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Current Tax News
- The Tax Adviser
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Employees may exclude from gross income the value of leave donated to their employers funding payments to relieve victims of the Russian invasion of Ukraine. [...]
The US Government Accountability Office found disparities in the distribution of some tax items, but notes impediments to knowing taxpayers’ race, ethnicity, and sex. [...]
Officials from the IRS and the US Government Accountability Office address legislators’ questions on taxpayer service and enforcement across income levels. [...]
In a study, the US Government Accountability Office finds that the Internal Revenue Service’s individual tax audit rates decreased by 72% during 2010–2019, and by a greater percentage for higher-income taxpayers than for lower-income ones. [...]
The IRS responds to a report by the Treasury Inspector General for Tax Administration that pointed to the March 2021 incident as one example demonstrating a need for the Service to increase e-filing options. [...]
Starting this year, firms must amortize their research and development (R&D) expenses over five years rather than immediately deduct them from taxable income, a policy change designed to raise federal tax revenue in the short term. [...]
Treasury Secretary Janet Yellen offered estimates from the EU Tax Observatory as evidence that the Polish government would benefit from supporting the global tax deal. Unfortunately, evidence was, at best, out of date. [...]
Tax Foundation comments on the state tax and revenue implications of the proposed tobacco product standard for menthol in cigarettes. [...]
Inheritance tax dates to the Roman Empire, which collected 5 percent of inherited property to pay soldiers’ pensions. Today, the practice of inheritance tax is widespread. The majority of European countries covered in today’s map currently levy estate, inheritance, or gift taxes. These countries are Belgium, Bulgaria, Croatia, the Czech Republic, Denmark, Finland, France, Germany, […] [...]
With this new VAT directive, the EU has invited member states to adopt policies that create new complexities, are poorly targeted, and undermine an Own Resource. [...]
The Child Care Tax Credit and the Additional Child Care Tax Credit are different, but you can take advantage of both if you qualify. [...]
Updated for tax years 2021 and 2022. Surprise — Mom and Dad gave you a nice check! Maybe it’s enough for dinner, or maybe it’s something more substantial. Either way … are there any tax implications for receiving such a gift? How much is the annual gift tax for 2021? First, let us put […] [...]
Updated for tax year 2021. You have plenty of expenses while your children are young. Fortunately, some of those expenses can directly or indirectly turn into tax credits and exemptions that may mean big savings on your tax bill. Take a look at the following tax benefits to see which ones could be beneficial for […] [...]
Updated for tax years 2021 and 2022. If you have a story, inspiration, or anything else you want to tell the world, there’s never been a better time to do it. It’s easier than ever before for authors to self-publish their work and get paid. The traditional publishing gatekeepers can’t stop you now! There are […] [...]
One of the hardest parts about doing your taxes? Waiting for that refund to hit your bank account. If you’re expecting a tax refund this year, here’s how you can check on the status of your refund — and when you can expect to have that cash in hand. Ways to check the status of […] [...]