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federal taxes Archive

New Report Shows TCJA Reduced Tax Rates Across the Board

TweetShareSharePin0 Shares Wednesday, the Congressional Budget Office (CBO) published its annual analysis of the distribution of American household incomes and tax burdens, this time for 2018, the year after the Tax Cuts and Jobs Act (TCJA) was enacted. CBO data shows that the TCJA reduced federal tax rates for households across every income level while

A Better Fit for a Better Tax Code

TweetShareSharePin0 Shares Binyamin Applebaum of The New York Times recently authored an op-ed calling for the adoption of return-free filing. Under return-free filing, many taxpayers would receive an already-completed return that they could amend. It’s an appealing idea, but for it to deliver its promised benefits, the U.S. tax code would have to be much

Spending Demands, Marriage Penalties, and Other Tax Rules

TweetShareSharePin0 Shares Remember those spending bills? Senate Minority Leader McConnell issues demands. Senate Democrats need 60 votes in order to pass any of the 12 bills that fund the federal government in the next fiscal year. The Senate Appropriations Committee just passed its first package of bills for fiscal year 2022. Senate Minority Leader Mitch

Streamlined Filing Compliance Procedures: (New) Update 2021

TweetShareSharePin0 Shares   Streamlined Filing Compliance Procedures Streamlined Filing Compliance Procedures Streamlined Filing Compliance Procedures (SFCP): IRS introduced the “stand-alone” Streamlined Filing Compliance Procedures in 2014. This was around the time foreign countries began entering into FATCA agreements (Foreign Account Tax Compliance Act) with the United States. As a result of FATCA (and enhanced FBAR

The Tax Justice Network August 2021 Spanish language podcast, Justicia ImPositiva: Nuevo impuesto corporativo: estrategia de los países en desarrollo #61

TweetShareSharePin0 Shares Welcome to our Spanish language podcast and radio programme  Justicia ImPositiva with Marcelo Justo and Marta Nuñez, free to download and broadcast on radio networks across Latin America and Spain. ¡Bienvenidos y bienvenidas a nuestro podcast y programa radiofónico! Escuche por su app de podcast favorita. En este programa: Semanas cruciales para el nuevo impuesto

Top Factors Influencing Bankruptcy

TweetShareSharePin0 SharesTop Factors Influencing Bankruptcy The term Bankruptcy is derived from the Italian word banca rotta, meaning broken bench. It is a federal court process designed to help consumers and businesses eliminate their debts or repay them under the protection of the bankruptcy court. However, there are specialized units for bankruptcy in each federal district

529 College Savings Plan

TweetShareSharePin0 Shares529 College Savings Plan First up, what’s a 529 college savings plan? It got its name from Section 529 of the International Revenue Code, which states that the federal tax law grants you certain tax benefits if you can satisfy a few basic requirements. The plan itself is a form of education savings plan

Does Your State Have a Marriage Penalty?

TweetShareSharePin0 Shares Today’s map zeroes in on states that have a “marriage penalty” in their individual income tax brackets. Under a graduated-rate income tax system, a taxpayer’s marginal income is subject to progressively higher tax rates. A marriage penalty exists when a state’s income brackets for married taxpayers filing jointly are less than double the bracket
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