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Current Tax News
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Final regulations clarify the treatment of qualified improvement property in FDII and GILTI, and foreign tax credit transition rules address post-2017 NOL carrybacks to pre-2018 tax years. [...]
The IRS reports that its Transcript Delivery System is down for business taxpayers who reported information related to COVID-19 employment tax relief on Form 941, Employer’s Quarterly Federal Tax Return. [...]
The proposal would raise tax rates for corporations and individuals and make many other changes to the Internal Revenue Code. [...]
Information reporting on Form W-2 or a separate statement allows self-employed taxpayers to claim qualified sick leave and qualified family leave equivalent credits. [...]
The allowances for determining deductions for lodging, meals, and incidental costs are slightly higher than before. [...]
The White House Council of Economic Advisors (CEA)'s recent report estimates the average federal individual income tax rate for the top 400 wealthiest households in the U.S to be 8.2 percent, lower than typically estimated for top earners. [...]
Corporate income tax rates have been declining around the world for the last two decades. Today’s map shows the most recent changes in corporate tax rates in European OECD countries, comparing how combined statutory corporate income tax rates have changed between 2018 and 2021. The average tax rate of all European countries covered has declined […] [...]
Policymakers should carefully analyze tax expenditures before categorizing one as a loophole—some tax expenditures are important structural elements of the tax code while others are unsound. [...]
As Congress debates next steps on the tax provisions in the House Ways & Means Build Back Better Act, it is important to consider the economic impacts, which include reduced economic output, wages, and jobs. Due to the plan’s economically costly and inefficient tax increases, we find that long-run GDP would drop by more than $2 for every $1 in new tax revenue. [...]
Key Findings States have paid out $175 billion in unemployment benefits since the start of the pandemic, with the federal government providing an additional $660 billion. Taking debt into account, state trust funds now have a negative aggregate balance of -$11 billion and are $115 billion shy of minimum adequate solvency levels. States are authorized […] [...]
Living paycheck to paycheck is stressful. You may struggle to pay the bills, be in debt, and not have any savings you can rely on in case of an emergency. Unfortunately, there are many people who are in your same position. One poll showed that 56% of Americans are living paycheck to paycheck, and 48% […] The post Guide to Stop Living Paycheck to Paycheck appeared first on TaxAct Blog. [...]
The families of roughly 60 million children received their first installment of the enhanced Child Tax Credit payments on July 15. We’re here to bust some of the common misconceptions surrounding the payments. 1. You can keep these payments. Many families have expressed concern over keeping the money fearing they’ll have to pay it back […] The post 5 Misconceptions about the Child Tax Credit Monthly Payments appeared first on TaxAct Blog. [...]
The IRS issued the first round of monthly payments to taxpayers for the Child Tax Credit last week on July 15. American families who are eligible for the credit based on their most recently filed tax return received the payments via direct deposit or paper check. Monthly payouts will continue throughout the rest of the […] The post File Now for Accurate Child Tax Credit Payments appeared first on TaxAct Blog. [...]
When you file your taxes, you may discover that you owe money to the government. If it’s a large sum of money, you might find you are unable to pay it right away. If you find yourself in this situation, it is strongly advised that you sign up for an IRS payment plan to avoid […] The post IRS Payment Plans: The Basics appeared first on TaxAct Blog. [...]
File a tax return extension for the first time this year? Here are a few things to consider before the Oct. 15 extension deadline. 1. E-file for a faster refund. If you believe you’ll receive a refund after filing, the quickest way to get your money is to e-file your return using a trusted tax […] The post Tips for First Time Extension Filers appeared first on TaxAct Blog. [...]