tax Archive

TweetShare1SharePin1 Shares When Joe Biden ran for president, his campaign platform included dozens of relatively specific tax proposals. They ranged from expanding refundable tax credits for low- and moderate-income households to increasing payroll taxes for high-income workers to major changes in the way the US would tax multinational corporations. And, with a few notable exceptions,

TweetShareSharePin0 Shares This has been a tough year for the IRS.  For a variety of reasons not the least of which is the pandemic, it has faced numerous challenges.  My understanding is that its performance in answering the general phone line during the filing season ranged somewhere between 2-5% which is not good but it’s

TweetShareSharePin0 Shares While much of the tax policy now under debate aims to increase the tax burden on businesses, several policies in the newly released Republican Study Committee (RSC) budget for Fiscal Year 2022 focus on reducing the tax code’s barriers to investment and saving. The RSC budget contains many possible tax reforms, but two

TweetShareSharePin0 Shares Property taxes are an important source of revenue for local and state governments. In fiscal year (FY) 2018 (the most recent year of data available), property taxes generated 31.1 percent of total U.S. state and local tax collections and 71.7 percent of local tax collections. Local governments rely heavily on property taxes to fund schools, roads, police

TweetShareSharePin0 Shares Congress has passed legislation creating a much expanded child tax credit (CTC) and requiring the IRS to make advance payments of the CTC during the 2021 tax year starting in July.  The expanded credit provides a $3,600 credit for every child under 6 and a $3,000 credit for every child under 17.  The

TweetShareSharePin0 Shares Treasury Secretary Yellen on corporate tax increase: A return to historical norms. In an address to the US Chamber of Commerce Global Forum on Economic Recovery, Yellen said  revenues from a corporate tax increase would reduce inequality and rebuild the country’s infrastructure. “With corporate taxes at a historical low of 1 percent of

TweetShareSharePin0 Shares In Rev. Proc. 2021-24, the IRS clarified how individuals who are not otherwise required to file 2020 federal income tax returns can claim advance child tax credit (CTC) payments as well as stimulus payments (i.e., third-round economic impact payments, 2020 recovery rebate credit payments, and additional 2020 recovery rebate credit payments). To process