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Oklahoma Tax Bill Included in Budget Agreement

TweetShareSharePin0 Shares Last Friday, Oklahoma Governor Kevin Stitt (R) signed House Bills 2960, 2962, and 2963 into law as part of a budget agreement, bringing the legislature’s tax plans across the finish line. These bills will reduce the state’s corporate and individual income tax rates beginning in tax year 2022. House Bill 2960 reduces the

CBO Report on R&D and Tax Policy in the Pharmaceutical Industry

TweetShareSharePin0 Shares The importance of research and development (R&D) spending by the pharmaceutical industry and its resulting innovations is clearer than ever as millions of people are getting vaccinated against COVID-19. In a new report, the Congressional Budget Office (CBO) analyzes federal policies that influence R&D spending in the pharmaceutical industry. The report highlights how

Revisiting Supervisory Approval For Accuracy Penalties

TweetShareSharePin0 Shares Today’s post comes from University of Minnesota Law student, Patrick Riley Murray. Mr. Murray is not actually one of my students in my Federal Tax Procedure or the Federal Tax Clinic courses. However, Mr. Murray was referred to me by a student and previous Procedurally Taxing contributor Casey Epstein (see post here), as

Progress On A Global Corporate Tax Rate?

TweetShareSharePin0 Shares Will there be a global deal on corporate taxation of multinationals later this year? The Financial Times reports that Group of Seven countries is closing in on an agreement. France, Germany and Italy think the US offer of a15 percent global minimum tax could set the stage for an international deal by July.

State Taxation of GILTI: Impact of Biden Tax Proposals

TweetShareSharePin0 Shares   Key Findings Twenty states and the District of Columbia tax some portion of Global Intangible Low-Taxed Income (GILTI), although only 16 of those states have issued guidance on the matter more than three years after the federal law went into effect. States that have not yet issued guidance on their treatment of

Sorting out tax exempts’ UBTI painlessly

TweetShareSharePin0 Shares Two digits are mostly better than six In comments to the IRS on the proposed regulations, the AICPA called for much broader two-digit codes to eliminate the complexity posed by using six, and opposed mandating the codes’ use. The new silo requirement originally “created a lot of confusion and left people guessing,” Heller

Death and Taxes

TweetShare1SharePin1 Shares On the substantive side of tax issues Congress is focusing on death and taxes as it studies and debates whether to eliminate the stepped up basis currently given to property upon the death of the owner.  This debate is not new.  When I was in law school in the mid-1970s taking a class
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