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federal taxes Archive

Applying For… Or Not Claiming… COVID-19 Relief

TweetShareSharePin0 Shares State and local governments can now apply for federal COVID-19 aid. Yesterday, Treasury opened its application portal for state and local governments. Eligible recipients can apply for grants to help fight COVID-19, replace public revenue lost to the pandemic, offer financial relief to individuals and businesses, and address the public health and economic

Tax Burden on Capital Income: International Comparison

TweetShareSharePin0 Shares Key Findings The taxation of capital—at both the individual and the corporate level—is much debated and affects economic growth by lowering the incentives to save and invest. It is useful to compare capital income taxation across countries; this is not trivial. Countries have many different tax rates, exemptions, and special rules. We compute

Local Taxes

TweetShareSharePin0 Shares Local Taxes Source: Flickr Local taxes are an even further extension of the federal income tax withholding, just on the local level. Businesses that operate in a particular state will generally be able to access information their particular locality through their state’s revenue office. Taxes withheld on the local level will not usually

Treasury State Tax Cuts Limitation Rule Raises New Questions

TweetShareSharePin0 Shares Today, the U.S. Treasury issued an interim final rule on the $350 billion in State and Local Fiscal Recovery Funds provided under the American Rescue Plan Act (ARPA). The proposed rule resolves several important questions but continues to involve the federal government in state finances at an extraordinary level. Most astonishingly, the rule

Details & Analysis of State Digital Tax Proposals

TweetShareSharePin0 Shares Key Findings Digital advertising, social media, and data tax proposals have been introduced in nine states following enactment of Maryland’s digital advertising tax, which has since been postponed a year due to administrative and legal challenges. Motivations for these taxes vary, from misperceptions that there is currently a tax loophole to a belief

Risks and the Potential for Disputes

TweetShareSharePin0 Shares Policymakers often suffer from partial analysis. They look at a problem and provide a solution they think would address the initial challenge. But what is often ignored is the response to the solution. People are creative, and they can often see opportunities to react when governments design policies. Recent analysis by Texas A&M

One More Week Until Tax Day…

TweetShareSharePin0 Shares There’s a paper jam at the IRS. The Treasury Inspector General for Tax Administration (TIGTA), in a recent interim report on the 2021 tax filing season, finds that a “lack of functioning printers and copiers contribute to the inability to reduce backlogs” at the IRS. TIGTA found that  42 percent of printers and

Highlights of IRS List of 2005 Tax Scams

TweetShareSharePin0 Shares Highlights of IRS List of 2005 Tax Scams Source: Flickr Each year, the IRS lists various scams taxpayers get caught up in. The top 2005 scams include several that manipulate laws governing charitable groups, abuse credit counseling services or rely on refuted arguments to claim tax exemptions. The agency is warning taxpayers about

Earnings From Abroad and Taxes

TweetShareSharePin0 Shares Earnings From Abroad and Taxes Source: Flickr With the every expanding global economy, many people receive earnings from foreign entities. Unfortunately, the federal government wants you to pay taxes on it. Taxes on Your Earnings From Abroad The federal government has a very simple attitude towards taxes and earnings. If you have earnings,

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