federal taxes Archive
TweetShareSharePin0 Shares ’Help The Court Has Seized My Assets’ – Garnishment In Law And Practice Source: Flickr A court order that seizes assets from the defendant to pay off a debt is known as Garnishment. One form of garnishment is automatic withholding of the debtor’s wages. When a creditor fails to satisfy the debt taken,
TweetShareSharePin0 Shares Last Friday, Oklahoma Governor Kevin Stitt (R) signed House Bills 2960, 2962, and 2963 into law as part of a budget agreement, bringing the legislature’s tax plans across the finish line. These bills will reduce the state’s corporate and individual income tax rates beginning in tax year 2022. House Bill 2960 reduces the
TweetShareSharePin0 Shares Helping Working Families with the Earned Income Tax Credit Source: Flickr In the past, clients of NORWESCAP’s Family Self-Sufficiency program in Morris County, NJ have used the tax return they received through the Earned Income Tax Credit (EITC) for a down payment on a car, a security deposit on an apartment or to
TweetShareSharePin0 Shares The importance of research and development (R&D) spending by the pharmaceutical industry and its resulting innovations is clearer than ever as millions of people are getting vaccinated against COVID-19. In a new report, the Congressional Budget Office (CBO) analyzes federal policies that influence R&D spending in the pharmaceutical industry. The report highlights how
TweetShareSharePin0 Shares After years of debate, leaders of more than 130 countries are quickly moving to reach an agreement on some fundamental changes to cross-border tax rules, possibly by the summer. These changes would require some multinational companies to pay more taxes in countries where they make their sales and adopt a global minimum tax.
TweetShareSharePin0 Shares Starting on July 15, the IRS will begin distributing a monthly Child Tax Credit payment to at least 39 million families, or almost 90 percent of families with children. The agency has created a new online portal to help families claim the correct amount. But the portal may have no way for claimants
TweetShareSharePin0 Shares Will there be a global deal on corporate taxation of multinationals later this year? The Financial Times reports that Group of Seven countries is closing in on an agreement. France, Germany and Italy think the US offer of a15 percent global minimum tax could set the stage for an international deal by July.
TweetShareSharePin0 Shares Key Findings Twenty states and the District of Columbia tax some portion of Global Intangible Low-Taxed Income (GILTI), although only 16 of those states have issued guidance on the matter more than three years after the federal law went into effect. States that have not yet issued guidance on their treatment of
TweetShareSharePin0 Shares The IRS Levy And Legal Powers Of Garnishment Defined Source: Flickr IRS garnishment refers to the notice issued by the IRS department to withhold all or some part of the money to the court or to the person who has won the lawsuit to claim the money. The IRS garnishment is limited by
TweetShareSharePin0 Shares Unwinding a Reportable Transaction Oftentimes, once a taxpayer realizes that they are out of compliance for a reportable transaction and/or otherwise do not want to take that same tax position by reporting the transaction — they can unwind it. Depending on the facts and circumstances of