tax Archive

TweetShareSharePin0 Shares Loss carryover provisions allow businesses to either deduct current year losses against future profits (carryforwards) or current year losses against past profits (carrybacks). Many companies have investment projects with different risk profiles and operate in industries that fluctuate greatly with the business cycle. Carryover provisions help businesses “smooth” their risk and income, making

TweetShareSharePin0 Shares South Korea Cracks Down on Cryptocurrency Tax Evasion & Dodgers South Korea Cracks Down on Cryptocurrency Tax Evasion South Korea Cracks Down on Cryptocurrency Tax Dodgers: Not all countries have welcomed cryptocurrency with open arms – including Korea. Many countries are worried about tax fraud and evasion. In the US, there have several

TweetShareSharePin0 Shares Whether you’re a self-appointed connoisseur or an occasional sipper of chardonnay, you may not have thought about the taxes that go into your wine purchase. But now you can quench your newfound thirst for excise tax info with this week’s map, which compares wine taxes among the 50 states, expressed in dollars per gallon. States

TweetShareSharePin0 Shares Today we have the pleasure of looking at an IRC 6751(b) opinion written by Judge Holmes.  For long time readers of this blog, the link between Judge Holmes and Graev consequences of not following the statutory language requiring approval of the immediate supervisor are well known.  His warning of Chai ghouls continues to

TweetShareSharePin0 Shares On Thursday, New Hampshire lawmakers are scheduled to take up a budget conference report which contains several tax reforms negotiated by both chambers that would ultimately make New Hampshire the ninth state to impose no tax on individual income. These reforms floated at the beginning of the 2021 session found their way into

TweetShareSharePin0 Shares The IRS has opened an online site to enable taxpayers to unenroll from receiving advance payments of the 2021 child tax credit (CTC). The new “Child Tax Credit Update Portal” allows parents to view their eligibility, view their expected CTC advance payments, and, if they wish to do so, unenroll from receiving advance

TweetShareSharePin0 Shares As Congress considers President Biden’s proposal to raise the corporate tax rate from 21 percent to 28 percent, it is important to remember that the Tax Cuts and Jobs Act (TCJA) of 2017 expanded the corporate tax base. A broader corporate tax base means that increasing the tax rate will have a larger