Tax code

Don’t expand the IRS. Fill the gaps in the tax code.

Regarding “Opinion: I agree with Biden’s army of tax collectors making cheaters pay” (August 17): I read the letters to the editor condemning Marc Thiessen’s column with amazement. I was amazed at how little some people know or care to know about the IRS and our tax code. The 87,000 employees the IRS is going […]

Tax code

$23 billion in tax subsidies lost in the last fiscal year

TALLAHASSEE — Florida’s outdated tax code is being breached, costing the state billions of dollars in forfeited revenue and receiving too little scrutiny by state lawmakers in its annual legislative session, according to a new report. Released Monday by the Progressive Florida Institute of Politics, The report estimates that the state lost more than $23 […]

Tax code

The hubris of a morality system based on the tax code

By Fr. Jerry Pokorski ( bio – articles – email ) | August 29, 2022 Humility is an often overlooked virtue. Humility does not deny legitimate talents and attributes; it is the honest assessment of our relationship with God and others. A humble person recognizes the sovereignty of God. We are his creatures and […]

Tax laws

New tax laws impact airline industry: South Africa

The National Treasury has published the Tax Legislation Amendment Bill. This bill, which entered into force on January 1, 2023, will have significant tax consequences for lessors in the air sector. Effective April 1, 2021, the Tax Laws (Amendment) Act 23 of 2020 (the Amending Act) amended the definition of “business” in section 1(1) of […]

Tax deductions

The Eight Most Overlooked Tax Deductions for Homeowners

Paying taxes probably isn’t something everyone enjoys, but finding new ways to legally save more money on taxes by claiming new or overlooked tax deductions can make it at least worthwhile. Owning a home can give you several ways to save on taxes – and there are some you may not be claiming yet – […]

Tax regulations

Closure of a tobacco establishment for violation of tax regulations worth 91 million dirhams in Dubai

Image used for illustrative purposes. Gulf today, Staff reporter The Federal Revenue Authority (FCA) conducted an inspection campaign in conjunction with the Federal Criminal Police General Department of the Ministry of Interior and Dubai Police Headquarters – represented by the General Directorate of Evidence Crimes and Criminology (Department of Anti-Economic Affairs). Crime) – which led […]

Tax laws

Porn stars are you up to it?

I recently found myself on a production set for a local porn show called Porn-stars. Now, before you judge me, I was invited onto the set by the show’s producers as a member of the press. But, in all honesty, I attended the press conference because I was actually interested in seeing how a porn […]

Tax laws

Japan to Reform Crypto Company Tax Laws

The Japanese government has announced that it will assess the crypto tax rules applicable to corporations in fiscal year 2023. The Financial Services Agency and the Ministry of Economy, Trade and Industry (METI) will assess how such corporations digital assets will use digital assets to propel the growth of startups. The FY2023 tax reform request […]

Tax code

Want a better IRS? Simplifying the tax code – Twin Cities

One of the most visible elements of the tax and spending program known as the Cut Inflation Act is the significantly increased funding for the Internal Revenue Service. The promised flood of cash – an additional $80 billion over 10 years, compared to base annual spending of around $15 billion – raises some questions, and […]

Tax laws

Don’t Give the IRA $80 Billion for Tax Laws Until It Modernizes

OPINION AND COMMENT Editorials and other opinion content provide insights into issues important to our community and are independent of the work of our newsroom reporters. A sign outside the Internal Revenue Service building in Washington, May 4, 2021. Patrick Semansky PA The recent Democratic climate and tax bill increase funding for the Internal Revenue […]

Tax laws

Prime Minister hopeful Liz Truss pledges to review IR35 contractor tax laws

Liz Truss has pledged to review IR35 tax law if she becomes the UK’s next Prime Minister. IR35 came into force for the private sector last year, with a major impact on the oil and gas sector which is dependent on contractor labour. Legislation is in place to prevent workers from dressing up as self-employed […]

Tax deductions

If you’re a fan of tax deductions, consider this retirement account | Personal finance

(Stefon Walters) Roth and traditional IRAs are great tools that everyone should consider for supplementing other sources of retirement income, like a 401(k) or Social Security. The main difference between Roth and traditional IRAs is when you get your tax relief. You contribute after-tax money to a Roth IRA and can make tax-free withdrawals after […]

