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tax Archive

Draft employer’s payroll tax return incorporates ARPA changes

TweetShareSharePin0 Shares The IRS on Tuesday released a draft revised 2021 version of Form 941, Employer’s Quarterly Federal Tax Return, reflecting further new and updated payroll tax credits. The current official version was released less than three months earlier on March 9, and the impending further changes reflect Congress’s multiple provisions of temporary payroll tax

Biden’s Tax On Large Capital Gains At Death Will Catch A Few With Annual Incomes Of Less than $400,000

TweetShareSharePin0 Shares President Biden’s campaign promise never to raise taxes on those making $400,000 or less annually will inevitably conflict with his proposal to tax unrealized capital gains at death. We estimate Biden’s new capital gains tax could exempt about 98 percent of decedents who made $400,000 or less, but about 2 percent may face

Things That Make You Say Hmmm

TweetShareSharePin0 Shares We welcome back guest blogger and commenter in chief, Bob Kamman.  As usual, Bob has found things that the rest of us overlook.  In addition to the interesting twists on the way things work that Bob discusses below, I received a message from Carl Smith who, though retired, still takes some interest in

Donor Disclosures, Income Measures, and Tax Prep

TweetShareSharePin0 Shares ISO: Funds to pay for infrastructure. Democrats and Republicans have been at loggerheads for weeks over how to pay for Biden’s big infrastructure bill, or some version of it. Democrats want to raise corporate taxes. Republicans say they want to raise unspecified user fees. Now a bipartisan group of eight senators is floating

Tax Relief for Families in Europe, 2021

TweetShareSharePin0 Shares Most countries provide tax relief to families with children—typically through targeted tax breaks that lower income taxes. While all European OECD countries provide tax relief for families, its extent varies substantially across countries. One way to measure targeted tax relief for families is to compare the tax burdens on labor of a family

13 States That Tax Social Security Benefits

TweetShareSharePin0 Shares Thirteen states tax Social Security benefits, a matter of significant interest to retirees. Each of these states has its own approach to determining what share of benefits is subject to tax, though these provisions can be grouped together into a few broad categories. Today’s map illustrates these approaches. Thirty-seven states and D.C. either

Oklahoma Tax Bill Included in Budget Agreement

TweetShareSharePin0 Shares Last Friday, Oklahoma Governor Kevin Stitt (R) signed House Bills 2960, 2962, and 2963 into law as part of a budget agreement, bringing the legislature’s tax plans across the finish line. These bills will reduce the state’s corporate and individual income tax rates beginning in tax year 2022. House Bill 2960 reduces the
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