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Federal Tax Updates Archive

Do I Have To Pay Taxes?

TweetShareSharePin0 SharesDo I Have To Pay Taxes? Taxes – And Your Online Business (Do I Have To Pay Taxes?) Perhaps the most common misconceptions about taxes and your online business is that the two are not related to each other. Most people think that online businesses are not really taxed that’s why more and more

How Should Congress Fund Investments in The Internal Revenue Service’s Infrastructure?

TweetShareSharePin0 Shares Congress is moving toward rectifying the decade-long funding crisis at the IRS. The House is on track to adopt President Biden’s proposed $1.6 billion budget increase from the 2021 level (not counting the funds in COVID relief legislation). And the infrastructure framework agreed to by the president and a bipartisan group of senators

Advance Child Tax Credit Payments

TweetShareSharePin0 Shares Later this month more than 39 million households are set to receive advance payments of the Child Tax Credit (CTC) that was expanded in the March 2021 American Rescue Plan. Many households are uncertain about how the advance payments will affect their refunds or taxes owed when they file next year, and some

Biden Tax Proposals Could Impact Small Businesses

TweetShareSharePin0 Shares In a prior post, we discussed how President Biden’s tax proposals under the American Jobs Plan could increase the tax burden on small businesses in the corporate sector. This post will examine how the tax proposals under the American Families Plan could affect businesses in the non-corporate sector. While these proposals primarily target

Tax-Exempt Hospitals and Charity Care: Should Those Hospitals Do More?

TweetShareSharePin0 Shares A recent Wall Street Journal report made me wonder about tax-exempt hospitals.  The story details how a nonprofit organization, RIP Medical Debt, collected tax-deductible donations to pay $282 million in medical debt owed by 82,000 patients of the tax-exempt hospital system Ballad Health. Ballad serves Tennessee, Virginia, North Carolina, and Kentucky. Many of

Anti-Base Erosion Provisions and Territorial Tax Systems in OECD

TweetShareSharePin0 Shares Key Findings All OECD countries with territorial tax systems have designed provisions that seek to prevent base erosion and profit shifting by multinational corporations. Designing a territorial tax system requires balancing competing goals: exempting foreign business activity from domestic taxation, protecting the domestic corporate tax base, and creating a simple system. A system
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