Tax News

Current Tax News

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The US Supreme Court held that Texas and several other states lacked standing to sue over the constitutionality of the Sec. 5000A mandate that requires individuals to obtain minimum essential health coverage. The decision leaves the Affordable Care Act in place. [...]

A session at AICPA & CIMA ENGAGE 2021 shows how bedrock tax cases can help practitioners understand and resolve common issues that arise in practice. [...]

The IRS opened an online site that allows taxpayers who are not required to file a 2019 or 2020 individual income tax return to sign up to receive advance child tax credit (advance CTC) payments, which will begin July 15. [...]

The IRS has posted two sets of FAQs that explain changes to the child and dependent care credit and to the sick and family leave credits made by the American Rescue Plan Act. [...]

New IRS final regulations clarify when a federally declared disaster will lead to mandatory 60-day postponement of certain tax-related deadlines. [...]

A bipartisan group of Senators introduced a bill to create a permanent 25 percent tax credit for investments in semiconductor manufacturing equipment and construction of related facilities—but their proposal would not address underlying bias against investment that exists in the tax code today. [...]

Spain's digital services tax levies a 3 percent tax on revenues from online ads, deals brokered on digital platforms, and sales of user data by tech companies with at least €750 million (US $893 million) in total annual worldwide revenues and Spanish revenues of €3 million ($3.57 million). [...]

With many state legislative sessions wrapping up for this year, and a new fiscal year about to begin, it’s a good time to examine some of the 2021 legislative trends—and sports betting taxes are among the more prominent. [...]

The Tax Foundation recently submitted regulatory comment on the U.S. Treasury's state tax cuts limitation rule, highlighting three areas of concern and suggesting revisions to the rule. [...]

VAT Bases in Europe

As economic activity resumes and the task of accounting for the deficits incurred in navigating the crisis of the past year becomes the focus of fiscal policy deliberations, a greater reliance on VAT could be an important tool in ensuring fiscal stability going forward. Countries should use this as an opportunity to improve VAT systems by re-examining carveouts in the form of exemptions and reduced rates. [...]

Child Tax Credit: Monthly Payments Begin July 15 for Eligible Families

Last Updated: June 15, 2021 With the introduction of the American Rescue Plan back in March, the Child Tax Credit underwent a couple temporary changes for tax year 2021. One of the main adjustments included allowing families to receive part of the Child Tax Credit as monthly payments rather than waiting to get all of […] The post Child Tax Credit: Monthly Payments Begin July 15 for Eligible Families appeared first on TaxAct Blog. [...]

Monthly Financial Routine: Create Your Own Regimen

Like anyone, you want to feel secure when it comes to your finances. This could mean having a reliable stream of income, saving up a certain amount of money for retirement, not being in debt, and being able to make investments. Unfortunately, many people are not in a good financial situation and struggle to just […] The post Monthly Financial Routine: Create Your Own Regimen appeared first on TaxAct Blog. [...]

Why Do We Pay Taxes?

Generally, people don’t like paying taxes. When their paycheck comes, they see that a large amount of money is taken out and they wonder where it’s all going. And then during tax time, they might get frustrated because they come to find out they owe the government even more money. However, as annoying as paying […] The post Why Do We Pay Taxes? appeared first on TaxAct Blog. [...]

What Your Tax Return Can Teach You For Next Year

Every year, you learn something new when you file your taxes. Hopefully, every time you figure out how to do it more efficiently. Maybe you discover a new way to file that takes less time. Perhaps you maximize your tax refund or determine ways in which you will owe less the next time around. Whether […] The post What Your Tax Return Can Teach You For Next Year appeared first on TaxAct Blog. [...]

A Guide to Taxes in Retirement

You’ve paid taxes throughout your entire working life, whether you were worked a full-time job with a company or were self-employed. Now that you’re retired, the kinds of taxes you’ll be paying are going to change. If you’re getting ready to retire, here are the taxes you may have to pay. Income Taxes When you […] The post A Guide to Taxes in Retirement appeared first on TaxAct Blog. [...]