Tax code

Tax Code – 4 million words that do not cover our expenses

There are a few simple truths about taxes that, once understood, will make it more obvious the ball game politicians are playing whenever the subject comes up. The US federal tax code is just under four million words. Yes, it’s twice the length of the Bible and all of Shakespeare’s works combined. And a lot […]

Tax laws

Changes in Tax Laws Essential for Obtaining Foreign Loans

ISLAMABAD: In order to secure multimillion-dollar project loans from international lenders, Pakistan will need to introduce amendments to the law on cross-border transaction taxation to bring its tax laws in line with best practices. Pakistan will have to revise all of its bilateral double taxation treaties with 66 countries with amendments. “The FBR will approve […]

Tax code

Change of tax code? Attention investors

The massive spending bill that just passed into law, I’ll call it the “ACT,” contained several changes to the federal tax code. Although the general definition of a tax is a levy imposed by the government on its members to cover expenses, the purpose of taxation goes far beyond government funding. If not, the entire […]

Tax code

Want a better IRS? Simplifying the tax code: Clive Crook

One of the most visible elements of the set of taxes and expenditures known as Inflation Reduction Act is significantly expanded funding for the Internal Revenue Service. The promised flood of cash – an additional $80 billion over ten years, compared to base annual spending of around $15 billion – raises some questions, and one […]

Tax deductions

New tax deductions for teachers in New York State

The 2022-2023 school year is about to begin across New York State and parents everywhere are getting ready! Not only is this an exciting time for students, but parents are also eagerly awaiting the regular routine to begin. Amid the anticipation and excitement of back-to-school shopping, teachers and staff are also preparing for things to […]

Tax deductions

What tax deductions can I take for 2019?

You may have noticed some pretty big changes when filing your 2018 tax return last year, thanks to some sweeping tax reform legislation. Some rules have been carried over to the 2019 tax year, others have been modified or completely eliminated. This can have a direct impact on the tax deductions you are able to […]

Tax regulations

New tax regulations for charitable trusts will increase compliance burden

The Centre’s new rules requiring charitable trusts to provide a wide range of personal data, bookkeeping and other documentation to qualify for income tax exemptions are aimed at tackling tax evasion, but they also imposed a heavy burden of conforming to genuine ones. As trusts and charities stand ready to comply with the new requirements, […]

Tax code

Measure targets ‘broken tax code’ behind big oil profit

Senate Finance Chairman Ron Wyden (D-OR) recently joined 13 colleagues to detail the Big Oil Profiteers Tax Act, which aims to crack down on oil company profits. © Shutterstock “Our broken tax code works for big oil companies, not for American families. As Americans pay more to fill their gas tanks, big oil companies are […]

Tax code

RVIA Details Tax Code Changes in Inflation Reduction Act – RVBusiness

EDITOR’S NOTE: The following is a News & Insights report from the RV Industry Association (RVIA). Friday, the The House of Representatives passed the Party Inflation Reduction Act. The bill before past the senate thanks to fiscal reconciliation and a decisive vote by Vice President Kamala Harris. President Joe Biden is expected to sign the […]

Tax regulations

The Unintended Consequences of Tax Regulations

By Charles Maniace. Taxes can be one of life’s safeguards, but that doesn’t necessarily mean they – or their purposes – are always understood. While sales tax is meant to be a way for states and local jurisdictions to pay for things like schools, roads, and utilities, these regulations can have unintended consequences. However, consumers […]

Tax deductions

MPs and councilors claim the most work-related tax deductions

Deputies reported an average total income of $273,363 to the ATO in the year ending June 2020. State governors earned $310,355 on average, while councilors settled for an income more modest $72,854. The average federal or state deputy had a gap of $46,817 between their average total income and their average taxable income in 2019-20, […]

Tax deductions

Inflation has increased tax deductions for teachers.

