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News

The Trusted Professional | NYSSCPA

 
 

Taxation

  • Washington State's High Court Upholds Tax on Big Banks

    By:
    Ruth Singleton
    |
    Sep 30, 2021
    The Supreme Court of Washington state unanimously upheld a state tax on big banks on Thursday. The 1.2 percent surtax, passed by the state Legislature in 2019, is intended to provide essential services and to address disparities in wealth and income as well as the state’s regressive tax code.

  • Lawmakers Negotiating Taxes to Support $3.5T Budget Plan

    By:
    Chris Gaetano
    |
    Aug 30, 2021
    Though Congress approved the $3.5 trillion spending plan that supports the administration's current priorities, the hard part is far from over, as lawmakers are now negotiating the blueprint's particulars, especially the taxes that will support the plan. 

  • Treasury Official Says Proposed $1M Capital Gains Threshold Would Be Same for Both Couples and Individuals

    By:
    Chris Gaetano
    |
    Aug 26, 2021
    A Treasury Department official confirmed that the $1 million threshold at which the proposed capital gains increase would kick in would be the same for both married and single filers, giving single people an advantage, as it will take longer for them to reach it. 

  • House Passes $3.5T Budget Blueprint

    By:
    Chris Gaetano
    |
    Aug 25, 2021
    The House of Representatives narrowly passed the $3.5 trillion budget blueprint by a 220-212 vote that paves the way for Senate approval without GOP support. 

  • White House Hesitant to Support First U.S. Carbon Border Tax

    By:
    Chris Gaetano
    |
    Aug 23, 2021
    The $3.5 trillion spending plan currently under consideration by Congress has the country's first ever carbon border tax, which would be levied on foreign goods, but the White House has expressed hesitance in supporting it due to concern that it would increase the cost of living. 

  • U.S. Proposes 15 Percent Global Minimum Corporate Tax During OECD Negotiations

    By:
    Ruth Singleton
    |
    May 21, 2021

    A May 20 proposal by the Biden Administration to set a global minimum corporate tax of 15 percent has garnered a mostly positive response from European officials. Representatives from the U.S. Treasury Department met with the economic leaders of 24 countries during recent international tax negotiations at the Organisation for Economic Co-operation and Development (OECD).

  • Swiss Life Agrees to Pay $77.3 Million to Settle Criminal Tax-Avoidance Charges

    By:
    Ruth Singleton
    |
    May 14, 2021

    Swiss Life Holding AG and several subsidiaries have admitted to conspiring with U.S. taxpayers to conceal more than $1.452 billion in offshore insurance policies from the IRS. The company has agreed to enter into a deferred prosecution agreement and to pay approximately $77.3 million to the U.S. Treasury, which includes restitution, forfeiture of all gross fees and a penalty.

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