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

Biden’s Vaccine Mandates Hit the High Court

Vaccine mandates get their day in court Today, the Supreme Court will hear oral arguments over efforts to overturn two major Biden Administration policies designed to raise coronavirus vaccination rates: its vaccine-or-testing mandate aimed at large employers and a vaccination requirement for some health care workers. The hearing comes as the country is facing a […]

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 credits

Best Emergency Loans For Bad Credit in 2022

No matter how much you plan for financial expenditures and run a budget-friendly analysis of all provisions, unforeseen circumstances can always hit you up, leaving you puzzled as to how to come out of the quagmire as soon as possible. Here is when emergency loans come into play. An emergency loan is an immediate transfer […]

Tax credits

Chopra to tackle stacked CFPB agenda after winning confirmation

The Senate confirmed Rohit Chopra as director of the Consumer Financial Protection Bureau, installing an agency veteran and former FTC official with a reputation as an aggressive regulator. The Senate vote on Thursday was 50-48, with all Republicans opposed to his nomination. “Rohit will hit the ground running. He knows the agency, knows how to […]

Tax credits

FIRSTCASH HOLDINGS, INC. (NASDAQ: FCFS) SHAREHOLDER CLASS ACTION ALERT: Bernstein Liebhard LLP Announces that a Securities Class Action has been filed against FirstCash Holdings, Inc. (NASDAQ: FCFS) | State

NEW YORK, January 20, 2022 /PRNewswire/ — Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who have purchased or acquired common stock of FirstCash Holdings, Inc. (the “Company” or “FirstCash”) (NASDAQ : FCFS) between February 1, 2018 and November 12, 2021, both dates inclusive (the “Class […]

Tax credits

FIRSTCASH HOLDINGS, INC. (NASDAQ: FCFS) SHAREHOLDER CLASS ACTION ALERT: Bernstein Liebhard LLP Announces that a Securities Class Action has been filed against FirstCash Holdings, Inc. (NASDAQ: FCFS) | State

NEW YORK, January 20, 2022 /PRNewswire/ — Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who have purchased or acquired common stock of FirstCash Holdings, Inc. (the “Company” or “FirstCash”) (NASDAQ : FCFS) between February 1, 2018 and November 12, 2021, both dates inclusive (the “Class […]

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 regulations

Crypto tax regulations accelerate following increased adoption

The increased adoption of cryptocurrencies and blockchain technology components such as non-fungible tokens (NFT) and decentralized finance (DeFi) has prompted governments around the world to look into cryptocurrency taxation policies. . Audit firm PwC in a report said events such as the adoption of cryptocurrencies as legal tender in El Salvador will force tax authorities […]

Tax credits

Alternatives to payday loans in states where they are prohibited

Payday lenders effectively leveraged the sovereign reserve status of Native Americans. Often they forge partnerships with tribal members to offer loans on top of the internet, which is outside of state law. However, the FTC has also begun to actively monitor these lenders. While some tribal lenders are run by Native Americans, there is evidence […]

Tax deductions

Whitmer signs bills allowing more tax deductions for disabled vets

Governor Whitmer signed Senate Bill 25 and House Bill 4921, which would improve the lives of Michigan residents by expanding tax deductions for disabled veterans and easing requirements for medical and recreational facilities of marijuana. Senate Bill 25 will allow disabled veterans to deduct taxable income attributed to the cancellation or cancellation of a student […]

Tax code

U.S. tax code must be rewritten to force America’s richest to pay their fair share

The Panama Papers disclosed millions of financial documents in 2016, and later the Pandora Papers in 2021, revealed the global offshore tax havens used by the world’s richest and most powerful people to hide their wealth and avoid paying. taxes. But Morris Pearl and Erica Payne have a fight in their new book, “Tax the […]

Tax code

The tax code that could affect the NFT and Crypto market discussed by Abraham Sutherland

Digital currency transactions (including NFTs) involving more than $ 10,000 may need to be reported to the government NEW YORK, CA, USA, Nov 19, 2021 /EINPresswire.com/ – Lawyer and cryptocurrency economist Abraham Sutherland recently spoke at the NFT NYC conference to raise awareness of a neglected provision (amended tax code section 6050I) that could change […]

