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Treasury Department Archive

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

McAfee Facing Crypto & Tax Evasion Alleged Suicide Pre-Extradition

TweetShareSharePin0 Shares McAfee Facing Crypto & Tax Evasion Alleged Suicide Pre-Extradition McAfee Facing Crypto & Tax Evasion Alleged Suicide Pre-Extradition: John McAfee, who had recently been charged with various tax crimes in the United States for cryptocurrency fraud and evasion — was facing many possible years in prison if convicted. The U.S. sough to extradite

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

A Move To Limit The Salt Cap

TweetShareSharePin0 Shares Sanders would partially repeal the SALT cap. Senate Budget Committee chair Bernie Sanders will include a partial repeal of the Tax Cut and Jobs Act’s $10,000 cap on the state and local tax (SALT) deduction in his proposed budget resolution. He has not described details but says the cap likely would remain for

New Hampshire No Income Tax Proposal

TweetShareSharePin0 Shares On Thursday, New Hampshire lawmakers are scheduled to take up a budget conference report which contains several tax reforms negotiated by both chambers that would ultimately make New Hampshire the ninth state to impose no tax on individual income. These reforms floated at the beginning of the 2021 session found their way into
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