Month: July 2020

WASHINGTON, DC- Nov 18: Sen. Bernard Sanders, I-Vt., and Barbara Kennelly, of the National Committee … [+] to Preserve Social Security and Medicare, talk to media after a meeting on progressive alternatives to proposals made by the deficit commission. (Photo by Scott J. Ferrell/Congressional Quarterly/Getty Images) CQ-Roll Call, Inc via Getty Images The Democrats probably
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Last week, National Taxpayer Advocate Erin M. Collins released her first report to Congress on the challenges taxpayers have faced related to the coronavirus pandemic, including the tax changes made through the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The National Taxpayer Advocate’s findings show that policymakers should prioritize simplicity in the next round
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Cigarette excise taxes have been a source of state revenue for decades, but in recent years, reliance on these taxes has increased. Using data from Orzechowski and Walker’s annual compendium The Tax Burden on Tobacco, this web tool shows how cigarette tax revenues have changed between 1955 and 2019. For illustration, the tool defaults by looking at New York. The
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Sentence stayed; stealing on multiple levels; the loot you took; and other highlights of recent tax cases. Milaca, Minnesota: Preparer Cindy Halgren has been sentenced to up to 23 months in prison for preparing and filing fraudulent returns and failing to pay individual income tax. In March, Halgren pleaded guilty to 15 tax-related felonies consisting
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By Richard Eisenberg, Next Avenue Editor Getty This is the time of year when personal finance writers like to tell readers to give themselves a midyear money checkup. That’s a good idea for 2020 and my co-hosts on the Friends Talk Money podcast and I have a few suggestions in our latest episode. But frankly,
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Getty As the pandemic surges on, Congress is increasingly pressing for a new stimulus bill.  Rumored topics include, among others, liability reform, health care, stimulus checks, and tax relief.  While everyone and their legislator is making a wish list for pet provisions, it seems an opportune time for a modest proposal:  Bring back miscellaneous itemized deductions—they were unceremoniously
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Joe Biden and Donald Trump Ron Adar | Echoes Wire | Barcroft Media via Getty Images; Mandel Ngan | AFP | Getty Images Goldman Sachs is warning that the upcoming presidential election could see delayed results, and is therefore recommending that clients hedge their market bets through December in anticipation of heightened volatility through November.
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Key Findings Nineteen states had notable tax changes take effect on July 1, 2020. Indiana had the lone corporate income tax change, with the rate decreasing from 5.5 to 5.25 percent. Two states, Louisiana and Mississippi, began requiring marketplace facilitators to collect sales and use taxes. Illinois now requires remote sellers to collect state and
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A letter from the Internal Revenue Service, signed by President Trump, notifies a family via U.S. … [+] Mail of an economic impact payment direct deposit made to their account in East Derry, N.H., Monday, April 27, 2020. The funds were provided as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. (AP
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Corporate taxation has evolved significantly over the last several decades. Corporate income tax rates have come down significantly. Countries have redesigned their tax bases by changing the treatment of losses, interest, and capital costs. International tax rules have also been overhauled. A new report from the Organisation for Economic Co-operation and Development (OECD) provides a
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