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Treasury Department Archive

Wyden Takes Aim At US Pass-Through Income Tax Break

TweetShareSharePin0 Shares by Mike Godfrey, Tax-News.com, Washington 06 August 2021 Senate Finance Committee Chair Ron Wyden (D-OR) has introduced legislation to overhaul the 20 percent deduction for pass-through income introduced into US tax law in 2017. The deduction – also called the Section 199A deduction – allows individuals to deduct up to 20 percent

Compliation of Important Streamlined Procedures Filing Facts

TweetShareSharePin0 Shares Streamlined Procedures Summarized in 10 Easy Steps Streamlined Filing Procedures Summary  Streamlined Procedures Summarized in 10 Easy Steps: When International Tax Attorneys refer to the Streamline Procedures, they are referring to the Streamlined Filing Compliance Procedures – which can be broken down even further into the Streamline Domestic Offshore Procedures and Streamlined Foreign

New Report Shows TCJA Reduced Tax Rates Across the Board

TweetShareSharePin0 Shares Wednesday, the Congressional Budget Office (CBO) published its annual analysis of the distribution of American household incomes and tax burdens, this time for 2018, the year after the Tax Cuts and Jobs Act (TCJA) was enacted. CBO data shows that the TCJA reduced federal tax rates for households across every income level while

A Better Fit for a Better Tax Code

TweetShareSharePin0 Shares Binyamin Applebaum of The New York Times recently authored an op-ed calling for the adoption of return-free filing. Under return-free filing, many taxpayers would receive an already-completed return that they could amend. It’s an appealing idea, but for it to deliver its promised benefits, the U.S. tax code would have to be much

Spending Demands, Marriage Penalties, and Other Tax Rules

TweetShareSharePin0 Shares Remember those spending bills? Senate Minority Leader McConnell issues demands. Senate Democrats need 60 votes in order to pass any of the 12 bills that fund the federal government in the next fiscal year. The Senate Appropriations Committee just passed its first package of bills for fiscal year 2022. Senate Minority Leader Mitch

Streamlined Filing Compliance Procedures: (New) Update 2021

TweetShareSharePin0 Shares   Streamlined Filing Compliance Procedures Streamlined Filing Compliance Procedures Streamlined Filing Compliance Procedures (SFCP): IRS introduced the “stand-alone” Streamlined Filing Compliance Procedures in 2014. This was around the time foreign countries began entering into FATCA agreements (Foreign Account Tax Compliance Act) with the United States. As a result of FATCA (and enhanced FBAR
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