federal taxes Archive
Indonesia Cigarette Tax Reform Simplifies Taxes, But More Work Remains
February 2, 2022
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TweetShareSharePin0 Shares More than 300 billion cigarettes are sold each year in Indonesia—making it the world’s second-largest cigarette market to China. As such, it is important how Indonesia taxes tobacco products. Last year, I wrote about the counterproductive complexity of the country’s tobacco tax system, but in December, Indonesia announced some positive changes to the
Does the World Need Tax-Advantaged Art Freeports?
February 2, 2022
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TweetShareSharePin0 Shares A friend opened her solo art exhibition at a Detroit gallery last month. When my spouse and I bought one of the six pieces she sold that night, we paid Michigan’s 6 percent sales tax on the purchase. Turns out not all art buyers are like us. High-end collectors can delay taxes indefinitely
Ending A Tariff Exemption For Some Chinese Goods, And A Tax Holiday
February 2, 2022
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TweetShareSharePin0 Shares Will Congress end China’s direct, duty-free sales of goods to US customers? A group of US unions, manufacturers, and trade associations lobbies for the change. The America Competes Act, a House bill designed to support the US semiconductor chip industry, also includes a provision to end the exemption for goods valued at $800
2022 State Tax Reform Plans & Proposals
February 1, 2022
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TweetShareSharePin0 Shares If 2021 was a big year for state tax reform, 2022 may give it a run for its money. With January now in the books, the 40 states which have convened their legislative sessions—six more will join them, while four states’ legislatures do not meet in odd-numbered years—already show a flurry of activity
Tax Deduction for Alimony Payments? – Yes!
February 1, 2022
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TweetShareSharePin0 SharesTax Deduction for Alimony Payments? – Yes! Over 50% of marriages end in divorce in the United States. Many divorce decrees include provisions for the payment of alimony. The IRS takes the position that such payments constitute a form of income and create an alimony tax deduction for the person making payments. According to
Business Tax Refunds Must Be Provided Quickly During Future Downturns
February 1, 2022
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TweetShareSharePin0 Shares During the pandemic, policymakers relied on the Internal Revenue Service (IRS) to administer business relief through the tax code. The emergency relief, including business tax refunds for net operating losses (NOLs), was intended to quickly help businesses that lost their source of income during the pandemic. A new report from the Government Accountability
Competing with China, Tax Relief, New Taxes, And Pope Francis Praises Taxes
February 1, 2022
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TweetShareSharePin0 Shares A new Democratic priority: Competing with China. Still searching for political wins, House Democrats will push this week for a bill aimed at helping US manufacturers compete with China. The measure includes $52 billion to subsidize US semiconductor production. The Senate passed a similar bill this year. Virginia House panel OKs a tax
Does Your State Levy a Capital Stock Tax?
February 1, 2022
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TweetShareSharePin0 Shares Today’s map looks at a barrier to state tax competitiveness in a time of increasing mobility: capital stock taxes. Unlike corporate income taxes, which are levied on a business’s net income (or profit), capital stock taxes are imposed on a business’s net worth (or accumulated wealth). As such, the tax tends to penalize investment and
Substantially Equal Payments Relief
February 1, 2022
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TweetShareSharePin0 SharesSubstantially Equal Payments Relief If you initiated early distributions from your Individual Retirement Account (IRA) in the last couple of years using a Substantially Equal Payment plan, your annual distribution amount may be more than your current account balance can bear. You may think there is nothing you can do to alter your distribution
Deducting Alimony Payments
January 31, 2022
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TweetShareSharePin0 SharesDeducting Alimony Payments Over 50% of marriages end in divorce in the United States. Many divorce decrees include provisions for the payment of alimony. The IRS takes the position that such payments constitute a form of income and create an alimony tax deduction for the person making payments. According to the IRS, alimony payments
