Federal Tax Updates Archive

The Weekly (Tax)Buzz – May 11, 2022

TweetShareSharePin0 Shares The Weekly (Tax)Buzz – May 11th, 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

Ranking Property Taxes by State | Property Tax Ranking

TweetShareSharePin0 Shares Today’s map shows states’ rankings on the property tax component of our 2022 State Business Tax Climate Index. The Index’s property tax component evaluates state and local taxes on real and personal property, net worth, and asset transfers. The property tax component accounts for 14.4 percent of each state’s overall Index score. Property taxes matter to businesses for several reasons. First, businesses

Rethinking the Incidence of the Corporate Income Tax

TweetShareSharePin0 Shares Debates about corporate income tax cuts follow a familiar script. Republicans claim that rank-and-file workers benefit. Democrats argue that affluent shareholders reap the gains. In a new project, we find that workers do benefit, but it is the most affluent employees – managers and executives – who receive the lion’s share of benefits, not rank-and-file staff. Let’s back up, though.

Another Benefit Of CTC Payments; More IRS Woes

TweetShareSharePin0 Shares Expanded CTC payments helped reduce food insecurity. TPC researchers used data from the Urban Institute’s Well-Being and Basic Needs Survey to compare adults who received expanded Child Tax Credit payments from July through December 2021 with those who did not. They found food insecurity declined more among those who received the payments.   

Wyoming Business Tax Competitiveness | Tax Foundation

TweetShareSharePin0 Shares Wyoming is, without question, a low tax state, with the nation’s second-lowest overall tax burdens on residents[1] and highly competitive taxes for many businesses. Residents benefit from the high exportability of state taxes, particularly those on extractive industries. Taxes on oil, gas, coal, and other industries are borne by investors and consumers across

Automated Filing, Tax Relief, And Sanctions

TweetShareSharePin0 Shares Study: IRS could prepare up to 48 percent of all tax returns. A new National Bureau of Economic Research paper finds the IRS could accurately pre-populate between 41 to 48 percent of individual income tax returns, between 62 and 73 million returns, using current-year information returns and the prior-year 1040. Researchers from Treasury,

Interest Only Mortgages – FSA Makes Move To Protect Homeowners

TweetShareSharePin0 SharesInterest Only Mortgages – FSA Makes Move To Protect Homeowners Abbey recently stated that over 25% of homeowners decide to take out an interest-only mortgage. It’s not hard to see why – the monthly payments are significantly less, just look at this example based on a 25 year £125,000 mortgage at 5%. The interest

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