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Treasury Department Archive

Pillar Two: Global Minimum Tax Model Rules

TweetShareSharePin0 Shares Everyone loves accounting, right? You have debits and credits that change the balance of assets, liabilities, and equity on the balance sheet and report cash flows and accruals on the income statement. The rules are complex. To make matters worse, the accounting rules for tax are different than for financial accounting used to

Lawsuits, A Repeal And More Musings About Gas Tax Holidays

TweetShareSharePin0 Shares A lawsuit challenging Maryland’s digital ad tax can proceed, court rules. TaxNotes reports (paywall) Maryland county court Judge Alison Asti  denied a state motion to dismiss the case, ruling that companies do not need to exhaust administrative remedies before challenging the constitutionality of a state tax on digital ads. Subsidiaries of Verizon and

2022 State Income Tax Rankings

TweetShareSharePin0 Shares This week’s map examines states’ rankings on the individual income tax component of our 2022 State Business Tax Climate Index. The individual income tax is important to businesses because states tax sole proprietorships, partnerships, and in most cases limited liability companies (LLCs) and S corporations under the individual income tax code. However, even traditional C

Tax Policy & Future of European Energy Security

TweetShareSharePin0 Shares In 2020, the EU agreed to the European Green Deal, which sets out to make the union climate neutral by 2050, and in 2021, the Fit for 55 package, which is intended to cut emissions by at least 55 percent by 2030. Both legislative packages outline various ways for the EU to reduce

March 2022 Spanish language podcast, Justicia ImPositiva: Nuevo gobierno Chileno y la política tributaria

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. ¿Qué es un paraíso fiscal?, primer capítulo de nuestra serie mensual

Iowa Tax Reform: Details & Analysis

TweetShareSharePin0 Shares When Iowa Gov. Kim Reynolds (R) delivered the Republican response to the State of the Union Address on March 1, she touted a state tax reform package on which the ink was barely dry: “Today, I signed legislation that eliminates Iowa’s tax on retirement income and sets our tax rate at 3.9 percent.

Russia, Big Oil Draw Tax Scrutiny

TweetShareSharePin0 Shares No more US tax benefits for Russian oligarchs? Senate Finance Committee Chair Ron Wyden proposed eliminating tax benefits for sanctioned Russians doing business in the United States. His measure would eliminate US tax credits and deductions for taxes paid to Russia and cancel lower withholding tax rates on dividends and interest for Russians

A Spending Deal And More Gas Tax Holidays

TweetShareSharePin0 Shares Senate passes the funding deal. The Senate passed the $1.5 trillion spending package, avoiding a government shutdown. Included in the bill: A 6 percent budget increase for the IRS. Taxpayer services would receive $225 million, up 9 percent from last year. Congress left a wide range of tax policy changes out of the
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