Here is word for word a copy of an email sent to my inbox recently.  Beware of all the swearing in case you may be offended. These are the types of emails I receive. “My home and native land has officially gone to hell… And in this case, I mean it literally. Canada just passed … The post Canada Just Passed Law Increasing Exclusion Rate For Capital Gains To 66.6% first appeared on TaxConnections ..read more

Bidens 2025 budget proposal raises the top marginal rate on long term capital gains and qualified dividends to 44.6 percent. The Biden administration has proposed the highest top capital gains tax in over a century. According to Biden’s 2025 budget proposal the top marginal rate on long-term capital gains and qualified dividends would rise to 44.6%. The proposal, which … The post Biden Proposes Highest Capital Gains Tax in Over 100 YEARS first appeared on TaxConnections ..read more

According to Senior Economist, Alan Cole at the Tax Foundation, BEAT is the acronym for Base Erosion and Anti-abuse Tax. “Base erosion is the loss of corporate income tax revenues from global companies due to profit shifting. BEAT is intended to address a legitimate problem, and there are virtues to BEAT’s overall strategic approach; however, its execution … The post What Is The BEAT For MNEs? first appeared on TaxConnections ..read more

Written waivers and releases (generally, here, a “Release”) have become ubiquitous in the American way of life – axe throws, bounce houses, rock climbing parks, mechanical bulls, little league registration, school activities, soccer clubs, trampoline parks, church events, etc.  Americans sign Releases all the time and few who sign likely take the time to actually … The post Event Waivers And Releases first appeared on TaxConnections ..read more

Earth Day was April 22, 2024, TaxConnections takes responsibility for the delay in publishing..oops! Professor Annette Nellen at San Jose State University published this post originally on her 21st Century Taxation blog site. She starts the post with this statement: Earth Day started in 1970 and one of the co-founders was Gaylord Nelson, who served as a … The post Learn IRS Site Publications On Tax Credits That Are Not Easy To Find first appeared on TaxConnections ..read more

Sales and use tax compliance can be daunting. Regulations vary by state and jurisdiction making them difficult to navigate, and to make matters even more complex, the rules are ever-changing. For many people, the concept of sales tax is just a charge you see on your receipt. Expanding your knowledge base to understand the compliance … The post Sales And Use Tax 101 – You Don’t Know What You Don’t Know first appeared on TaxConnections ..read more

The Internal Revenue Service today issued its annual Data Book detailing the agency’s activities during fiscal year 2023 (Oct. 1, 2022 – Sept. 30, 2023), including revenue collected and tax returns processed. For FY 2023, the IRS collected approximately $4.7 trillion, or about 96 percent of the funding that supports the federal government’s operations — to fund … The post IRS Releases 2023 Data Book Describing Agency’s Transformation Through Statistics first appeared on TaxConnections ..read more

Register For Complimentary Webinar Register Now Even smaller matters might have big traps and significant tax implications – leading to unexpected tax liabilities for your clients and potential malpractice claims for the professionals. During this one-hour webinar, the Tax Forum team of Chuck Levun, Michael Cohen, and Scott Miller will provide a top-level look at … Converting an existing S … The post Avoiding Costly Mistakes: Four Essential Tax Concepts For Attorneys And CPAs (Complimentary 1-Hour Webinar Thursday, May 16th) first appeared on TaxConnections ..read more

The Research and Development (R&D) Tax Credit is a valuable incentive offered by the US government to encourage innovation. However, calculating this credit can involve complex formulas and historical data analysis. This is where the Alternative Simplified Credit (ASC) method comes in, offering a streamlined approach for qualifying businesses. Traditional vs. Alternative Simplified Credit Calculation The Regular … The post Understanding The Alternative Simplified Credit Calculation For R&D first appeared on TaxConnections ..read more

Many of you have shared with us this tax season was a challenging one for many tax firms due to lack of tax staff with three to five years of experience to support Tax Managers, Tax Directors, and Tax Partners. This has been a challenge for firms for a few years now, so what is … The post Learn How To Staff Your Tax Practice And Get Work Done In Today’s Market first appeared on TaxConnections ..read more