Tax laws

Keep Innovation In America Act Could Fix New Crypto Tax Laws

A A group of bipartisan lawmakers introduced the Keep Innovation In America law on Thursday. The bill seeks to change the definition of “crypto broker” in the Infrastructure Investment and Jobs Act, enacted earlier this year. The new bill also aims to amend the tax code as well as transactions between brokers and non-brokers. Patrick […]

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 code

The U.S. tax code favors white wealth over black wealth

Marko Geber / Getty Images Paul Constant is a writer at Civic Ventures and co-host of the “Pitchfork Economics” podcast. In a recent episode, he spoke with Emory University tax law professor Dorothy A. Brown about the U.S. tax system. Emory says the current tax system actively benefits white Americans while disadvantaging black Americans. It […]

Tax code

How the U.S. tax code favors white wealth over black wealth

Paul Constant is a writer at Civic Ventures and co-host of the “Pitchfork Economics” podcast. In a recent episode, he spoke with Emory University tax law professor Dorothy A. Brown about the U.S. tax system. Emory says the current tax system actively benefits white Americans while disadvantaging black Americans. Loading Something is loading. It is […]

Tax code

UPDATE: Proposed Federal Tax Code Changes Affecting Tax and Wealth Management Clients | Schnader Harrison Segal & Lewis LLP

UPDATE (11/8/21). Welcome to the legislative roller coaster! For now, we can all breathe a collective sigh of relief. On November 3, 2021, the United States House Rules Committee (the “Committee”) released a third version of the Build Back Better Bill, which includes updated guidance significantly reducing the scope of previously proposed changes to the […]

Tax deductions

At least 18 billionaires received stimulus checks due to tax deductions, reports ProPublica

Georges soros Ronald Zak / AP / Shutterstock A survey of ProPublica found that more than a dozen billionaires have received federal stimulus checks meant to help struggling Americans during the COVID-19 pandemic. The outlet said it looked at IRS files and found that 18 billionaires and hundreds of wealthy people received CARES law payments […]

Tax code

America Should Lead the Just Transition to Clean Energy, and the Tax Code Can Help

A small, relatively inexpensive change to the tax code could unlock billions of new climate investments from retail, accredited and institutional investors. This money could create thousands of new jobs, a cleaner and more resilient network, and local leadership in critical industries while sending a clear message to the world: the energy revolution will happen […]

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

Proposed changes to the Federal Tax Code affecting tax and wealth management clients – Taxation

To print this article, simply register or connect to Mondaq.com. On September 13, 2021, the United States House Ways and Means Committee (the “Committee”) released proposed changes to the federal tax code, including significant changes affecting trusts, estates, gifts and rates. tax, among other proposals1. The most important of these changes are described below. Individuals […]

Tax code

Pandemic and tax code change spur interest in life insurance, says JD Power

State Farm Ranked # 1 in Individual Life Insurance Satisfaction TROY, Michigan, October 14, 2021– (BUSINESS WIRE) – The adage that ‘life insurance is sold, not bought’ may have found its place in the double blow of the COVID-19 pandemic and a change in the tax code federal government that allows policyholders to build more […]

Tax code

Proposed Changes to the Federal Tax Code Affecting Tax and Wealth Management Clients | Schnader Harrison Segal & Lewis LLP

On September 13, 2021, the United States House Ways and Means Committee (the “Committee”) released proposed changes to the Federal Tax Code, including significant changes affecting trusts, estates, gifts and rates. tax, among other proposals. The most important of these changes are described below. Individuals are likely to need prompt legal assistance to make the […]

Tax code

Analysis: Some Proposed Tax Code Changes Would Hurt Innovation

Editor’s Note: David Gardner, Founder of Capital of the co-founders at Cary, is a regular WRAL TechWire contributor. CARY- Taxes are not just a way to pay for everything governments provide, they are also a powerful tool used to influence how citizens are incentivized to invest, save, support charities, and more. As Congress scrambles to […]

Tax deductions

Estimating Tax Deductions: Cohan’s Rule | Free human rights

The “Cohan rule” is derived from the Second Circuit decision of 1930, Cohan v. Commissioner, which allowed the taxpayer to approximate travel and entertainment expenses in the absence of documents indicating an exact amount.[1] The rule has since defended the proposition that, with few exceptions, taxpayers who are unable to produce complete records may nonetheless […]

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 deductions

US Court of Appeals dismisses 4-state challenge to state and local tax caps | News from USA®

NEW YORK (Reuters) – A federal appeals court on Tuesday rejected efforts by four Democratic-leaning U.S. states to overturn former Republican President Donald Trump’s decision to limit federal deductions from state and local taxes. In a 3-0 decision, the 2nd U.S. Court of Appeals in Manhattan said the federal government had the power to impose […]

Tax code

What does President Biden consider “fair” in our tax code?

