Tax Blog
Tips to help you prepare for tax season
Accounting for Deficits: When Should They Matter and How Should We Solve It?
Tax Policy - Accounting for Deficits: When Should They Matter and How Should We Solve It? Reporting suggests that Congress will continue to consider a variety of legislative solutions to support Americans enduring the ongoing public health crisis, provide...
The U.S. Tax Burden on Labor
Tax Policy - The U.S. Tax Burden on Labor Key Findings Average workers in the United States face two major taxes on wage income: the individual income tax and the payroll tax (levied on both the employee and the employer). Although slightly more than half of a...
Final regs. clarify when interest in corporation is stock vs. debt
IRS Tax News - Final regs. clarify when interest in corporation is stock vs. debt The IRS has issued final regulations addressing when certain related-party interests in corporations should be treated as stock vs. debt. Source: IRS Tax News - Final regs....
To What Extent Does Your State Rely on Individual Income Taxes?
Tax Policy - To What Extent Does Your State Rely on Individual Income Taxes? Sources of state revenue have come under closer scrutiny in light of the impact of the coronavirus outbreak, as different tax types have differing volatility and economic...
Proposed rules govern deductions and reporting for restitution
IRS Tax News - Proposed rules govern deductions and reporting for restitution The IRS issued regulations explaining the allowance of deductions for certain fines and penalties under Sec. 162(f) as amended by the law known as the Tax Cuts and Jobs Act. ...
Under the HEROES Act, State Budgets Could Soar as the Economy Suffers
Tax Policy - Under the HEROES Act, State Budgets Could Soar as the Economy Suffers The HEROES Act, proposed by House Democrats as a next round of fiscal relief during the coronavirus outbreak, contains about $1.08 trillion in aid to states and localities. That...
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