federal taxes Archive

Don’t Copy European Drug Pricing Policies that Reduced R&D Innovation
September 9, 2021
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TweetShareSharePin0 Shares U.S. companies succeed and maintain their success by engaging in research & development (R&D) that results in innovative products and services reaching customers around the world. But U.S. policies that create tax or regulatory penalties, such as the drug pricing and excise tax proposal lawmakers are considering in the reconciliation package, can curtail

Patent Box Regimes in Europe, 2021
September 9, 2021
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TweetShareSharePin0 Shares Patent box regimes (also referred to as intellectual property, or IP, regimes) provide lower effective tax rates on income derived from IP. Most commonly, eligible types of IP are patents and software copyrights. Depending on the patent box regime, income derived from IP can include royalties, licensing fees, gains on the sale of
Tax Season – Time for Scams
September 9, 2021
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TweetShareSharePin0 SharesTax Season – Time for Scams As tax season draws irresistibly closer, the scam artists are polishing their latest techniques. This article should help you keep an eye out for these nasty individuals. Tax Season – Time for Scams In a particularly cheeky move, scam artists have started posing in on form or another
Correspondence From The IRS – Yikes!
September 8, 2021
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TweetShareSharePin0 SharesCorrespondence From The IRS – Yikes! It’s a moment every person dreads. You pick up the mail and there is an envelope from the IRS. It’s not a refund check. What do you do? Don’t Panic Each year, the IRS sends out millions of “correspondence audits” to taxpayers to request payment of taxes, notify

Treasury Minimum Tax Argument Relies on Narrow Interpretation of Rules
September 8, 2021
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TweetShareSharePin0 Shares Tuesday, the U.S. Treasury Department released a blog authored by Treasury officials Itai Grinberg and Rebecca Kysar. Though the blog purports to make a case for President Biden’s proposal to increase the current minimum tax on foreign profits of U.S. companies, its arguments rely on a very narrow interpretation of current law and

An Expanded Child Tax Credit Would Reduce Poverty to Below 10 Percent in Nearly All States
September 8, 2021
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TweetShareSharePin0 Shares The American Rescue Plan’s (ARP) expanded Child Tax Credit (CTC) would reduce child poverty in a typical year below 10 percent in 47 states – if it is extended beyond 2021. Absent an extension, child poverty in a typical year would be below 10 percent in just 13 states. A new study by

HR3 Prescription Drug Bill | R&D Spending & Medical Innovation
September 8, 2021
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TweetShareSharePin0 Shares The technological advancements that allowed many employees to work from home and patients to seek medical care remotely throughout the COVID-19 pandemic would have been impossible without earlier investments in research & development (R&D). Likewise, thanks to decades of R&D in the pharmaceutical industry and the resulting technological breakthroughs, nearly every adult in

Response to Ireland Consultation on OECD International Tax Proposals
September 8, 2021
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TweetShareSharePin0 Shares Introduction Tax Foundation welcomes the opportunity to respond to the public consultation on the OECD International Tax Proposals. Tax Foundation is a nonprofit think tank based in Washington, D.C., and our mission is to improve lives through tax policies that lead to greater economic growth and opportunity. We use the four principles of
Collecting The Levy
September 8, 2021
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TweetShareSharePin0 SharesCollecting The Levy The Financial Management Service (FMS) is a bureau of the Department of the Treasury, to provide a centralized debt collection service to most federal agencies. The FMS has begun utilizing two Congressionally mandated federal debt collection programs. One is devised to collect delinquent non-tax debt by neutralizing federal payments and the

Wyden Tax Proposals & Reconciliation
September 7, 2021
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TweetShareSharePin0 Shares Congressional lawmakers are putting together a reconciliation bill to enact much of President Biden’s Build Back Better agenda. Many lawmakers, however, want to make their own mark on the legislation. Senate Finance Committee Chair Ron Wyden (D-OR) has released his own proposals on a variety of tax issues that differ in some important