federal taxes Archive

Progress On A Global Corporate Tax Rate?

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.

State Taxation of GILTI: Impact of Biden Tax Proposals

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

The IRS Levy And Legal Powers Of Garnishment Defined

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

Internal Revenue Service

TweetShareSharePin0 Shares  Internal Revenue Service Source: Flickr The Internal Revenue Service, often known simply as the IRS, has been in place since 1862. While it has done many great things for the country it also gets a bad rap. People don’t like paying in taxes and they certainly don’t like the idea that they

The Most Feared Government Institution

TweetShare1SharePin1 Shares The Most Feared Government Institution Source: Flickr To even mention the name of this government institution can set off waves of anxiety and stories of abuse and persecution that is unheard of for virtually any other governmental body in this country. It’s really amazing the ability of three little words to instill fear

Employer Identification Numbers, or EIN’s

TweetShareSharePin0 Shares Employer Identification Numbers, or EIN’s Source: Flickr If you’ve taken the leap into the entrepreneurial world of “business ownership”, then you may find yourself immersed in a world that speaks a language that is business savvy, and difficult for the untrained ear to understand. One of the most important terms, however, will be

What is Foreign Bank Account Reporting: Back to the Basics

TweetShare1SharePin1 Shares Foreign Bank Account Reporting Foreign Bank Account Reporting Foreign Bank Account Reporting: Each year, US Taxpayers who have foreign financial accounts such as bank accounts, investment accounts, pension accounts and certain foreign life insurance policies are required to disclose their overseas account and asset information to the IRS and FinCEN on various international
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