tax Archive
Make Under $400K? Surprise Manchin-Schumer Tax Deal Won’t Impact You
July 28, 2022
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TweetShareSharePin0 Shares On Thursday, July 14, Senator Charles Manchin (D-WV) and his staff dealt a “crushing blow” to Senate Majority Leader Chuck Schumer (D-NY), with the former saying he was only willing to support a reconciliation bill in August if it includes a provision to lower prescription drug prices and a two-year extension of Affordable Care Act
Senate passes CHIPS Act with semiconductor tax credit
July 27, 2022
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TweetShareSharePin0 Shares The U.S. Senate on Wednesday passed a bill to encourage greater domestic production of microchips and other semiconductor materials and devices, in part through a new investment tax credit. The Creating Helpful Incentives to Produce Semiconductors (CHIPS) for America Act of 2022 (Senate Substitute Amendment 5135 to H.R. 4346) includes the credit in
How Much Do Tax-Exempt Organizations Benefit from Tax Exemption on Their Income?
July 27, 2022
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TweetShareSharePin0 Shares A relatively small number of non-profit organizations where revenues exceed expenses save as much as $21 billion in taxes annually, new research by Nathan Born (a graduate student at Wharton) and I found. Non-profit hospitals enjoyed nearly two-thirds of that tax savings. Income earned by tax-exempt organizations, like 501(c)3 charities, generally is excluded
IRS Stuck with Concession
July 27, 2022
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TweetShareSharePin0 Shares The case of Estate of Demuth, Jr. v. Commissioner, TC Memo 2022-72 discusses the issue of the impact of a concession by the IRS when the court finds that the conceded item would be taxable but for the concession. The Tax Court finds the concession binding and allows a reduction of the taxable
Superstar Shakira Rejects Prosecution Deal, Faces Huge Tax Trial
July 27, 2022
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TweetShareSharePin0 Shares Latin music superstar, Shakira, is facing a tax trial in Spain after rejecting prosecutors’ deal. The singer’s legal woes began quite some time ago — a July 2021 Newsweek article outlines the tax evasion allegations she is facing in Spain: Judge Jesús Juberías, who made this ruling after a three-year investigation, noted that
Despite Controversy, Detroit City Council Approves $60 Million In Property Tax Breaks
July 27, 2022
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TweetShareSharePin0 Shares Despite Controversy, Detroit City Council Approves $60 Million In Property Tax Breaks Source link TweetShareSharePin0 Shares
Corporate Tax Cuts Effects: Research & Analysis
July 26, 2022
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TweetShareSharePin0 Shares When thinking about tax policy, economists typically distinguish between the short run and long run. While there might be temporary boosts to the economy in the short term from a tax cut due to increased incomes, changes in tax policy alter the incentives to work, save, and invest, which can produce benefits to
Letter to IRS from AICPA
July 26, 2022
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TweetShareSharePin0 Shares The American Institute of Certified Public Accountants (AICPA) wrote a letter to Commissioner Rettig and Assistant Secretary for Tax Policy Lily Batchelder on July 11, 2022, making several requests related to the difficulties at the IRS resulting from the pandemic which has translated into difficulties for taxpayers and their representatives. The letter makes
Charity Care and Tax Cut Promises
July 26, 2022
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TweetShareSharePin0 Shares How much charity care do nonprofit hospitals provide? A Wall Street Journal analysis (paywall) finds that nonprofit hospitals, registered as charitable organizations because they are charted to support their communities, wrote off 2.3 percent of their patient revenue as “charity care.” But their for-profit competitors wrote off 3.4 percent. The analysis excludes other
Beer Taxes in Europe, 2022 | Beer Excise Tax Rates
July 26, 2022
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TweetShareSharePin0 Shares ’Tis the season to crack open a cold one. Ahead of International Beer Day on August 5th, let’s take a minute to discover how much of your cash is actually going toward the cost of a brew with this week’s tax map, which explores excise duties on beer. EU law requires every EU
