Accounting
Congressional Democrats Propose Expanding Child Tax Credit as Monthly Payment for Pandemic Relief
The House Ways and Means Democrats’ just-released proposal to expand the child tax credit for one year represents a significant expansion of benefits but comes with several administrative challenges. It would be included in President Biden’s larger $1.9 trillion in economic relief package moving through the budget reconciliation process. The Child Tax Credit (CTC) would…
Read MoreEx-banker put on Interpol most wanted list in Cum-Ex tax probe
Former investment banker Paul Mora is the first Cum-Ex suspect placed on Interpol’s public list of most-wanted suspects as Germany launched an international search for him in an escalation of its vast tax-evasion probe. Original Article Posted at : https://www.accountingtoday.com/articles/ex-banker-put-on-interpol-most-wanted-list-in-cum-ex-tax-probe
Read MoreChild-poverty crisis spurs stepped-up tax efforts in Congress
Lawmakers have introduced several measures that would expand the so-called child tax credit, which currently provides parents $2,000 per child annually. Original Article Posted at : https://www.accountingtoday.com/articles/child-poverty-crisis-spurs-stepped-up-tax-efforts-in-congress
Read MoreHouse Democrats unveil first draft of stimulus-bill measures
House Democrats on Monday released the first draft text for key pieces of legislation that will comprise President Joe Biden’s COVID-19 relief bill. Original Article Posted at : https://www.accountingtoday.com/articles/house-democrats-unveil-first-draft-of-stimulus-bill-measures
Read MoreDemocrats cut off relief checks at $200K household income
House Democrats are proposing to limit the next round of COVID-19 relief payments to households earning less than $200,000, after criticism that President Joe Biden’s $1.9 trillion stimulus package would benefit the rich. Original Article Posted at : https://www.accountingtoday.com/articles/democrats-cut-off-relief-checks-at-200k-household-income
Read MoreWhy clients are the worst: Tax pros’ pet peeves
A collection of things practitioners already hate about dealing with their clients this season. Original Article Posted at : https://www.accountingtoday.com/list/why-clients-are-the-worst-tax-pros-pet-peeves
Read MoreState Sales Tax Breadth and Reliance, Fiscal Year 2020
Key Findings Sales taxes account for about one-third of state tax revenue, but most sales taxes are imposed on narrow—and still-narrowing—bases, with average sales tax breadth of only 30.63 percent and a median of 36.26 percent. Sales tax bases range from 21.91 percent of personal income in Massachusetts to 119.10 percent in Hawaii; the Massachusetts…
Read MoreIRS wrongly told 100,000+ taxpayers it was reducing their stimulus payments
The Internal Revenue Service mistakenly sent letters to many taxpayers saying it would be reducing their Economic Impact Payments to pay off the taxes they owed. Original Article Posted at : https://www.accountingtoday.com/news/irs-erroneously-issued-over-109k-notices-about-reduced-stimulus-payments
Read MoreSales tax rates reached 10-year high in 2020
The combined average sales tax rate across the country grew to levels not seen in a decade last year, enabling states to collect more tax revenue from online sales. Original Article Posted at : https://www.accountingtoday.com/news/sales-tax-rates-reached-10-year-high-in-2020
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