federal taxes Archive

Tax Compliance Costs Among Things to Consider in Tax Gap Discussion
August 27, 2021
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TweetShareSharePin0 Shares Increasing tax compliance is a major part of the Biden administration proposal to raise revenue for physical and social infrastructure. Reducing the tax gap—the difference between taxes owed and taxes paid—is a good way to raise revenue, but it doesn’t come without trade-offs, and it’s important to go about it in the right
Your Well Being And Taxes
August 27, 2021
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TweetShareSharePin0 SharesYour Well Being And Taxes Few things threaten your well-being like the harassment and anxiety of persistent tax problems. Most people make 3 mistakes that get them in trouble with the IRS. They procrastinate. They attempt to represent themselves. They hire sub-par representation and now are in MORE need of help than ever before.
Dear John Letters From The IRS
August 26, 2021
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TweetShareSharePin0 SharesDear John Letters From The IRS Undoubtedly, you are aware of Dear John letters. Often a young lady sent them to men in the military, often containing bad news. Well, the IRS sends them to taxpayers as well. Dear John Letters From The IRS The Internal Revenue Service sends out millions of Dear John

EU Excise Duty on Alcohol Distilled Spirits Taxes in Europe, 2021
August 26, 2021
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TweetShareSharePin0 Shares All European Union (EU) countries and the United Kingdom levy excise duties on distilled alcohol; excise tax is applied to the cost of goods on purchase. The standard size of a liquor bottle in Europe is 700ml (23.7 oz). Many spirits, such as vodka, gin, rum, and whiskey, contain alcohol content in the

A Hidden Tax on Domestic Activities & Foreign Profits
August 26, 2021
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TweetShareSharePin11 Shares The U.S. corporate tax code is a complicated behemoth, loaded with numerous arcane provisions—some of these providing special tax breaks, others imposing special tax penalties. Among the latter group, indirect expense allocation rules penalize domestic activities and impose a hidden surtax on foreign profits. While arcane, expense allocation rules are relevant to current
How The Tax System Really Works For Us Californians!
August 26, 2021
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TweetShareSharePin0 SharesHow The Tax System Really Works For Us Californians! Believe it or not, we’re being pick-pocketed by the government! Should that really come as such a shock! For every dollar that we (the tax paying public) spent in 2004, 79 cents went back to the state in spending. In other words, there was a

Medicare Part D | HR3: Lower Drug Costs Now Act
August 25, 2021
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TweetShareSharePin0 Shares One of the ways lawmakers intend to pay for $3.5 trillion of new spending in the budget reconciliation package is by creating “health care savings.” The leading proposal to achieve this is H.R. 3, the Elijah Cummings Lower Drug Costs Now Act, which would change the way that prescription drug prices are negotiated

Reviewing Benefits of the State and Local Tax Deduction by County
August 25, 2021
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TweetShareSharePin0 Shares As Congress considers repealing or making more generous the $10,000 state and local tax deduction cap in the budget reconciliation process, it is helpful to review how the state and local tax (SALT) deduction is taken by taxpayers across U.S. counties. Using 2018 data from the Internal Revenue Service, we can examine how

Would Extending More Generous Tax Credits Increase The Number Of Non-Income Tax Payers?
August 25, 2021
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TweetShareSharePin0 Shares We know the pandemic and the policy response to it dramatically increased the number of households that did not pay federal individual income tax in 2020 and will do so again this year. The bump was transitory, caused by a troubled 2020 economy and enactment of massive but temporary tax cuts. But what
Thirty Days Hath September… | Tax Policy Center
August 25, 2021
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TweetShareSharePin0 Shares House passes the budget resolution, sets an infrastructure vote for September 27. The House passed the $3.5 trillion budget framework on a party-line vote. Speaker Nancy Pelosi committed to bringing the bipartisan $1 trillion infrastructure bill to the House by September 27. It remains to be seen whether the House can pull together