This week, the Ohio House of Representatives passed House Bill 194, which would legalize and tax sports betting in the state. The bill now awaits action in the Ohio Senate. If enacted, the bill would legalize brick-and-mortar facilities and online betting while imposing a 10 percent excise tax on adjusted revenue (revenue minus winnings). The
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This summer for the first time, taxpayers will be able to electronically file their Form 1040-X, “Amended U.S. Individual Income Tax Return.” Making the 1040-X an electronically filed form has been a goal of the IRS for a number of years, the agency said, adding that it’s also been an ongoing request from the tax
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Note: Below is an excerpt of our full report. To see more, click the download link above. Introduction The digitalization of the economy has been a key focus of tax debates in recent years. Political debates have focused on the differences between taxing physical business operations and virtual operations. These debates have intersected with multiple layers of tax policy including
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A House bill with bipartisan support would allow 2020 college graduates to postpone their student loan payments for three years without interest accruing.  Meanwhile, Sen. Mitt Romney, R-Utah, has introduced legislation in the Senate that would do the same.  “Students graduating from college this year are suddenly facing significant hurdles entering the workforce,” Romney said
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The Treasury and the IRS have issued final regulations clarifying the reporting requirements generally applicable to tax-exempt organizations. Among other provisions, the regs incorporate the existing exception from having to file an annual return for certain organizations that normally have gross receipts of $50,000 or less. The regulations also provide that the requirement to report
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Today, the European Commission announced new budget plans including loans, grants, and some revenue offsets. The proposals follow other support mechanisms for workers and businesses that were designed in response to the Covid-19 pandemic and economic shutdown. The Commission is adjusting its work program for 2020 to “prioritize the actions needed to propel Europe’s recovery
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CNBC’s Jim Cramer said Wednesday that he thought some stocks were rallying too far too quickly given the high level of unemployment in the United States as the economy tries to pull out of the coronavirus slowdown.  “It’s too ‘happy days are here again,'” Cramer said on “Squawk on the Street.” “It’s just not going
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This analysis was prepared by a select group of JD candidates at the Institute of International Economic Law (IIEL) at Georgetown University in conjunction with TradeLab. All research and analysis was supervised by Georgetown faculty, Tax Foundation experts, and outside tax professionals. The Tax Foundation would like to thank the report authors for an exceptionally
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Certain jobs and industries are benefiting from enhanced unemployment pay more than others — and have the most to gain from an extension of benefits.  Workers in lower-paying sectors of the economy, such as accommodation and food services, benefit more from the unemployment increase than those in finance and insurance that pay workers better. And the difference
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As policymakers explore options for Phase 4 relief for businesses and individuals, it is important to understand why and how the CARES Act modified tax rules for businesses, including the changes to net operating loss (NOL) deduction rules such as NOL carrybacks. Rather than revisiting these changes and restricting NOL carrybacks, policymakers should explore ways
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The economics world suffered a big loss over the weekend with the untimely passing of Alberto F. Alesina, the Nathaniel Ropes professor of political economy at Harvard. Alesina’s specialty was investigating the economic effects of political choices, such as which policies are most effective in addressing large fiscal deficits and national debts. U.S. lawmakers would
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