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Ever since Maryland’s Commission on Innovation and Excellence in Education, better known as the Kirwan Commission, began presenting its recommendations for improving Maryland’s education system more than two years ago, Maryland lawmakers have been looking for revenue to cover the proposed increases in education spending. The Kirwan plan would add $4 billion in annual costs
When life throws a financial curve ball your way — and the funds you have on hand just don’t cut it — your retirement account may seem like a viable option to help make ends meet. However, early distribution of retirement funds comes at a cost. Before you make the decision to dip into your
If you’re getting a tax return, you probably have ideas on how to spend it. A well-deserved getaway — somewhere peaceful with no Wi-Fi access sounds nice. So does an upgrade to your home’s outdated appliances — and a little extra fun money to freshen up your closet. But do you know what lasts much
The Colombian CFC regime was enacted in 2016 (Law 1819). An entity in Colombia is considered a CFC if it is not a resident in the country and is controlled by one or more Colombian tax residents. Colombia is not part of the OECD but is one of the Latin American countries that has done
As a tax professional, you know that each season brings its own set of unique challenges and changes. Sometimes, it’s interesting to see how your fellow tax prep experts are faring this time of year, too — now you can take part and find out for yourself with this quick, two-question survey: Do you anticipate
Uber, Lyft, and other rideshare drivers spend their days driving strangers from Point A to Point B. Just like any other business, Uber and Lyft drivers get to claim their mileage, gas, and other day-to-day expenses as business write-offs. Unlike regular businesses, Uber and Lyft drivers get to claim a few extra write-offs come tax
Scandinavian countries are well-known for their broad social safety net and their public funding of services such as universal healthcare, higher education, parental leave, and child and elderly care. High levels of public spending naturally require high levels of taxation. In 2018, Denmark’s tax-to-GDP ratio was at 44.9 percent, Norway’s at 39.0 percent, and Sweden’s at 43.9 percent.
Updated for tax season 2019* Are you among the many Americans who file your taxes early so you can get your refund sooner? If you claim the Earned Income Tax Credit (EITC) or Child Tax Credit (ACTC) and expect to receive a refund, you’ll have to wait until after mid-February to get it. The Protecting
Notice a smaller refund last year? You’re not alone. The average tax refund dropped by about 2%, according to the IRS. The upside? More people got them. About 95.7 million refunds were issued, a small increase from the 95.4 million released the year prior. Even a slightly smaller refund left the average taxpayer with $2,725. So, how are millennials spending
Millennials versus baby boomers (and vice versa): It seems like a feud of stereotypes destined to live in infamy for ages. Many of the classics — pervading opinions like “Millennials are entitled and lazy” and “Boomers won’t ever catch up with modern technology” — have already been debunked by psychiatrists and psychologists who specialize in
A recent report on tax revenue sources shows the extent to which OECD countries rely on different tax types. Today’s map looks at the corporate income tax, which, compared to individual taxes, social insurance taxes, and consumption taxes, generates a relatively small share of tax revenue in Europe. In 2018—the most recent year for which
Updated for tax year 2019. When you start a new job as an employee, your new employer typically asks you to complete Form W-4, Employee Withholding Certificate. This document is a one-page Internal Revenue Service (IRS) form. It tells your employer how much money to take out of your paycheck to cover federal and state income taxes.
This week, former New York City Mayor and Democratic presidential candidate Michael Bloomberg released a proposal to levy a 0.1 percent tax on all financial transactions. Despite the stock market reaching all-time highs, Bloomberg claims the majority of gains are concentrated among the wealthy few. Bloomberg’s proposal is nothing novel. The idea of levying a
In the current globalized economy businesses have supply chains that can cross borders multiple times. Multinational businesses also make choices in how they want to reach their customers. A country headquartered in the United States that wants to sell products in Germany needs to answer several questions: Do we produce everything in the U.S. and
Key Findings In 2018, OECD countries raised one-third of their tax revenue through consumption taxes such as the Value-Added Tax (VAT), making consumption taxes on average the most important revenue source. Social insurance taxes and individual income taxes were the second and third most important sources of tax revenue in the OECD, respectively, at approximately
Cedar Rapids, Iowa — Feb. 18, 2020 — TaxAct is giving customers free access to a proprietary tax-analyzer that suggests how to get bigger refunds while adding to their retirement savings. The software tool, called My Tax Plan, is free to all online TaxAct filers, including those who use TaxAct Free Edition. The free, downloadable
Germany has had a Controlled Foreign Corporation (CFC) regime since 1972, when the German Foreign Transactions Tax Act was enacted. Under the German regime, a CFC is a foreign company where its capital or voting rights are either directly or indirectly majority-owned by German residents at the end of its fiscal year. (The rules apply
The following was presented at the European Economic and Social Committee’s hearing, “The Collaborative Economy – Data Exchange with Tax Authorities.” When designing their supply chains and investing across borders businesses generally follow what makes most sense from an economic point of view. Nevertheless, over past decades there has been a significant shift in how
Today, the OECD presented its preliminary impact assessment on the Pillar 1 and Pillar 2 proposals. The impact assessment includes estimated revenue and investment effects presented at a country group level (low-, middle- and high-income countries and investment hubs). The OECD estimates global corporate income tax revenues to increase by 4 percent if both pillars get implemented, equaling