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Loss carryover provisions allow businesses to either deduct current year losses against future profits (carryforwards) or deduct 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 the
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Today, the OECD presented its preliminary impact assessment on the Pillar 1 and Pillar 2 proposals. The impact assessment includes estimated revenue and investment effects presented at a country group level (low-, middle- and high-income countries and investment hubs). The OECD estimates global corporate income tax revenues to increase by 4 percent if both pillars get implemented, equaling
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The following was presented at the European Economic and Social Committee’s hearing, “The Collaborative Economy – Data Exchange with Tax Authorities.” When designing their supply chains and investing across borders businesses generally follow what makes most sense from an economic point of view. Nevertheless, over past decades there has been a significant shift in how
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Monday, the Office of Management and Budget (OMB) released the White House’s fiscal year 2021 budget proposal, kicking off the first step of the budget process for the next fiscal year. The president’s budget, while only a set of recommendations sent to Congress, communicates the White House’s policy priorities and is an opportunity to highlight
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As culture shifts, so does language. “Intentional living” started trending recently, and now there’s an entire movement behind it. The concept is wide-reaching, but the core idea is quite simple: Our daily actions, when purposeful, can build to create meaningful, thoughtful futures.  Or, to take it another way:  Self-discipline equals self-care. When you practice intentional
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The benefits of itemized and standard deductions shifted during the 2019 tax reform, leaving most filers with even more questions. In order to file your return with confidence, it’s important to stay informed.   The standard deduction The standard deduction simplifies the filing process by assigning an easy, no-proof-required, flat-dollar adjustment to your gross income.
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Thursday, the OECD is expected to present preliminary results on the impacts of both Pillar 1 and Pillar 2 approaches to changing international tax rules. The results will be preliminary mainly because the actual policy parameters of the proposals are yet to be determined. Ahead of that presentation from the OECD, two recent pieces of
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Whether you file early or wait until the deadline, there are simple things you can do today to help you cruise through tax season. Use these five tips to get organized, address little things early, and clear away filing obstacles. That way, when you sit down to do your taxes, there’s nothing standing between you
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Gross income. Adjusted gross income. Earned income. Net income. Taxable income. When you’re trying to do your taxes, they all sound the same. And like all things in the world of taxes, it’s the small differences between them that power your return. Think of income categories as bags of money. Gross income has potential to
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Many countries incentivize business investment in research and development (R&D), intending to foster innovation. A common approach is to provide direct government funding for R&D activity. However, a significant number of jurisdictions also offers R&D tax incentives. These generally take two forms, namely patent boxes—taxing income derived from intellectual property at a rate below the
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Starting a farm? Already keeping a legacy alive? Then you know tax laws for farms are more complex than any new-fangled tractor engine. Even seemingly simple write-offs — like livestock — can operate differently on your return. Luckily, We’ve got the details on what qualifies as a farm and even where and how to deduct
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Key Findings Individual income taxes are a major source of state government revenue, accounting for 37 percent of state tax collections in fiscal year (FY) 2017. Forty-three states levy individual income taxes. Forty-one tax wage and salary income, while two states—New Hampshire and Tennessee—exclusively tax dividend and interest income. Seven states levy no individual income
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The average 2019 tax refund was $2,833 — that’s a big pay day. Regardless of the amount, refunds can do big things when used wisely. Consider your family goals: Want to be able to pay cash for college? Want a house that’s all yours? Or maybe you’d like to find more peace in your day-to-day
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Tucked inside the Pennsylvania town of Punxsutawney, a magical burrow awaits. Its resident, respected by many as the nation’s leading voice in weather prediction, readies himself for the spotlight. At 7:25 a.m., February 2, a tuxedoed man will reach into the dwelling, pull the furry meteorologist out by the scruff, and place him in front of dozens of news cameras.   Punxsutawney Phil may be a groundhog, but he still
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What is a digital services tax? A DST is a tax on selected gross revenue streams of large digital companies. Each country’s proposed or implemented DST differs slightly. For example, France applies a 3 percent tax on revenues from targeted advertising, the transmission of data collected about users for advertising purposes, and from providing a digital
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The world is full of secret heroes — everyday people who silently put more good into the world. Some perform everyday acts of kindness. Others save lives through organ donation. A generous offering that sometimes results in physical and financial challenges for the donor. From a tax perspective, living donors may qualify for resources to
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