Taxes

Even in 2020, jack-o’-lanterns and fake skeletons have popped up in neighborhoods as they do every October, although Halloween may look and play out differently this time around. According to the National Retail Federation, fewer people plan on partaking in Halloween activities, but those that do expect to spend more than usual—and that spending includes
0 Comments
The tables used to compute required minimum distributions from retirement plans have been updated for 2022. The new tables take effect as the Internal Revenue Service have issued revised regulations under IRC Sec. 401(a)(9) and can be used for calculations for distribution calendar years beginning Jan. 1, 2022. They also generally reflect longer life expectancies.
0 Comments
As Americans receive more clarity on the outcome of the 2020 presidential and congressional elections, the prospects for federal tax policy headed into 2021 are also becoming clearer. A Biden administration may have to work with a Republican Senate majority (pending the results of runoff elections in Georgia) and a Democrat-controlled House to navigate various
0 Comments
In proposed regulations released this week, the Department of the Treasury and the Internal Revenue Service (IRS) have signaled their intention to bless one type of state workaround for the $10,000 State and Local Tax (SALT) deduction cap: entity-level taxes that allow owners of pass-through businesses to pay an additional state tax at the business
0 Comments
The Internal Revenue Service said Friday it intends to start “masking” sensitive information on business tax transcripts, beginning Dec. 13, to safeguard taxpayers against the threat of identity theft. Friday’s announcement gives taxpayers and tax professionals 30 days to make any necessary adjustments. The IRS began telling tax professionals about the upcoming change during its
0 Comments
Today’s map shows how European OECD countries rank on property taxes, continuing our series on the component rankings of our 2020 International Tax Competitiveness Index (ITCI). Although an important element when measuring the neutrality and competitiveness of a country’s tax code, property taxes account on average for less than 5 percent of total tax revenue
0 Comments
Multinational banks do clickbait too. That’s my analysis of one of the proposals from a recent Deutsche Bank publication titled What Must We Do to Rebuild?—a proposal sure to work up those who work from home. Because, among other short pieces with titles like “The delivery dilemma” and “The case for post-COVID rural investment,” there’s
0 Comments
New York’s attorney general continues to gather information about President Donald Trump’s business, obtaining financial records this month from the family of the Trump Organization’s CFO that could provide further insights into the company’s operations and tax strategies. The office of Attorney General Letitia James is reviewing tax records associated with a son and ex-daughter-in-law
0 Comments
This week’s map examines states’ rankings on the individual income tax component of the 2021 State Business Tax Climate Index. The individual income tax is important to businesses because states tax sole proprietorships, partnerships, and in most cases limited liability companies (LLCs) and S corporations under the individual income tax code. However, even traditional C corporations are
0 Comments
Last week, New Jersey’s legislature took the first step towards making recreational marijuana legal when Senator and Majority Whip Nicholas P. Scutari (D) and Senate President Stephen M. Sweeney (D) introduced Senate Bill 21 (S21), New Jersey Cannabis Regulatory, Enforcement Assistance, and Marketplace Modernization Act. If enacted, S21 would legalize and tax recreational marijuana in
0 Comments
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was implemented in March of 2020 in an effort to provide financial assistance for workers, families, and businesses affected by the COVID-19 pandemic. In addition to the Paycheck Protection Program (PPP) and Economic Impact Payments (EIP), the U.S. Department of the Treasury has implemented multiple,
0 Comments
The IRS has been undertaking a number of steps to hone its approach to the filing season ahead. Among these are launching its 2021 “Get Ready” campaign, addressing online services and enterprise digitalization and case management, and implementing e-signatures on additional forms. In addition, it has reviewed the 2020 Tax Forums and is planning for
0 Comments
Prior to the presidential election, one of the year-end focuses for tax planning was on a possible presidential victory for Joe Biden combined with a Democratic majority in the Senate that might result in tax increases in 2021 for higher-income individuals, corporations, investors, and estates. Biden has now been declared the victor of the presidential
0 Comments
In the coming weeks, we will break down our recently released 2021 State Business Tax Climate Index with maps illustrating each of the five major components of the Index: corporate, individual, sales, property, and unemployment insurance taxes. Today we look at states’ rankings on the corporate tax component, which accounts for 20.8 percent of each state’s overall rank. The corporate tax
0 Comments
Whatever the eventual outcome of the presidential election, tax uncertainty is probably going to continue next year, especially with a divided Congress. A global tax survey released last month by BDO found that 80 percent of the business leaders surveyed by BDO in the Americas said the focus of tax legislation changes constantly as the
0 Comments