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Proposed Tax Preparer Regulation Bill: Here’s What’s Included

TweetShareSharePin0 Shares In the face of growing concerns, Representative Jimmy Panetta, a Democrat from California, and Representative Tom Rice, a Republican from South Carolina, have introduced legislation that would place stricter controls and regulations on those who are paid to assist taxpayers in the preparation of their tax returns. The Taxpayer Protection and Preparer Proficiency

State Tax Incentives & Their Hidden Costs

TweetShareSharePin0 Shares Job creation tax credits. Investment tax credits. Research and development tax credits. Payroll withholding tax rebates. Property tax abatements. Those are just five of the major categories of tax incentives states offer with the goal of encouraging new investment and economic development in their state. Nearly all states offer at least one of

Territorial Tax Systems in Europe, 2021

TweetShareSharePin0 Shares Under a territorial tax system, multinational businesses primarily pay taxes to the countries in which they are physically located and earn their income. This means that territorial tax regimes do not generally tax the income companies earn in foreign countries. A worldwide tax system, on the other hand—such as the system previously employed

2021 Sales Tax Holiday | Sales Tax Holidays by State

TweetShareSharePin0 Shares While sales tax holidays have been politically popular for a long time, they’ve seen a boost with lawmakers in several states this year as a way to share unanticipated surpluses with taxpayers. Although state budgets may be in unusual places this year, sales tax holidays remain the same as they always have been—ineffective

TPC Experiments with Another Model to Estimate the Economic Effects of Tax Law Changes

TweetShareSharePin0 Shares The Tax Policy Center has traditionally measured the macroeconomic effects of tax changes based on historical experience and empirical estimates from the economics literature. But that isn’t the only way to estimate how tax changes affect the overall economy. Another one, implemented in the OG-USA model, considers how households respond to expected future

IRS launches ‘Tax Pro Account’ feature

TweetShareSharePin0 Shares The IRS unveiled a new online feature on Monday known as the “Tax Pro Account,” the purpose of which, for now, is to automate the submission of powers of attorney (POAs) to authorize tax practitioners to represent individual taxpayers and tax information authorizations (TIAs) to view their taxpayers’ accounts. But the IRS ultimately

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