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Reconciliation Bill Tax Innovation Effects

TweetShareSharePin0 Shares When examining how tax policy impacts the economy, researchers typically look at labor supply and investment responses. One other channel through which taxes impact the economy has been less studied: innovation. A new National Bureau of Economic Research (NBER) paper reviews the literature and concludes that taxes have a significant impact on the

Streamlined Filing Compliance Procedures: (New) How to Apply

TweetShareSharePin0 Shares Streamlined Filing Compliance Procedures Streamlined Filing Compliance Procedures Streamlined Filing Compliance Procedures (SFCP): Taxpayers with undisclosed offshore accounts, assets, investments and/or income who missed timely FBAR and FATCA reporting may benefit from the IRS Tax Amnesty Programs. The Streamlined Filing Compliance Procedures are one of the more popular offshore amnesty programs — due

Lawmakers Could Pay for Reconciliation While Improving the Tax Code

TweetShareSharePin0 Shares With corporate and individual rate hikes potentially out of the Build Back Better (BBB) reconciliation package, lawmakers are weighing alternative options to raise revenue. Rather than come up with complicated changes to the tax base, or untested proposals such as mark-to-market for billionaires, they should prioritize options that raise revenue while improving the

Minimum Tax on Book Income Would Hit Stock Compensation

TweetShareSharePin0 Shares One way employees can be compensated for their work, in addition to wages, salaries, and benefits, is through awards of company stock. The tax treatment of stock-based compensation has received attention for contributing to the gap between corporate taxable income and book income reported on financial statements, which President Biden has proposed targeting
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