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tax Archive

Cigarette Tax Scorecard shows modest progress globally

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

Oklahoma Tax Reform Options Guide

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

Infrastructure bill tax provisions include ERC termination

TweetShareSharePin0 Shares The employee retention credit will be terminated early and broker reporting of cryptoasset transfers will be required as a result of legislation (H.R. 3684) that passed the House of Representatives late Friday and is headed to President Joe Biden’s desk to be signed into law. Known as the Infrastructure Investment and Jobs Act,

IRS makes retirement account inflation adjustments for 2022

TweetShareSharePin0 Shares News EMPLOYEE BENEFITS & PENSIONS By Paul Bonner This IRS issued Notice 2021-61 Thursday updating for 2022 dollar-amount ceilings and thresholds for a wide range of qualified retirement plans and accounts, including traditional individual retirement arrangements (IRAs) and Roth IRAs. The notice also has the 2022 limits on elective deferrals for plans

IRS Succeeds in Jurisdictional Argument – With a Twist

TweetShareSharePin0 Shares For years the IRS has argued against the application of the Supreme Court’s jurisprudence regarding time periods for filing cases.  It has consistently taken the position that time periods for filing are jurisdictional in order to keep taxpayers to whom it gave the wrong dates for filing, who never received notices, who were

Carried interest reporting FAQs and guidance posted

TweetShareSharePin0 Shares In News Release IR-2021-215 and a webpage answering frequently asked questions (FAQs), the IRS provided guidance Wednesday on filing and reporting by passthrough entities and holders of applicable partnership interests (APIs) held in connection with performance of services under Sec. 1061, known as carried interests. The FAQs provide further guidance on final regulations
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