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Treasury Department Archive

Experts Call for Increased IRS Budget and Staff

TweetShareSharePin0 Shares Partisan bickering over tax rates is a constant, but when five of the nation’s former Treasury Secretaries agree on something, it’s time to take notice. In response to reports of enormous disparities between what taxes owed and taxes collected, Lawrence Summers, Robert Rubin, Henry Paulson, Jacob Lew, and Timothy Geithner all called for

President Biden: “We Have A Deal” On A Bipartisan Infrastructure Package

TweetShareSharePin0 Shares Biden signs on to the bipartisan infrastructure framework. After meeting with 5 Republican and 5 Democratic Senators, Biden announced his support for their $1.2 trillion spending plan on roads, bridges and other traditional infrastructure. The plan includes no tax increases, according to a White House fact sheet, but does include an unspecified amount

A Bipartisan Breakthrough, A Budget Boost

TweetShareSharePin0 Shares Progress toward the outline of a potential agreement. That’s how White House press secretary described a possible deal on an infrastructure plan between a bipartisan group of senators and top White House aides. The senators said last night they had reached tentative agreement on how to spend about $1 trillion, including about $579

Net Operating Loss (NOL) Tax Provisions in Europe

TweetShareSharePin0 Shares Loss carryover provisions allow businesses to either deduct current year losses against future profits (carryforwards) or current year losses against past profits (carrybacks). Many companies have investment projects with different risk profiles and operate in industries that fluctuate greatly with the business cycle. Carryover provisions help businesses “smooth” their risk and income, making

All Your Sales Tax Questions Answered

TweetShareSharePin0 Shares When you decide to start your own business, there are a million details — large and small — that need to be addressed. One that may not be top of mind, but needs consideration, is sales tax. Collecting, reporting, and paying sales tax is a responsibility that most businesses need to pay attention

State Wine Taxes | Compare 2021 Wine Tax Rates

TweetShareSharePin0 Shares Whether you’re a self-appointed connoisseur or an occasional sipper of chardonnay, you may not have thought about the taxes that go into your wine purchase. But now you can quench your newfound thirst for excise tax info with this week’s map, which compares wine taxes among the 50 states, expressed in dollars per gallon. States

Net Operating Loss (NOL) Policies in the OECD

TweetShareSharePin0 Shares Key Findings Net operating loss (NOL) deductions (carryforwards and carrybacks) help ensure that businesses are taxed on their average profitability, which makes the tax code more neutral across businesses and over time. Ideally, countries should allow their businesses to carry their losses forward and back without any limits. However, no OECD country with

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