federal taxes Archive

TweetShareSharePin0 Shares Setting Senate deadlines. Majority Leader Chuck Schumer scheduled a test vote for next  Wednesday on a roughly $1 trillion infrastructure package, even though the bill hasn’t been written yet. And he’s pushing Democrats to resolve disputes by next week over details of the $3.5 trillion budget reconciliation bill he wants to use to

TweetShareSharePin0 SharesPayroll California, Unique Aspects of California Payroll Law and Practice The California State Agency that oversees the collection and reporting of State income taxes deducted from payroll checks is: Employment Development Department 800 Capitol Mall Sacramento, CA 95814 888-745-3886 www.cahwnet.gov/taxind.htm California requires that you use California form “DE 4A-4, Employee’s Withholding Allowance Certificate” instead

TweetShareSharePin0 SharesTax Return Forms According to federal laws governing taxation, any person, receiving an income in one form or the other, need to pay income taxes to the government annually. But, the job of preparing tax returns, the calculations and the many tax forms involved, constitute one of the harrowing experiences being an honest tax

TweetShareSharePin0 Shares The Biden administration has proposed to significantly increase the tax burden on foreign income through a policy known as Global Intangible Low-Tax Income (GILTI). While the administration’s rhetoric focuses on doubling the tax rate on GILTI from 10.5 percent to 21 percent, this is less than half the story. The rate on GILTI

TweetShareSharePin0 Shares Outdated FBAR Regulation Does Not Limit Willful Penalties Outdated FBAR Regulation Does Not Limit Foreign Account Penalties Outdated FBAR Regulation Does Not Limit Willful Foreign Account Penalties: In a recent FBAR case in the U.S. Court of Appeals for the Second Circuit, the Court of Appeals affirmed the District Court’s ruling that willful

TweetShareSharePin0 Shares Some of President Biden’s tax proposals, such as taxing unrealized capital gains at death, are specifically aimed at reducing wealth inequality. Indeed, it is commonly asserted that wealth inequality is too high and rapidly growing over time. However, new research from Federal Reserve Bank of Boston economists suggests wealth inequality has grown less

TweetShareSharePin0 Shares Thin capitalization occurs when companies finance investments and operations through a level of debt far higher than their level of equity. High-tax countries create an incentive for companies to finance investments with debt because interest payments are tax-deductible, while the costs associated with equity financing are most often not. Some multinational corporations take