tax Archive

TweetShareSharePin0 Shares After rejecting corporate income tax rate increases to help pay for  President Biden’s Build Back Better plan, House Democrats passed a 15 percent alternative minimum tax on the income very large corporations report to their shareholders. This tax on book income would raise about $300 billion over 10 years. But it creates a

TweetShareSharePin0 Shares The House of Representatives on Friday morning passed H.R. 5376, the Build Back Better Act, by a vote of 220–213. The bill encompasses a wide range of budget and spending provisions and has been the focus of protracted negotiations for the past several weeks. For more on the nontax provisions of the bill,

TweetShareSharePin0 Shares In three revenue procedures (Rev. Procs. 2021-48, 2021-49, and 2021-50) the IRS provided guidance Thursday on the treatment of amounts excluded from taxpayers’ gross income in connection with forgiveness of Paycheck Protection Program (PPP) loans. The AICPA had requested guidance in a March 15, 2021, letter to the IRS. While it is excluded

TweetShareSharePin0 Shares The House budget reconciliation deal rejected a corporate income tax rate increase in favor of a 15 percent minimum tax on book income. Though both President Biden and the House Ways and Means committee proposed a tax rate hike, conservative Democrats blocked that measure, arguing it would harm the economy. But a moderate

TweetShareSharePin0 Shares The current version of the reconciliation bill—the Build Back Better Act—attempts to walk a fine (politically imposed) line: raising hundreds of billions of dollars from higher corporate taxes without raising the corporate tax rate. The centerpiece of this effort is the book minimum tax, a new alternative minimum tax applied to the financial

TweetShareSharePin0 Shares Our recently published 2021 International Tax Competitiveness Index (ITCI) measures and compares how well OECD countries promote sustainable economic growth and investment through competitive and neutral tax systems. This week, we examine how European OECD countries rank on individual taxes, continuing our series on the ITCI’s component rankings. The ITCI’s individual tax component

TweetShareSharePin0 Shares Last week, the Bureau of Labor Statistics (BLS) announced that prices had risen 6.2 percent in the year up to October 2021, the fastest rate since 1990. The persistently high inflation in recent months has made some lawmakers question the need for additional deficit spending. In the short term, the Build Back Better