Federal Tax Updates Archive

IRS Claims Against Aretha Franklin Have Finally Been Settled

TweetShareSharePin0 Shares Singing superstar, Aretha Franklin — the Queen of Soul — passed away in 2018, leaving fans shocked and saddened.  When it was confirmed that the 76-year-old “Respect” singer didn’t have a will, the music community was even more surprised.  Over the course of the past four years, “bitter squabbling” occurred as Franklin’s four

IRS Makes It Easier For Families to Safeguard Assets

TweetShareSharePin0 Shares The federal government has altered the Internal Revenue Service’s portability regulations, giving widows and widowers more time to file after their spouse dies.  For those unfamiliar with portability — and with the overall intricacies of estate law — the term is defined as “the ability to transfer the deceased spouse’s unused exemption amount (DSUEA)

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

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