Placeholder while loading article actions This fall, my daughter will begin her first year of teaching at a public elementary school in Maryland. To furnish her classroom, she has already spent about $250 of her own money on supplies and decorations for kindergarten students she has yet to meet. As she prepares to start work, […]

Tax deductions

Georgia abortion law changes tax deductions

After the US Supreme Court struck down the constitutional right to abortion in June, lawmakers in various states began enacting various so-called pro-choice or anti-abortion laws. One such law in Georgia went into effect in July. Georgia’s abortion law prohibits abortion to the point where a “fetal heartbeat” can be detected by a physician. So, […]

Tax deductions

New Abortion Law Changes Tax Deductions

Georgia state welcome sign against greenery Getty Images After the US Supreme Court struck down the constitutional right to abortion in June, lawmakers in various states began enacting various so-called pro-choice or anti-abortion laws. One such law in Georgia went into effect in July. Georgia’s abortion law prohibits abortion to the point where a “fetal […]

Tax deductions

New Abortion Law Changes Tax Deductions

Georgia state welcome sign against greenery Getty Images After the US Supreme Court struck down the constitutional right to abortion in June, lawmakers in various states began enacting various so-called pro-choice or anti-abortion laws. One such law in Georgia went into effect in July. Georgia’s abortion law prohibits abortion to the point where a “fetal […]

Tax code

Tax code

What is a tax code? In the United States, the federal and state governments impose a variety of taxes under their respective tax laws, often referred to as tax codes. An income tax code is a law that prescribes the rules that individuals, businesses, and other entities must follow when paying a portion of their […]

Tax code

A Recent History of Maine’s Rapidly Changing Tax Code – Maine Beacon

For most of the 1990s and 2000s, Maine’s tax code remained relatively stable. Corporate and income tax rates have remained unchanged, and except for changes to how the state calculates the share of taxable corporate profits, things have remained largely the same. In 2004, Maine voters asked the state to meet 55% of K-12 education […]

Tax regulations

New York Revises Recently Released “Final Draft” Corporate Tax Rules | Eversheds Sutherland (USA) LLP

Following New York City’s recent victory in a case involving the allocation of income earned by an out-of-state corporation from its sale of a non-unitary investment, the New York Tax and Finance Department New York State (NYS Department) commemorated the litigation position in an August 4, 2022 revision of the “final draft” settlement it issued […]

Tax laws

Government strengthens tax laws for multinationals

The Labor government cracks down on multinational corporations (MNEs) that avoid tax and transparency. Last week, Treasurer Jim Chalmers said the government’s priority was to ensure multinational corporations pay a fair share of tax where they make their profits. “What I hope to do within a day or two is to publish the discussion paper, […]

Tax laws

Japanese crypto industry urges Tokyo to reform tax laws

Source: iStock/mura Japanese companies linked to crypto-assets have urged the government to make tax reforms, saying the current system is out of sync with tax rules in other countries. The proposals come from Japan Crypto-Asset Business Association (JCBA) and the Japan Virtual Currency Exchange Association (JVCEA), which, by CoinPost, released a joint report calling for […]

Tax laws

Kazakhstan tightens tax laws from 2023

In short Kazakhstan has made changes to its tax code, most of which come into effect on January 1, 2023. We summarize some of the most important changes below. 1. The deductibility of payments to related parties is limited. From 2023, Kazakh companies will no longer be able to claim a corporate tax deduction for […]

Tax laws

Top 3 takeaways from Pennsylvania’s new corporate tax laws

On July 8, after years of trying to cut taxes, the Pennsylvania Legislature finally passed an amendment to Pennsylvania’s Corporate Net Income Tax (CNIT) and passed other provisions aimed at reaching businesses. outsiders doing business in the Keystone State. See HB 1342. This article will discuss the three main tax benefits of the new bill. […]

Tax laws

3 takeaways from Pennsylvania’s new corporate tax laws

On July 8, after years of trying to cut taxes, the Pennsylvania Legislature finally passed an amendment to Pennsylvania’s Corporate Net Income Tax (CNIT) and passed other provisions aimed at reaching businesses. outsiders doing business in the Keystone State. (See HB 1342.) Here are the three main takeaways from the corporate tax bill: 1. CNIT […]

Tax deductions

Georgia anti-abortion law allows tax deductions for fetuses

Abortion-rights protesters take part in nationwide protests following the leak of the Supreme Court’s opinion suggesting the possibility of overturning the Roe v. Wade on abortion rights, in Atlanta, Georgia, U.S., May 14, 2022. REUTERS/Alyssa Pointer Join now for FREE unlimited access to Reuters.com Register Aug 2 (Reuters) – Pregnant women in the U.S. state […]