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Federal Tax Updates Archive

2022 State Tax Reform & State Tax Relief

TweetShareSharePin0 Shares Key Findings Ten states enacted individual income tax rate reductions. Six states enacted corporate income tax rate reductions. Oklahoma became the first state to make permanent the full expensing of capital investments by C corporations in the year they made the investments. Two states permanently exempted groceries from their respective sales tax bases.

Tariffs, Spending Bills, and Tax Increases

TweetShareSharePin0 Shares What tariffs on Chinese goods will Biden repeal? President Biden will soon decide whether to lift any tariffs former President Trump imposed on Chinese goods. His decision will conclude a four-year review of Section 301 duties on furniture, footwear, appliances, and other consumer goods.  Biden is expected to lift or reduce tariffs on

Wisconsin Tax Reform Options to Improve Competitiveness

TweetShareSharePin0 Shares Key Findings Over the past two years, a wave of tax reform has swept the country, with a historic number of states improving their tax competitiveness by reducing income tax rates and enacting flatter structures. Since 2019, Wisconsin has made improvements to its three lowest marginal individual income tax rates, but its top

The Weekly (Tax)Buzz – July 13th, 2022

TweetShareSharePin0 Shares The Weekly (Tax)Buzz – July 13th, 2022 If you feel like the news is tough to keep up with these days, you aren’t alone. Every week, we publish a curated list of some of the top articles in tax and finance. Tune in every Wednesday to read the latest thought leadership pieces from

No Tax Refund Yet? The IRS Might Owe You Money Every Day

TweetShareSharePin0 Shares Although it might seem like tax season is over and done with in 2022, there are actually thousands of manually filed returns that haven’t yet been processed by the Internal Revenue Service (IRS).  One recent Yahoo! report noted that over 140 million individual 1040 tax returns have already been processed, with nearly 96

Gas Taxes in Europe | 2022 Fuel Tax Rates

TweetShareSharePin0 Shares The European Union requires EU countries to levy a minimum excise duty of €0.36 per liter (US $1.55 per gallon) on gasoline (petrol). Today’s map shows that only Bulgaria, Hungary, and Poland stick to the minimum fuel tax rate, while all other EU countries opt to levy higher excise duties on gas. The

New Plan Renews the Child Tax Credit, With Major Trade-Offs

TweetShareSharePin0 Shares A new Republican Congressional plan calls for renewing the child tax credit, which could make a noticeable financial impact on American families.  However, some tax and financial experts are warning that the renewal of this particular credit could have major trade-offs.  A CNBC report notes: The proposal, called the Family Security Act 2.0,

PwC Execs. Receive Record-Breaking Pay Amid Censures

TweetShareSharePin0 Shares PricewaterhouseCoopers (PwC) is, perhaps, the best known of the Big Four accounting firms, a category that also includes Deloitte, Ernst & Young (EY), and Klynveld Peat Marwick Goerdeler (KPMG). The company has had an immensely successful year, with a recent report out of the United Kingdom noting that “950 members of its top executive tier”

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