Key Findings Extrapolating from recently revised state revenue forecasts yields an estimated nationwide $121 billion decline in state tax collections across FYs 2020 and 2021 against a FY 2019 baseline, and $191 billion compared to initial tax revenue projections for those two years. These estimates are consistent with the results of other recent analyses, and,
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Companies that don’t receive tax services from their auditing firms to avoid compromising auditor independence could end up paying more in taxes, at least temporarily, according to a new academic study. The study found that companies that dismissed or substantially reduced their reliance on their audit firms as tax-service providers incurred substantial tax costs to
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For many Americans, budgeting has become a more precarious balancing act these days. Both sides of the equation — income and expenses — are wrought with uncertainty. What will happen when your unemployment benefits run out? Will you be able to keep up with your credit card payments? Here is some information on where things
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Last week, former Vice President and presumptive Democratic presidential nominee Joe Biden released a set of economic proposals aimed at increasing investment in research & development (R&D) and “breakthrough” technology in energy. Biden should include canceling the upcoming amortization of R&D expenses in 2022, which would pair well with his plan and remove a headwind
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In 1970, Philadelphia’s Franklin Institute got a Moog synthesizer—a giant, unwieldy computer that created music. The sound was weird and quite evidently electronic. My fellow high school science geeks and I found it endlessly fascinating. But we couldn’t imagine how wonderfully diverse and inventive electronic music would become. It’s grown into a mainstay of pop
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The Tax Court struck down four more abusive syndicated conservation easement transactions last week, prompting the IRS to call on any taxpayer involved in such transactions who receives a settlement offer from the Service to accept it soon. These time-limited settlement offers, announced last month, are only being made to certain taxpayers with pending docketed
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The COVID-19 pandemic has disrupted global supply chains, worsened geopolitical tensions with China, and produced a spike in unemployment. These trends have combined to make bringing jobs back from overseas a politically valuable idea. There are several tax-related bills in Congress intended to incentivize specific industries to come back to the United States. But before
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