federal taxes Archive

TweetShareSharePin0 Shares IRS suspends more notices to taxpayers. The agency has stopped sending  notices for automated collections, past balances due, and returns it says it did not receive. The agency made the decision as it  continues to work through a backlog of several million 2020 and even 2019 individual and business returns.  What’s in a

TweetShareSharePin0 SharesHow Are SEP IRAs Established To Save For Retirement A Simplified Employee Pension (SEP) plan is established when an employer adopts a SEP agreement and has a minimum number of employees working in the organization who qualify for owning a SEP-IRA account. The qualification criteria for an employee to become eligible for the employer’s

TweetShareSharePin0 Shares Developed countries raise tax revenue through a mix of individual income taxes, corporate income taxes, social insurance taxes, taxes on goods and services, and property taxes. The mix of tax policies can influence how distortionary or neutral a tax system is. Taxes on income can create more economic harm than taxes on consumption

TweetShareSharePin0 Shares A top-line agreement on federal spending? Appropriators say they have reached a top-line agreement on a fiscal 2022 funding bill that will allow for more spending on both defense and domestic programs. They still need to turn that very broad agreement into line items. Meanwhile, the House has passed another temporary money bill

TweetShareSharePin0 Shares The economic harms of the gross receipts tax (GRT) were well understood by the early 20th century. Not only is the tax inequitable, but it is also inefficient and distortionary. That is why most states abandoned GRTs in the early 1900s, as states developed the capacity to administer less harmful taxes. Unfortunately, some

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

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