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(New) Comparing Different Programs 2021

TweetShareSharePin0 Shares FBAR vs 8938 FBAR vs 8938 FBAR vs 8938: Two of the most important international information reporting forms required by the Internal Revenue Service, include the FBAR (Foreign Account Reporting) and Foreign Asset Reporting (Foreign Account Tax Compliance Act). Both of these IRS and FinCEN Forms are used to report Foreign Bank and Financial

(New) Comparing Different Programs 2021

TweetShareSharePin0 Shares FBAR vs 8938 FBAR vs 8938 FBAR vs 8938: Two of the most important international information reporting forms required by the Internal Revenue Service, include the FBAR (Foreign Account Reporting) and Foreign Asset Reporting (Foreign Account Tax Compliance Act). Both IRS forms are used to report Foreign Bank and Financial Accounts and other assets, including:

How The Democrats’ New Millionaire Surtax Would Work

TweetShareSharePin0 Shares Democrats, scrambling to find a way to tax high-income households that Congress is willing to enact, appear to have settled on an individual income tax surtax. Their “millionaire’s surtax,” announced by President Biden this morning, would raise taxes on all forms of income, including wages, capital gains, and dividends. It would impose a

Alternative Minimum Tax, Tax on Unrealized Capital Gains

TweetShareSharePin0 Shares Tax reform should simplify the tax code. Instead, Congress is debating new ways to raise revenue that would make the tax code more complex and more difficult to administer. The new proposals—imposing an alternative minimum tax on corporate book income, applying an excise tax on stock buybacks, and, at one point this week,

Fixing Tax Treatment of Capital Investments

TweetShareSharePin0 Shares The breakdown of supply chains both domestically and worldwide currently dominates headlines. One strong explanation of supply chain failures is the dramatic increase in federal spending throughout the pandemic—raising aggregate demand—combined with the COVID 19-era shift of consumption from services to physical goods. That, coupled with preexisting issues that limit the ability of

What’s Next for Tax Competition?

TweetShareSharePin0 Shares The recent agreement on a global minimum tax and other changes to tax rules around the world have called into question the future of tax competition. It is difficult to anticipate how tax competition will ultimately be impacted by these changes, although I seriously doubt that the usefulness of Tax Foundation’s International Tax

2021 Election Results | 2021 Ballot Measures

TweetShareSharePin0 Shares Election Day will be a modest affair in 2021, perhaps a welcome respite from the inflamed politics of recent years. Despite few statewide races, however, voters in some states will decide important questions by ballot measure. Of particular note, through 10 ballot measures across four states—Colorado, Louisiana, Texas, and Washington—voters will decide significant

Ways and Means GILTI Reform Proposal Closely Tracks OECD/G-20 Pillar 2

TweetShareSharePin0 Shares Recent proposals to reform the tax treatment of US multinationals would increase US revenues substantially, according to an analysis by the Tax Policy Center. The global intangible low-tax income (GILTI) reform proposed by the House Ways and Means Committee and the OECD/G-20 “Pillar 2” global minimum tax are quite similar, but the committee
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