tax Archive

TweetShareSharePin0 Shares The IRS on Tuesday issued Fact Sheet 2021-13 updating its frequently asked questions (FAQs) concerning the child tax credit (CTC) and advance payments, telling taxpayers how to estimate and update their projected 2021 MAGI on the online Child Tax Credit Update Portal and explaining how modified adjusted gross income (MAGI) affects eligibility for,

TweetShareSharePin0 Shares Homeowners who receive or benefit from payments from a federal homeowner assistance fund were given an optional IRS safe harbor Monday for computing their itemized deductions for mortgage interest and real property taxes. The guidance, in Rev. Proc. 2021-47, is intended to allow taxpayers to compute their itemized deductions for mortgage interest and

TweetShareSharePin0 Shares On the heels of Halloween, leaders of the world’s 20 biggest economies endorsed a global minimum tax of 15 percent on large multinational corporations. The minimum tax, signed in Rome and announced by the Organisation for Economic Co-operation and Development (OECD), is intended to curb profit shifting and limit tax rate competition between

TweetShareSharePin0 Shares Spain’s lower chamber has given a green light to the 2022 budget proposal, which comes with a new minimum corporate tax rate of 15 percent for large companies with annual revenue over €20 million (US $23 million), while banks and energy firms must pay a minimum of 18 percent. The goal is to

TweetShareSharePin0 Shares The second edition of the Tobacconomics Cigarette Tax Scorecard is out today and shows that governments have made insufficient progress in addressing the world’s leading cause of preventable death, despite established evidence that the most effective tool—tobacco taxation—would reduce smoking and increase tax revenues. By using new data from the WHO Report on

TweetShareSharePin0 Shares Executive Summary Overview Oklahoma policymakers have been focused on tax reform for many years, always keeping an eye on the state’s neighbor to the south. Legislators succeeded in reducing rates for both individual and corporate income taxes, but Oklahoma is far from alone in this pursuit. In an increasingly mobile economy, states are

TweetShareSharePin0 Shares Miami Legal Services is looking to add an attorney to their tax clinic. Here is a link to the job announcement. Keith In Insinga v. Commissioner, 157 T.C. No. 8 (2021) the Tax Court holds that the claim for payment a whistleblower has for providing information to the IRS does not die with