Federal Tax Updates Archive

Business Tax Deductions

TweetShareSharePin0 SharesBusiness Tax Deductions As we enter mid-March, taxpayers begin to become very interested in deductions. Following are a few that you may be entitled to claim. Deductible Expenses Office expenses Rent or lease payments Advertising Costs of goods sold Insurance costs Utilities Payments to independent contractors [file form 1099] Accounting fees Legal fees Communication

Remembering Don Lubick | Tax Policy Center

TweetShareSharePin0 Shares Don Lubick, who passed away yesterday at age 95, was an extraordinary public servant who was among the last living links to the beginnings of modern tax policy. I do not believe anyone served longer in senior Treasury tax policy positions than Don. Remarkably, he began his government career in the Kennedy Administration

Michigan Income Tax Reform Would Put State in Top 10

TweetShareSharePin0 Shares Amid record surpluses, Michigan lawmakers are looking to give relief to taxpayers and enhance the state’s competitive standing. Senate Bill 786, which recently reported from committee, would reduce both the corporate and individual income tax rates to 3.9 percent as of January 1, 2022. It would also create a tax credit of $500

Another CR, CTC News, Don Lubick Dies

TweetShareSharePin0 Shares House passes stopgap spending measure. The House passed the measure to keep the government open through March 11. The bill now goes to the Senate.  White House urges parents to file their 1040s quickly to collect child tax credits. There is roughly $193 billion waiting for families eligible for remaining expanded child tax

TaxBuzz Chat: Tax Season Issues

TweetShareSharePin0 Shares The February #TaxBuzzChat is behind us, and it was lively to say the least! This month’s topic was “Tax Season Issues”. We know this is a popular subject matter to dive into every time tax season rolls around. We knew that between all of the backlogged returns, unresponsiveness from the IRS, and many

Teach Employees “Why” and not just How”

TweetShareSharePin0 SharesTeach Employees “Why” and not just How” Anyone who has been involved in escrow administration of a mortgage company will agree this is one of the most complex areas of loan servicing. Hundreds of thousands of tax bills, hazard insurance premiums, flood insurance premiums, PMI premiums, and MIP premiums are paid by escrow departments

Top Personal Income Tax Rates in Europe, 2022

TweetShareSharePin0 Shares Most countries’ personal income taxes have a progressive structure, meaning that the tax rate paid by individuals increases as they earn higher wages. The highest income tax rate individuals pay differs significantly across European OECD countries—as shown in today’s map. The top statutory personal income tax rate applies to the share of income

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