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Tag: tax


Tax Code, Regulations and Guidance

What Is the 2022 Social Security Tax Limit?

June 27, 2022

Via: Investopedia

How the Social Security Tax Works The Social Security tax, also known as the “Old-Age, Survivors, and Disability Insurance (OASDI) tax,” funds the Social Security program in the United States. As of September 2021, more than 65 million people were […]


Business Law & Regulations, Finance

Who Is James Tobin? What Is the Tobin Tax?

May 16, 2022

Via: Investopedia

James Tobin was a Neo-Keynesian economist who received the 1981 Nobel Prize in economics for his research on the financial system and its impact on inflation and employment. He is known for pioneering the Tobin Tax, a levy on foreign […]


Tax Code, Regulations and Guidance

Guide to Home Equity Tax Deductions

May 10, 2022

Via: Investopedia

Prior to the Tax Cuts and Jobs Act of 2017, homeowners could claim a plethora of extra tax deductions. But these are no longer an option. After the act’s passage it’s more complicated to get a deduction when you borrow […]


Tax Code, Regulations and Guidance

Minnesota Tax Court rules credit card processing fee taxable

May 4, 2022

Via: LexBlog

The Minnesota Tax Court ruled that a separately stated surcharge covering credit card processing fees was subject to sales tax. The taxpayer, a sole proprietor, operates vacation rental properties that are held out for booking either directly through the taxpayer […]


Tax Code, Regulations and Guidance

Virginia Enacts Tobacco Products Tax Law Applicable to Remote Retail Sales of Cigars and Pipe Tobacco

May 2, 2022

Via: LexBlog

On April 27, 2022, the Virginia General Assembly passed House Bill 1199 and Senate Bill 748 regarding the application of the Commonwealth’s tobacco products tax on “remote retail sales” of cigars and pipe tobacco and related requirements. The General Assembly […]


Business Law & Regulations, Finance

Why It’s Time To Update Your Estate Plan

April 8, 2022

Via: FindLaw

If you already have an estate plan in place, you might think you’re all set and don’t need to think about estate planning ever again. Most people actually need to update their estate plan every few years because life, finances, […]


Tax Code, Regulations and Guidance

Biden Administration Proposes a ‘Billionaires Minimum Tax’

March 28, 2022

Via: Investopedia

On March 28, 2022, the Biden Administration proposed a minimum tax on extremely wealthy taxpayers in its FY 2023 budget.1 For tax years beginning after December 31, 2022, the so-called “billionaires minimum tax” would apply a 20% tax on the […]


Tax Code, Regulations and Guidance

401(k) vs. Roth IRA: What’s the Difference?

March 25, 2022

Via: Investopedia

Both 401(k)s and Roth IRAs are popular tax-advantaged retirement savings accounts that differ in tax treatment, investment options, and employer contributions. Both accounts allow your savings to grow tax-free. Contributions to a 401(k) are pre-tax, meaning they are deposited before […]


Tax Code, Regulations and Guidance

Unified Tax Credit Definition

March 21, 2022

Via: Investopedia

What Is a Unified Tax Credit? The unified tax credit, also called the unified transfer tax, combines two separate lifetime tax exemptions for gift and estate taxes. The combined exemption limit applies to the taxable gifts you make to others […]


Tax Code, Regulations and Guidance

CTC and filing season surprises

March 14, 2022

Via: POLITICO

WELCOME TO TAX SEASON: The political debate over last year’s expansion of the Child Tax Credit might be at a standstill right now. But those monthly child payments have their fingerprints all over this current tax filing season, throwing a […]