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tax Archive

Early sunset of the employee retention credit gets penalty relief

TweetShareSharePin0 Shares Employers that received an advance payment of the employee retention credit (ERC) or reduced their employment tax deposits in anticipation of receiving the ERC for the fourth calendar quarter of 2021 may repay or deposit the taxes without penalty under guidance issued Monday by the IRS (Notice 2021-65). The guidance became necessary when

AICPA tax advocacy gets results in 2021

TweetShareSharePin0 Shares Pandemic-related concerns, natural disasters, and new tax laws were among the many challenges that faced tax practitioners and their clients in 2021. In this ever-evolving environment, the AICPA Tax Policy and Advocacy group worked with the AICPA Congressional Affairs group to represent the interests of practitioners and the public. The AICPA’s tax advocacy

Bipartisan Tax Policy: Tax Policy’s Bipartisan Roots

TweetShareSharePin0 Shares The following blog post was adapted from a speech given by Mr. Graetz at the Tax Foundation’s 2021 “Tax Prom,” where Mr. Graetz was awarded the Distinguished Service Award. I always begin my classes in Federal Income Taxation by reminding my students that the tax law is the primary link between people and

Tax Justice Network proposal to FATF’s consultation on beneficial ownership for legal persons

TweetShareSharePin0 Shares The Financial Action Task Force (FATF) in charge of the Recommendations on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) has opened a consultation on the reform of Recommendation 24 on beneficial ownership for legal persons. We have sent written submissions and participated at calls on Recommendation 24 and recently Recommendation 25

NC Reinforces Its Tax Reform Legacy

TweetShareSharePin0 Shares With the adoption of its new budget in mid-November, North Carolina has reinforced its position as a leader in pro-growth tax reform, becoming the 12th state to enact income tax rate reductions in 2021 alone. (An additional four states implemented income tax cuts in 2021 that were previously adopted or were automatically triggered

Comparing Consumption Tax Systems in Europe, 2021

TweetShareSharePin0 Shares Today we examine how European countries rank on consumption taxes, continuing our map series on our recently published 2020 International Tax Competitiveness Index (ITCI). The ITCI measures and compares the competitiveness and neutrality of all 36 OECD countries’ tax systems, looking at corporate income taxes, individual taxes, consumption taxes, property taxes, and the
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