Monthly Archive:: May 2021
COBRA premium assistance credit under ARPA clarified
May 19, 2021
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TweetShareSharePin0 Shares In 86 questions and answers, the IRS in Notice 2021-31 gave employers, health care plans, and insurers background and clarifications on how to provide premium assistance for COBRA health care continuation benefits to affected employees and other beneficiaries and claim a corresponding tax credit. The temporary premium assistance and credit are available under

Republican Study Committee Budget: Tax Policy Ideas
May 19, 2021
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TweetShareSharePin0 Shares While much of the tax policy now under debate aims to increase the tax burden on businesses, several policies in the newly released Republican Study Committee (RSC) budget for Fiscal Year 2022 focus on reducing the tax code’s barriers to investment and saving. The RSC budget contains many possible tax reforms, but two

State & Local Property Tax Collections per Capita
May 19, 2021
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TweetShareSharePin0 Shares Property taxes are an important source of revenue for local and state governments. In fiscal year (FY) 2018 (the most recent year of data available), property taxes generated 31.1 percent of total U.S. state and local tax collections and 71.7 percent of local tax collections. Local governments rely heavily on property taxes to fund schools, roads, police

What Plays Better With the Public, Democratic Corporate Tax Hikes Or GOP User Fees?
May 19, 2021
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TweetShareSharePin0 Shares President Biden and Democrats and Republicans in Congress have begun a fascinating game of three-dimensional chess over Biden’s $2.2 trillion infrastructure spending plan and the way to pay for it. As the game begins, it may be worth looking at where public opinion stands on infrastructure spending and how it should be funded.
Advanced Child Tax Credit
May 19, 2021
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TweetShareSharePin0 Shares Congress has passed legislation creating a much expanded child tax credit (CTC) and requiring the IRS to make advance payments of the CTC during the 2021 tax year starting in July. The expanded credit provides a $3,600 credit for every child under 6 and a $3,000 credit for every child under 17. The
Norms, Returns, and Refunds | Tax Policy Center
May 19, 2021
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TweetShareSharePin0 Shares Treasury Secretary Yellen on corporate tax increase: A return to historical norms. In an address to the US Chamber of Commerce Global Forum on Economic Recovery, Yellen said revenues from a corporate tax increase would reduce inequality and rebuild the country’s infrastructure. “With corporate taxes at a historical low of 1 percent of

A Comparison of the Tax Burden on Labor in the OECD, 2021
May 19, 2021
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TweetShareSharePin0 Shares Key Findings Average wage earners in the OECD have their take-home pay lowered by two major taxes: individual income and payroll (both employee and employer side). Value-added (VAT) and sales taxes also place a tax burden on take-home pay used for consumption. Before accounting for VAT and sales tax, the average tax burden
Tax Credit Amount for Lexus GS 450 Hybrid Issued By IRS
May 19, 2021
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TweetShareSharePin0 Shares Tax Credit Amount for Lexus GS 450 Hybrid Issued By IRS Source: Flickr Prior to January 1, 2006, you were restricted to claiming a $2,000 tax deduction if you purchased a hybrid car. Now you can claim a tax credit, which is much more valuable. Tax Credit Amount for Lexus GS 450 Hybrid
Three Reasons To Hire A Tax Attorney
May 18, 2021
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TweetShareSharePin0 SharesThree Reasons To Hire A Tax Attorney There are many people marketing themselves as tax pros, but few can offer the superior advantages of a tax attorney. MBAs, licensed and credentialed accountants, or your next door neighbor with a tax software program and some free time will all offer to help you out with
IRS Gives Victims of Hurricane Katrina More Relief
May 18, 2021
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TweetShareSharePin0 Shares IRS Gives Victims of Hurricane Katrina More Relief Source: Flickr The IRS has announced further tax relief for victims of Hurricane Katrina due to slow clean up efforts and obviously devastated areas. The IRS is giving relief to both businesses and individual taxpayers in certain areas that have been absolutely wiped out. Instead