federal taxes Archive

Child Tax Credit Changes | Temporary Policies Complicate Its Future
September 3, 2021
No Comments
TweetShareSharePin0 Shares Over the next ten years, the structure of the Child Tax Credit (CTC) is scheduled to change, complicating efforts to extend enhanced Child Tax Credit benefits or reform the Child Tax Credit for the long-term. Rather than take an all-or-nothing approach or kick the can down the road by relying on temporary expansions, lawmakers
Want to Loosen Uncle Sam’s Grip on Your Wallet?
September 3, 2021
No Comments
TweetShareSharePin0 SharesWant to Loosen Uncle Sam’s Grip on Your Wallet? Talking About Money With Jim Larranaga (ARA) – The average person pays more than $6,000 in federal income tax, according to the Congressional Budget Office. If you cringe at sending a big chunk of change like that to Uncle Sam, you may be looking for
1031 Exchange and Tenancy-in-Common: Seeking the Right Advisor to Achieve TIC Investment Objectives
September 2, 2021
No Comments
TweetShareSharePin0 Shares1031 Exchange and Tenancy-in-Common: Seeking the Right Advisor to Achieve TIC Investment Objectives A long-established section in the federal tax code, section 1031, allows real estate investors to sell property that has been held for investment purposes and defer capital gains and depreciation recapture taxes if they acquire “like-kind” exchange property of equal or

Biden Fossil Fuel Tax Provisions | Biden Budget
September 2, 2021
No Comments
TweetShareSharePin0 Shares Key Findings The Biden administration’s budget proposals have several provisions focused on raising taxes on the U.S. fossil fuel industry. These proposals largely depart from neutral tax policy and intentionally target the industry. Internal Revenue Service data does not indicate any substantial tax preference for the fossil fuel industry, rather indicating the industry

Cigarette Taxes in Europe
September 2, 2021
No Comments
TweetShareSharePin0 Shares To ensure the functioning of its internal market, the European Union (EU) sets a minimum excise duty on cigarettes. It consists of a specific component and an ad valorem component, resulting in a minimum overall excise duty of €1.80 (US $2.05) per 20-cigarette pack and 60 percent of an EU country’s weighted average retail

Federal Cannabis Tax | Cannabis Administration & Opportunity Act
September 2, 2021
No Comments
TweetShareSharePin0 Shares The Tax Foundation is pleased to submit comments on the cannabis excise tax provisions of the Cannabis Administration and Opportunity Act (CAOA). Tax Foundation is a nonpartisan, nonprofit research organization that has monitored fiscal policy at all levels of government since 1937. As a Section 501(c)(3) nonprofit, nonpartisan organization, we take no position
IRS Warning Taxpayers About New Email Scams
September 2, 2021
No Comments
TweetShareSharePin0 SharesIRS Warning Taxpayers About New Email Scams If you have an email account, you know about all the scam emails you get. Scammers are getting braver and using the IRS name in their new tactics. IRS Warning Taxpayers About New Email Scams The IRS has begun warning taxpayers that it is seeing a surge

Section 250 Deduction | GILTI of Neglecting Losses
September 1, 2021
No Comments
TweetShareSharePin0 Shares Sometimes the more you learn about a tax policy, the more it confuses you. Many times, the confusion lies between the intent of the policymakers and what really happens. Often, it’s when important issues were overlooked when the policy was being designed. Such is the case for U.S. companies that run losses on
Your Appeal Rights When Fighting The IRS
September 1, 2021
No Comments
TweetShareSharePin0 SharesYour Appeal Rights When Fighting The IRS Are you in the middle of a disagreement with the IRS? One of the guaranteed rights for all taxpayers is the right to appeal. If you disagree with the IRS about the amount of your tax liability or about proposed collection actions, you have the right to

Property Taxes by County | Interactive Map
September 1, 2021
No Comments
TweetShareSharePin0 Shares Property taxes are the primary tool for financing local government and generate state-level revenue in some states as well. In fiscal year 2019, property taxes comprised 31 percent of total state and local tax collections in the United States, more than any other source of tax revenue. In that same year, property taxes accounted for 72 percent