Treasury Department Archive
Compliation of Important Streamlined Procedures Filing Facts
August 5, 2021
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TweetShareSharePin0 Shares Streamlined Procedures Summarized in 10 Easy Steps Streamlined Filing Procedures Summary Streamlined Procedures Summarized in 10 Easy Steps: When International Tax Attorneys refer to the Streamline Procedures, they are referring to the Streamlined Filing Compliance Procedures – which can be broken down even further into the Streamline Domestic Offshore Procedures and Streamlined Foreign
New Report Shows TCJA Reduced Tax Rates Across the Board
August 5, 2021
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TweetShareSharePin0 Shares Wednesday, the Congressional Budget Office (CBO) published its annual analysis of the distribution of American household incomes and tax burdens, this time for 2018, the year after the Tax Cuts and Jobs Act (TCJA) was enacted. CBO data shows that the TCJA reduced federal tax rates for households across every income level while
Why Full Cost Recovery Is Right Even if Assets Increase in Value
August 5, 2021
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TweetShareSharePin0 Shares Critics of depreciation deductions for business expenses in the tax code occasionally argue that assets that can go up in value, like structures or sports teams, should not receive the same depreciation deductions as assets that decline in value. That criticism is driven by a deeper dispute over whether businesses should be taxed
A Better Fit for a Better Tax Code
August 5, 2021
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TweetShareSharePin0 Shares Binyamin Applebaum of The New York Times recently authored an op-ed calling for the adoption of return-free filing. Under return-free filing, many taxpayers would receive an already-completed return that they could amend. It’s an appealing idea, but for it to deliver its promised benefits, the U.S. tax code would have to be much
Spending Demands, Marriage Penalties, and Other Tax Rules
August 5, 2021
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TweetShareSharePin0 Shares Remember those spending bills? Senate Minority Leader McConnell issues demands. Senate Democrats need 60 votes in order to pass any of the 12 bills that fund the federal government in the next fiscal year. The Senate Appropriations Committee just passed its first package of bills for fiscal year 2022. Senate Minority Leader Mitch
Streamlined Filing Compliance Procedures: (New) Update 2021
August 5, 2021
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TweetShareSharePin0 Shares Streamlined Filing Compliance Procedures Streamlined Filing Compliance Procedures Streamlined Filing Compliance Procedures (SFCP): IRS introduced the “stand-alone” Streamlined Filing Compliance Procedures in 2014. This was around the time foreign countries began entering into FATCA agreements (Foreign Account Tax Compliance Act) with the United States. As a result of FATCA (and enhanced FBAR
The Tax Justice Network August 2021 Spanish language podcast, Justicia ImPositiva: Nuevo impuesto corporativo: estrategia de los países en desarrollo #61
August 5, 2021
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TweetShareSharePin0 Shares Welcome to our Spanish language podcast and radio programme Justicia ImPositiva with Marcelo Justo and Marta Nuñez, free to download and broadcast on radio networks across Latin America and Spain. ¡Bienvenidos y bienvenidas a nuestro podcast y programa radiofónico! Escuche por su app de podcast favorita. En este programa: Semanas cruciales para el nuevo impuesto
How Can the Retirement System Help More People Afford Retirement?
August 4, 2021
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TweetShareSharePin0 Shares You don’t have to be a mechanic to drive a car, and you shouldn’t have to be a financial expert to prepare for a secure and adequate retirement. In a nutshell, that’s the theme of a new book we edited and contributed to, Wealth After Work: Innovative Reforms to Enhance Retirement Security.
Does Your State Have a Marriage Penalty?
August 4, 2021
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TweetShareSharePin0 Shares Today’s map zeroes in on states that have a “marriage penalty” in their individual income tax brackets. Under a graduated-rate income tax system, a taxpayer’s marginal income is subject to progressively higher tax rates. A marriage penalty exists when a state’s income brackets for married taxpayers filing jointly are less than double the bracket
Stop and Go Traffic for Infrastructure Bill
August 4, 2021
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TweetShareSharePin0 Shares “We’re just getting started…” Senate Minority Leader Mitch McConnell signaled that the amendment process for the bipartisan infrastructure bill would be no small affair. Meanwhile, centrist Democratic Senator Joe Manchin said that he’d back Senate Majority Leader Schumer shutting down debate to force a final infrastructure vote this week, reiterating that he’d support
