Tax
Does Your State Have an Estate or Inheritance Tax?
In addition to the federal estate tax, with a top rate of 40 percent, some states levy an additional estate or inheritance tax. Twelve states and the District of Columbia impose estate taxes and six impose inheritance taxes. Maryland is the only state to impose both now that New Jersey has repealed its inheritance tax. Hawaii and Washington…
Read MoreThe Road To Abusive Tax Shelters Is Paved with Good Intentions
Conserving nature—not paving over it—is “pretty cool,” so much so that our tax code has for decades offered an tax incentive to do it through “conservation easements.” But the a certain kind of scam has taken that incentive to another level entirely.
Read MoreWould Joe Biden Raise Taxes on Low- And Moderate-Income Families? It Depends On What You Mean By Taxes
Is Democratic presidential candidate Joe Biden proposing to raise taxes on low- and middle-income households? He emphatically says no. President Trump and his allies say…
Read MoreNew certification available for tax resolution
Tax Rep LLC has created a new CTRC designation for tax practitioners. Original Article Posted at : https://www.accountingtoday.com/news/new-certification-available-for-tax-resolution
Read MoreRussia Proposes Revision of Tax Treaties with the Netherlands, Cyprus, Malta, and Luxembourg
Russia has recently charted a course to increase withholding taxes on cross-border payments by renegotiating tax treaties with several of its partners. It is an example of how the willingness to forgo tax revenue may not be stable over time. Cross-border taxation is a complicated area of tax policy. When a business has its headquarters…
Read MoreThin-Cap Rules in Europe
High-tax countries create an incentive for companies to finance investments with debt because interest payments are tax-deductible, which is usually not the case for equity costs. This encourages global businesses to lend money internally from entities in low-tax countries to entities in high-tax countries. Tax savings in high-tax countries can exceed the increased tax paid…
Read MoreProposals to Lure Foreigners to Greece Highlight Need to Reform Property Taxes
High-net-worth individuals are being identified by tax policymakers these days in various ways. While Portugal recently approved a 10 percent tax on foreign pension income, putting an end to the tax-free regime for foreigners approved during the financial crisis, Greece is looking into attracting foreigners with tax reductions. In order to transfer their tax residency…
Read MoreBiden’s Proposal Would Shift the Distribution of Retirement Tax Benefits
Among Democratic presidential nominee Joe Biden’s many tax proposals, one that has gotten less attention would modify how traditional retirement accounts are treated in the tax code. This proposal would shift some of the benefits of tax deferral in traditional retirement accounts toward lower- and middle-income earners with the goal of encouraging additional saving by…
Read MoreHow High Are Property Taxes in Your State?
Today’s map takes another look at property taxes, this time focusing on states’ effective tax rates on owner-occupied housing. This is the average amount of residential property taxes actually paid, expressed as a percentage of home value. Because property taxes are tied to housing values, it makes sense that the actual dollar amounts of property…
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