Month: March 2021

President Joe Biden is preparing to roll out a $3 trillion infrastructure plan paid for in part by $2 trillion in tax increases on U.S. corporations. The premise is that the economic benefits of government infrastructure spending outweigh the economic harm from an increase in corporate taxes. The Biden administration has yet to make that
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The legalization and taxation of recreational marijuana remains one of the hottest trends in state taxation. Currently, 16 states (Alaska, Arizona, California, Colorado, Illinois, Maine, Massachusetts, Michigan, Montana, Nevada, New Jersey, New York, Oregon, South Dakota, Vermont, and Washington) and the District of Columbia have passed bills or approved ballot measures that allow for the
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The Internal Revenue Service responded Tuesday to calls for extending more tax deadlines by giving taxpayers until May 17 to make IRA and HSA contributions and file some refund claims. The IRS issued the announcement as a follow-up to the news earlier this month that it is extending the April 15 tax-filing deadline until May
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Robert Daly | Getty Images The Biden administration is expanding an existing pause on student loan interest and collections to include more than 1.1 million borrowers who are in default, the U.S. Department of Education announced Tuesday. The borrowers, whose defaulted loans are part of the Federal Family Education Loan program, were ineligible for the
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The Financial Accounting Standards Board released an accounting standards update Tuesday that gives private companies and nonprofits an accounting alternative to decrease the complexity of performing a goodwill triggering event evaluation. Under current U.S. GAAP, goodwill needs to be tested for impairment when a triggering event happens that indicates that it’s more likely than not
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If you buy something through our links, we may earn money from our affiliate partners. Learn more. Invoicing software provides an easy way for small businesses to streamline billing operations. These tools allow business owners and freelancers to request payments and get paid faster. Some even offer advanced features like time tracking, project management, and
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In an effort to rein in perceived excesses in executive compensation, Sen. Bernie Sanders (I-VT) and other co-sponsors have proposed to increase a company’s corporate income tax rate progressively based on the difference between median worker pay and CEO pay. The proposal, titled the “Tax Excessive CEO Pay Act,” fails to acknowledge that the corporate
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Table of Contents Executive Summary Income tax repeal is on the agenda in West Virginia, with Governor Jim Justice (R) and Republicans in both the House and Senate releasing plans for dramatically lowering or eliminating the state’s individual income tax. Despite their shared aims, these plans represent vastly different approaches. They are not even aligned
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The Public Company Accounting Oversight Board approved a new advisory group aimed at giving investors and other stakeholders more opportunities to engage with the audit overseer. By a unanimous vote on Monday, the five members of the board approved the creation and the charter of the 18-member Standards Advisory Group. According to the advisory group’s
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