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Federal Tax Updates Archive

Ernst & Young Spirals, Fined Record $100 Million By SEC

TweetShareSharePin0 Shares Top U.S. accounting firm, Ernst & Young, has been fined $100 million after it was discovered that employees cheated on their CPA exams. Per NPR, the firm admitted to federal regulators that its employees had “cheated to pass key exams” for years. Furthermore, Ernst & Young had numerous internal reports regarding the CPA

Higher Prices, Lower Revenues? | Tax Policy Center

TweetShareSharePin0 Shares Inflation is taking a bite out of sales tax revenues. TPC reports that 26 states collected less sales tax revenue in April compared to the same time last year, while 16 other states reported slower revenue growth compared to 2021. TPC’s Lucy Dadayan warns about the fiscal future: “If wages are not keeping

2022 State Tax Changes Effective July 1

TweetShareSharePin0 Shares Although the majority of 2022 state tax changes take effect at the start of the calendar year, some are implemented at the beginning of the fiscal year. Individual and corporate income tax changes usually take effect at the beginning of the calendar year to maintain policy consistency throughout the tax year, but sales

Europe Tax Burden on Labor Explored

TweetShareSharePin0 Shares Governments with higher taxes generally tout that they provide more services as an explanation, and while that is often true, the cost of these services can be more than half of an average worker’s salary, and for most, at least a third of their salary. Individual income taxes, payroll taxes, and consumption taxes

Carbon Border Adjustment Mechanism (CBAM): Carbon Price & Tariffs

TweetShareSharePin0 Shares After an unpredictable legislative journey, the European Union has entered the final stage of negotiations on the world’s first carbon border adjustment mechanism (CBAM). It would appear that some in the United States Congress are paying attention. On June 8th, the European Parliament rejected a proposal to reform the EU’s Emissions Trading System

How Should the US Tax Petroleum Profits?

TweetShareSharePin0 Shares Ballooning oil company profits have produced a volley of “windfall profit tax” proposals. How well would their different provisions meet the near-term US policy goals of increasing tax revenue from oil profits without deterring domestic production or raising consumer prices?   The US currently taxes petroleum production in two main ways: the income

Budget Games, A Big Gun Tax Has Loopholes

TweetShareSharePin0 Shares About the EARN Act. The Enhancing American Retirement Now (EARN) Act, passed by the Senate Finance Committee last week, allows older savers to deposit an extra $10,000 a year into their retirement accounts. Plan participants can contribute the extra money in Roth IRAs, where deposits are taxed but withdrawals are not. For congressional

CA Strikes “Inflation Relief” Deal, Will Send $1,050 Checks

TweetShareSharePin0 Shares The State of California has struck an “inflation relief” deal that will provide 23 million taxpayers with checks up to $1,050. KCRA Sacramento provided details regarding the deal, which is endorsed by California Governor Gavin Newsom: Millions of California taxpayers will get “inflation relief” tax rebate payments after lawmakers have reached an agreement on

State and Local Tax Decisions Abound

TweetShareSharePin0 Shares No gas tax holidays in Oregon or Washington, but maybe one in Pennsylvania.  Governors Kate Brown of Oregon and Jay Inslee of Washington will not pause local and state fuel taxes. However, Pennsylvania’s Senate Democrats did call for a three-month gas tax holiday. President Biden asked states to suspend their fuel taxes to

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