tax Archive

Reviewing Business Tax Expenditures: Credit Union Tax Exemption
September 23, 2021
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TweetShareSharePin0 Shares Key Findings Policymakers should carefully analyze tax expenditures before categorizing one as a loophole—some tax expenditures are important structural elements of the tax code while others are unsound. Generally, if a provision is broadly available and helps to eliminate the double taxation of saving, or broadly contributes to a consumption tax base, it
Final regs. issued on qualified improvement property under FDII, GILTI
September 22, 2021
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News FOREIGN INCOME & TAXPAYERS By Paul Bonner The IRS published final regulations (T.D. 9956) Wednesday addressing the treatment of qualified improvement property (QIP) for purposes of calculating qualified business asset investment (QBAI) for QIP under the alternative depreciation system (ADS) under Secs. 250 and 951A — respectively, the foreign-derived intangible income

Tax Justice 101: Become a tax whizz with our new explainer series
September 22, 2021
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TweetShareSharePin0 Shares Taxation is really easy to understand, right? Well, no, not really. In fact it can all seem a bit complicated. The way governments design and implement tax policies has a huge impact on how fair and equal our societies are, though, and just taxation can make the difference between success and failure when
Jeopardy Assessments
September 22, 2021
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TweetShareSharePin0 Shares Jeopardy assessments are relatively unusual and have not been heavily covered on PT, with the exception of the District Court and Tax Court cases of former Pennsylvania state Senator Vincent J. Fumo. I first wrote about the government’s attempted jeopardy assessment against Mr. Fumo early in the life of this blog, here and
Preview of This Week’s ABA Tax Section Virtual Fall Meeting
September 21, 2021
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TweetShareSharePin0 Shares The ABA Section of Taxation kicked off its Fall Meeting virtually yesterday, with a plenary address by Thomas A. Barthold, Chief of Staff, Joint Committee on Taxation, followed by CLE programs from the Corporate Tax, Employee Benefits, State & Local Tax, and Transfer Pricing committees. A full week of programming follows, starting at
Registration is open for the 6th International Conference on Taxpayer Rights
September 21, 2021
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Back in pre-pandemic days, the Center for Taxpayer Rights planned to hold its 5th International Conference on Taxpayer Rights (ICTR) at the University of Pretoria in South Africa in October 2020. We had a

2021 Spanish Regional Tax Competitiveness Index
September 21, 2021
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TweetShareSharePin0 Shares Note: Below is an excerpt of the 2021 Spanish Regional Tax Competitiveness Index (RTCI), a recent report published in collaboration with Fundación para el Avance de la Libertad. The RTCI for Spain is designed to analyze how well regions structure their tax systems, allows policymakers, businesses, and taxpayers to evaluate and measure how their regions’ tax

Federal Tobacco Tax Proposal May Result in 50% Increase in State Taxes
September 20, 2021
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TweetShareSharePin0 Shares Much has been written about the House Democrats’ proposal to increase tobacco and nicotine products taxes over the last week. The proposal, which would double the tax on cigarettes while taxing every other tobacco and nicotine product at comparable rates, would have significant implications on the availability of non-cigarette tobacco products. And the
Congress to Consign IRC 6751(b) to the Graev?
September 20, 2021
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TweetShareSharePin0 Shares Carl Smith brought to my attention that one of the provisions in the tax bill currently working its way through Congress proposes to repeal IRC 6751(b) and he provided me with the title to this post. I joked with others on the email thread that such a repeal could spell the end of

How Progressive is the US Tax System?
September 17, 2021
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TweetShareSharePin0 Shares As Congress considers several tax proposals designed to raise taxes on high-income earners, it’s worth considering the distribution of the existing tax code. While the image that rich Americans pay little taxes is popular, it’s a misconception: high-income individuals already pay a large share of taxes, even when compared to their share of