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tax Archive

What’s in Arizona’s Tax Reform Package?

TweetShareSharePin0 Shares After weeks of deliberations, Arizona Gov. Doug Ducey (R) this week signed into law a budget for fiscal year (FY) 2022 that reduces the state’s individual income tax rates and consolidates brackets, a plan that will help restore Arizona’s reputation as a low-tax alternative to California. The enacted law kept the basic framework

What’s in the New Global Tax Agreement?

TweetShareSharePin0 Shares In recent years, countries have been debating significant changes to international tax rules that apply to multinational companies. This week there was a breakthrough in discussions, and an outline for the new rules was released by the Organisation for Economic Co-operation and Development (OECD). If today’s global tax agreement is fully implemented, large

Farm businesses receive guidance on tax treatment of losses

TweetShareSharePin0 Shares The IRS issued Rev. Proc. 2021-14 on Wednesday instructing taxpayers with a net operating loss (NOL), consisting entirely or partly of a “farming loss,” as defined in Sec. 172(b)(1)(B)(ii), on how to make or revoke certain elections including those available under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. 116-136. For

How to stop #LuxLetters and the abuse of tax rulings

TweetShareSharePin0 Shares Written by Leyla Ates, Andres Knobel, and Markus Meinzer. One of the most powerful tactics a multinational corporation can use to abuse tax is to secure a tax ruling in one country that gives the corporation written permission to exercise an abusive interpretation of the country’s tax law in a way that ultimately

State & Local Tax Structure Has a Critical Impact

TweetShareSharePin0 Shares While high top tax rates may provide “sticker shock” for corporations looking for a state to call home, they are just one of several important drivers of businesses’ tax burdens and tax compliance costs. The tax base, and more broadly, the structure of the tax code, play a large role in business taxes

Proposals to Fix Upcoming Federal Tax Changes

TweetShareSharePin0 Shares Three upcoming tax law changes scheduled by the 2017 Tax Cuts and Jobs Act (TCJA) to help offset its revenue losses would be canceled by proposed legislation that would prevent the tax treatment of investment from worsening over the coming years. Three Upcoming Tax Increases on Investment Policy Timing Requirement to amortize R&D

The Family and Worker Benefit Unit

TweetShareSharePin0 Shares In my last two blogs here and here, I have tried to think through how to reconcile challenging and sometimes competing policy and administrative considerations in order to pay the Child Tax Credit in advance throughout the tax year on a monthly basis.  In this blog post I turn to the broader issue
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