federal taxes Archive
Does Your State Have a Corporate Alternative Minimum Tax?
August 11, 2021
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TweetShareSharePin0 Shares This week’s map showcases states which levy alternative minimum taxes (AMTs) to prevent corporations from reducing their corporate income tax liability beyond a certain level. Under an AMT, corporations are required to calculate their income tax liability under two systems and pay the higher amount. This requirement under the federal AMT imposed steep
Senate Wraps Up For The Summer With An Infrastructure Bill And A Budget Resolution
August 11, 2021
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TweetShareSharePin0 Shares The Senate passed the $1 trillion infrastructure bill with 19 GOP votes. Nearly half the bill reflects new spending. The bill contains no corporate tax increases to finance new infrastructure investments. It now goes to the House where Speaker Nancy Pelosi must decide whether to allow amendments or simply accept the Senate version.
Different Varieties Of Affiliate Marketing
August 11, 2021
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TweetShareSharePin0 SharesDifferent Varieties Of Affiliate Marketing The benefits of affiliate marketing is more pronounced today than before. This is one of the main reason for the immense popularity of affiliate marketing programs among so many thousands of internet marketers. Latest web technology has enabled the affiliate marketers to get their statistics and income figures the
Obese Government
August 10, 2021
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TweetShareSharePin0 SharesObese Government Very few people (including members of Congress) actually grasp the numbers involved in the federal budget. The total net “economy” of the United States is about $9.25 trillion. That represents the total production, sales, purchase and consumption in the United States in 2003, according to estimates provided by the CIA. Government is
Understanding the Heated Debate Over Cryptocurrencies and Tax Compliance
August 10, 2021
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TweetShareSharePin0 Shares Even close followers of tax news may have been caught off guard when compliance for cryptocurrencies became the hot topic in the Senate’s debate over infrastructure. But what is it really about? In the simplest terms, the measure aims to ensure that people who own and trade cryptocurrencies such as Bitcoin pay the
Crypto Confusion Shows Why Congress Is Broken
August 10, 2021
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TweetShareSharePin0 Shares In what has become common practice, a handful of senators and Administration staffers tried over a few days to draft a highly complex bit of tax legislation in a (at least a metaphorical) backroom in the dark of night. The piece of the massive infrastructure bill just approved by the Senate would require
How Can Congress Protect Families Who Receive Excessive Child Tax Credit Payments?
August 10, 2021
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TweetShareSharePin0 Shares Families began receiving monthly Child Tax Credit (CTC) payments on July 15. For many, those regular payments—currently permitted through the end of the year—will combat poverty and help families keep current on monthly bills without having to borrow. But because the CTC depends on income, number of children, and marital status, some changes
Will FDII Stay or Will it Go?
August 10, 2021
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TweetShareSharePin0 Shares Last week the Organisation for Economic Co-operation and Development (OECD) released an updated list of “Harmful Tax Practices” that have been identified as part of a country peer review process. One notable element of the recent list states that the United States has committed to abolish the deduction for Foreign Derived Intangible Income
Infrastructure Nears A Vote And The Reconciliation Process Begins
August 10, 2021
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TweetShareSharePin0 Shares Infrastructure and Investment Jobs Act poised for Senate passage. The Senate is expected to pass the bipartisan $1 trillion infrastructure bill today. Will there be a cryptocurrency reporting deal? Yesterday, senators and the Biden Administration appeared to reach a compromise after the crypto industry opposed the original reporting requirements backed by the White
I used money from my home equity loan to pay off some of my personal debts. Can I deduct interest?
August 10, 2021
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TweetShareSharePin0 SharesI used money from my home equity loan to pay off some of my personal debts. Can I deduct interest? In some instances, it is possible for individuals to deduct the interest of such home equity loans on their state and federal taxes, which are, or at least should be, filed annually the Internal
