Monthly Archive:: April 2021

Inventory Valuation | LIFO vs FIFO vs Weighted Average Cost

TweetShareSharePin0 Shares As with capital investment, businesses cannot immediately deduct the full cost of inventory purchases against taxable income. Instead, the cost of inventories is deducted when sold. The deduction amount depends on the inventory valuation method. Today’s map shows which of the three main inventory valuation methods European OECD countries require their businesses to

US IRS Reminds Of FBAR Filing Obligation

TweetShareSharePin0 Shares by Mike Godfrey,, Washington 15 April 2021 The Internal Revenue Service is reminding US citizens, resident aliens, and any domestic legal entity that the deadline to file their annual Report of Foreign Bank and Financial Accounts (FBAR) is still April 15, 2021. The extension of the federal income tax filing due

Yellen Offers Latest Treasury Pillar 1 Proposal

TweetShareSharePin0 Shares For the past two years, the Organisation for Economic Co-operation and Development (OECD) has been debating how to change the tax treatment of large multinationals so that countries can tax corporate profits not just where their headquarters, employees, and assets are but also where a company’s customers are located. The implications of such

Arkansas Remote Work & Convenience Rule

TweetShareSharePin0 Shares The following is written testimony on Arkansas Senate Bill 484, submitted to the Arkansas Senate Committee on Revenue and Taxation. Chair Sample, Vice-Chair Dismang, and Members of the Committee: I regret that it is not possible to appear before you today as you consider Senate Bill 484, but in lieu of that, as

Collections, Sooner or Later | Tax Policy Center

TweetShareSharePin0 Shares IRS Commissioner Rettig: Up to $1 trillion in taxes are uncollected annually. In testimony before the Senate Finance Committee yesterday, IRS Commissioner Charles Rettig said reasons for the gap between taxes owed and paid every year include unreported income from virtual currency transactions, foreign-sources, and illegal activities. At the same hearing, Sen. Rob

Labor Share of Net Income is Within Its Historical Range

TweetShareSharePin0 Shares President Biden’s administration argues in the Made in America Tax Plan that corporate taxes should be raised to address a declining share of national income accruing to labor. The problem with the argument, which primarily relies on measures of gross domestic income, is it ignores that some income doesn’t accrue to workers or
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