Taxation

  • IRS Announces Revamped Process for Updating FAQs for New Tax Legislation

    By:
    Ruth Singleton
    |
    Oct 18, 2021
    The IRS  announced on Friday that it will update its process for posting frequently asked questions (FAQs) about new tax legislation in order to address concerns about transparency and how taxpayers are affected during this process.  The agency will also provide more clarity about the ability of taxpayers to rely on its FAQs to avoid penalties. 
  • 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).