Tax
COVID-19’s Collapsing Job Market
How rapidly is the economy collapsing in the wake of the COVID-19 pandemic? In just the past four weeks, total weekly unemployment insurance claims were…
Read MoreCOVID-19 And The Collapsing Job Market
How rapidly is the economy collapsing in the wake of the COVID-19 pandemic? In just the past four weeks, total weekly unemployment insurance claims were…
Read MoreThe IRS Is Getting Out Coronavirus Rebate Payments: Congress Needs To Think About A Second Round
To its credit, the IRS has been quickly distributing the first tranche of rebates authorized under the Coronavirus Aid, Relief, and Economic Security (CARES) Act…
Read MoreIs A Modified Destination-Based Income Tax The Solution For Taxing Global Multinational Corporations?
Tax authorities around the world are in an increasingly contentious battle over how to tax the income of multinational corporations . In 2017, the US…
Read MoreCan States Close Budget Deficits with Excise Tax Hikes?
Key Findings: The coronavirus pandemic affects almost every source of state revenue, and with the duration unknown, predicting economic outcomes will be difficult. Social distancing, stay-at-home-orders, and quarantines make the resulting recession fundamentally unique. Hospitality, leisure, and travel could be among the hardest hit industries. As a result, excise taxes and fees on air travel…
Read MoreHow Well-Funded Are Pension Plans in Your State?
The most recent data from The Pew Charitable Trusts, released in July of 2019, shows the strain on state retirement systems nationwide as state pension funds strive to keep pace with benefits owed to public employees. While we highlighted this information soon after it was first released, it is worth revisiting in light of the coronavirus-related funding…
Read MoreA Review of Net Operating Loss Tax Provisions in the CARES Act and Next Steps for Phase 4 Relief
In addition to providing economic relief to individuals and loans to businesses struggling during the coronavirus crisis, the Coronavirus Aid, Relief, and Economic Security (CARES) Act changed several tax provisions to increase liquidity to ensure firms survive a large decline in cash flow. Among other tax changes, the CARES Act loosened rules governing net operating…
Read MoreNew OECD Study: Consumption Tax Revenues during Economic Downturns
The current economic shutdown—potentially followed by an economic downturn—affects government budgets not only through increased spending but also through a decline in tax revenues. The severity of these tax revenue shortfalls will depend on a variety of factors—one being a country’s current tax structure. A new OECD study sheds light on how many OECD countries’…
Read MoreExpect Long Delays In Getting Refunds If You File A Paper Tax Return
Today’s advice: If you have not yet filed your federal income tax return, do not—repeat, do not—send the Internal Revenue Service a paper return—especially if…
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