For the publisher: President Biden therefore wants “fairness” in the tax code. Sounds laudable doesn’t it? It does this until you consider the source of the remark and examine its motives.President Biden never defines “fair”, does he? The concept of fairness is subjective at best and cannot be quantified.Oh, President Biden is going to hammer […]

Tax laws

Retroactive tax laws – but they can’t do it, can they? | Holland & Hart – Fiduciary Law Blog

We all know that a change is likely in the tax regimes governing personal income, gift and inheritance taxes, but what if the change is already there? There are a number of potential effective dates for President Biden’s tax bill, some in the future and some already in the past. The uncertainty of substantial changes […]

Tax code

High inflation leads to larger increases in 2022 tax code amounts than in recent years, according to Bloomberg Tax & Accounting Projects

ARLINGTON, Virginia., September 14, 2021 / PRNewswire / – Bloomberg Tax & Accounting today released its 2022 Projected US Tax Rates report, which provides a detailed and comprehensive projection of inflation-adjusted amounts in the tax code. The report’s projections are based on changes to the chained Consumer Price Index for All Urban Consumers (C-CPI-U), which […]

Tax code

High Inflation Leads To Bigger Increases In 2022 Tax Code Amounts Than In Recent Years, Says Bloomberg Tax & Accounting Projects |

ARLINGTON, Virginia., September 14, 2021 / PRNewswire / – Bloomberg Tax & Accounting today released its 2022 Projected US Tax Rates report, which provides a detailed and comprehensive projection of inflation-adjusted amounts in the tax code. The report’s projections are based on changes to the chained Consumer Price Index for All Urban Consumers (C-CPI-U), which […]

Tax code

Banking solutions available despite difficulties due to the tax code for the cannabis industry

Cannabis banking has been a delicate subject to discuss in recent years. Although many financial institutions refuse to do business with the high-risk industry, the truth is that cannabis banks have been licensed since February 2014. This is when the Financial Crimes Enforcement Network, or FinCEN, released its guidelines on how credit unions and state-chartered […]

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

Why advancing racial equity requires fixing our broken tax code

As we continue Black Philanthropy Month, a new Gallup poll has shown Americans have lower confidence in our country’s ability to achieve racial equity in areas like housing and jobs. The results were the lowest numbers on record since Gallup began tracking this data in the 1980s. With black Americans particularly dubious about equal opportunity […]

Tax regulations

Fed. Circ. Supports CIT’s rejection of excise tax regulations

By David Hansen (Aug 23, 2021, 7:00 p.m. EDT) – The Federal Circuit on Monday overturned government rules tightening export tax refunds, upholding a ruling by the United States Court of International Trade and potentially allowing manufacturers to beer and wine larger refunds for duty paid on imports. The lawsuit, brought by the National Association […]

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 deductions

Governor Cuomo calls on US to repeal SALT tax deductions in the North Country | WWTI

NEW YORK (WWTI) – Gov. Andrew Cuomo called on the federal government to repeal state and local tax deductibility that was passed by former President Donald Trump, calling it “the first double taxation in US history. this country “. Governor Cuomo said SALT is aimed directly at democratic states and has hit New York harder […]

Tax code

Guest column: Reforming the state tax code to make it fairer | guest column

Country united states of americaUS Virgin IslandsU.S. Minor Outlying IslandsCanadaMexico, United Mexican StatesBahamas, Commonwealth ofCuba, Republic ofDominican RepublicHaiti, Republic ofJamaicaAfghanistanAlbania, People’s Socialist Republic ofAlgeria, People’s Democratic Republic ofAmerican SamoaAndorra, Principality ofAngola, Republic ofAnguillaAntarctica (the territory south of 60 degrees S)Antigua and BarbudaArgentina, Argentine RepublicArmeniaArubaAustralia, Commonwealth ofAustria, Republic ofAzerbaijan, Republic ofBahrain, Kingdom ofBangladesh, People’s Republic ofBarbadosBelarusBelgium, […]

Tax laws

US Privacy and Tax Laws Hit YouTube Revenue from Malaysia-Made Islamic Children’s Cartoons | Salaam Gateway

