Treasury Department Archive

States and Taxes: It’s All About That Base

TweetShareSharePin0 Shares IRS: If your state offers inflation payments, hold off on filing your taxes. The agency is working on guidance related to state-issued inflation payments or tax rebates issued in dozens of states. The IRS says it needs more time to determine which of these payments will be subject to federal income tax. Rather

Will the IRS Tax State Tax Rebates?

TweetShareSharePin0 Shares If your state issued tax rebates last year, you might have to pay federal income tax on the rebate you received. Maybe. Who knows? Unfortunately, not the IRS—at least not yet. This uncertainty is unfair to taxpayers. Tax experts have long known that the taxability of state rebate payments would be an issue,

More Defendants Charged In $50 Million Tire Ponzi Scheme

TweetShareSharePin0 Shares Additional defendants have been charged in a $50 million Ponzi scheme involving off-road tires. According to an official release from the IRS, federal grand jury has indicted two Texas men for their roles in one or more alleged conspiracies involving wire fraud, money laundering and tax fraud. Credit: Serhii Nemyrivskyi/Getty Images Charges pending against

Biden State of the Union Tax Proposals

TweetShareSharePin0 Shares Tax policy will reportedly be featured in President Biden’s State of the Union Address tonight, but rather than offer a vision of how the tax code could be simplified or reformed to address today’s economic challenges, the President will outline three proposals that will add to the ever-growing maze of complex, narrowly-targeted tax

Corporate Tax Breaks & Social Spending

TweetShareSharePin0 Shares A new tax expenditures report by the Joint Committee on Taxation (JCT) reveals two problematic developments: 1) policymakers have increasingly relied on the tax code to deliver benefits to individuals, and 2) the broad, neutral tax treatment of investment has shifted to targeted subsidies for businesses. Tax expenditures are often akin to “spending

Biden to Propose Billionaire Minimum Tax

TweetShareSharePin0 Shares Watch for the proposal in tonight’s State of the Union address. A White House factsheet released yesterday confirmed that President Joe Biden will use his State of the Union speech to call for a minimum tax on billionaires, similar to the one his administration proposed in its prior year’s budget plan. Biden will

State & Local Sales Tax Rates | 2023 Sales Tax Rates

TweetShareSharePin0 Shares Key Findings Forty-five states and the District of Columbia collect statewide sales taxes. Local sales taxes are collected in 38 states. In some cases, they can rival or even exceed state rates. The five states with the highest average combined state and local sales tax rates are Louisiana (9.550 percent), Tennessee (9.548 percent),

10 targets every country’s beneficial ownership laws should meet (and how to meet them effectively)

TweetShareSharePin0 Shares After years of experience assessing countries’ frameworks on legal and beneficial ownership registration and working closely with authorities, experts and researchers, the Tax Justice Network is publishing its ‘Roadmap to Effective Beneficial Ownership Transparency’ (REBOT). The roadmap sets out a guiding north star for achieving a truly transparent beneficial ownership framework that can

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