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federal taxes Archive

7 Common Mistakes of Estate Planning

TweetShareSharePin0 Shares7 Common Mistakes of Estate Planning Even though planning your estate isn’t an enjoyable job it’s necessary so that you can efficiently and successfully transfer all of your assets to those you leave behind. With a bit of careful planning, your heirs can avoid having to pay estate taxes and federal taxes on your

Historical Corporate Income Tax Rates & Brackets, 1909-2020

TweetShareSharePin0 Shares 2018-2020      All taxable income 21 For tax years beginning after 2017, the Tax Cuts and Jobs Act (P.L. 115-97) replaced the graduated corporate tax structure with a flat 21% corporate tax rate. 1993-2017      First $50,000 15 The Revenue Reconciliation Act of 1993  increased the maximum corporate tax rate to 35% for

Retirement Tax Benefits Exacerbate Racial Inequities

TweetShareSharePin0 Shares In a recent report co-authored with University of Chicago Professor Daniel Hemel, I described how our retirement tax system favors the rich disproportionately. But it’s worse than that:  Our system of generous tax subsidies for retirement savings—such as 401(k) plans, other defined contribution plans, and individual retirement accounts (IRAs)—also exacerbates racial inequities. Due

International Tax Proposals and Profit Shifting

TweetShareSharePin0 Shares Profit shifting by multinationals poses a major challenge in international taxation. The ability of multinational enterprises to shift the location of profits from high-tax to low-tax jurisdictions and tax havens erodes the corporate income tax base in high-tax countries. For example, a multinational with patents owned by an Irish affiliate can shift profits

10 Tips To Reduce Your Exposure And Prevent Identity Theft

TweetShareSharePin0 Shares10 Tips To Reduce Your Exposure And Prevent Identity Theft Identity theft is the country’s fastest-growing financial crime. The Federal Trade Commission estimates that 27.3 million Americans have been victims of identity theft in the past 5 years, including 9.9 million people last year alone. Some ways to prevent becoming a victim could include

Taxpayer Advocate – Customer Service at the IRS

TweetShareSharePin0 SharesTaxpayer Advocate – Customer Service at the IRS Every business has a department that deals with complaints from customers. At the IRS, this department is known as the taxpayer advocate office. Advocating for You The purpose of the taxpayer advocate office is to provide taxpayers with a friendly source to handle customer service issues.

The House Returns For Quick Action, Maybe

TweetShareSharePin0 Shares Pelosi tries to thread the fiscal needle. The House will meet this week to try to advance the Senate-passed infrastructure bill and budget resolution. But first, the House speaker will have to settle a dispute between Democratic moderates who want to vote on the infrastructure bill right away and progressives who want to
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