Islamic children’s cartoon Omar & Hana has been viewed more than 3 billion times in 50 countries on its YouTube channels, but the past year has been a struggle for Digital Durian, the Malaysian production company behind the show. ’emission. Monetization has been affected by new US tax and legal policy on collecting data from […]

Tax laws

OP-ED: American patriotism should start with fair tax laws – Orange Leader

Morris Pearl Frederick Douglass addressed abolitionist students and colleagues at Corinthian Hall in Rochester on July 5, 1852 where he said: to oppress, rob and degrade them, neither people nor property will be safe. This weekend, as we celebrate the 245th anniversary of our country’s independence, our collective patriotism as a nation and our appreciation […]

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 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 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 […]

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 deductions

Now is the right time to extend tax deductions for charitable donations

Stack of books, blurred background: charity book flea market, outdoors. Text space. getty Caitlin Flanagan’s critique of private schools in a recent article in Atlantic does not focus on the tax treatment of donations to educational institutions. But one of the first concrete issues she identifies in her assessment of the inequalities surrounding exclusive private […]

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 laws

How does the IRS enforce the country’s tax laws for the benefit of all taxpayers? | CPA and Foodman advisors

On December 17, 2020, the IRS released a document titled “Closer Look”. He explains the IRS’s aspiration to balance the burden on the taxpayer with the potential benefit of its compliance effort when deciding which compliance tool to use. The IRS’s goal is to minimize the burden on taxpayers while encouraging voluntary compliance using the […]

Tax deductions

Newsom urges end caps on state and local tax deductions

Washington Gov. Gavin Newsom and six other Democratic governors on Friday joined a growing chorus of officials calling for an end to federal limits on state and local tax deductions imposed in the 2017 tax law signed by President Donald Trump. “Like so many of President Trump’s efforts, the SALT deduction cap was based on […]

Tax deductions

Newsom urges end caps on state and local tax deductions

Washington Gov. Gavin Newsom and six other Democratic governors on Friday joined a growing chorus of officials calling for an end to federal limits on state and local tax deductions imposed in the 2017 tax law signed by President Donald Trump. “Like so many of President Trump’s efforts, the SALT deduction cap was based on […]

Tax deductions

Weird tax deductions that have been approved by the government

When it comes to tax deductions, many people will push the boundaries to see what they can do. Quite often, it may be worth a try at least, given that there have been cases in the past where certain unusual tax deductions have been approved by the Internal Revenue Service or the United States Tax […]

Tax laws

Tax laws offer incentives to become truck drivers; Could help alleviate shortage

In addition to deductions for individual drivers, economic incentives are increasingly available to the trucking industry as a whole. Trucking is not just a job, it is a profession, and treated as such by the Internal Revenue Service. ST. PETERSBURG, Fla. (PRWEB) February 15, 2021 If you are a truck driver, you are also a […]

Tax laws

Billionaires and philanthropy bigwigs want Congress to fix tax laws so charities can get more money faster

Some of philanthropy’s biggest hitters say they want Congress to reform tax laws so philanthropists can get money faster for those who need it. Several of the largest foundations in the United States – including the Ford Foundation – announced Tuesday Giving that they have formed a coalition dedicated to “accelerating charitable giving” by reforming […]

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 regulations

Special treatment for tax regulations faces latest legal test

The outcome of a case – currently pending in the US Supreme Court – dealing with a Civil War-era law could deal another blow to a long tradition of special treatment for government regulations. Treasury Department. The Anti-Injunction Act was enacted in 1867 to facilitate the administration of the first federal income taxes. The law, […]

Tax regulations

Airbnb to be the first target of Poland’s digital tax regulation

Poland: Tadeuz Koscinski, the new Polish finance minister, today announced his intention to implement a tax on Airbnb operators in Poland. The latest projects from European leaders to understand and regulate Airbnb, FT reports that Koscinski seeks to tax not only the operators, but the company itself. “If we’re going to make sure that everyone […]

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

Treasury proposes to remove nearly 300 tax regulations

The books of the Income Tax Regulations sit during a scouting hearing of the House Ways and Means Committee at… [+] Washington, DC, United States, Monday, November 6, 2017. Photographer: Andrew Harrer / Bloomberg The US Department of the Treasury has proposed the repeal of nearly 300 tax regulations that are “unnecessary, redundant or outdated […]