Here's a big one: Biden could easily be the first president in more than three decades to enter the White House without his party also controlling both chambers of Congress, depending on the results of January's Senate runoffs in Georgia. So let's look at some ways that a President Biden could try to use the regulatory state to his advantage on taxes.
For Democrats, attacking the Republicans' signature legislative achievement during the Trump administration via regulation comes with some limitations — after all, the most straightforward way to change tax laws is to actually change the law. But it's not clear how much headway Democrats could make rolling back key parts of the TCJA with even a senator or two more than their current best-case scenario of 50. Which brings us back to the regulatory arena.
Many things are taking place:
Avalara Announces Code-Focused Virtual Event for Developers: Avalara NEXT - Odessa American:
Avalara Announces Code-Focused Virtual Event for Developers: Avalara NEXT Associated Press |
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"As businesses continue to grow through digital commerce, they're running into increased tax compliance regulations on a global scale, creating the need for a next-generation tax compliance platform to manage expanding tax obligations," said Sanjay Parthasarathy, Chief Product Officer at Avalara. "Avalara NEXT will provide a forum for developers to connect and learn about the technology and best practices to integrate global tax compliance with their business applications."
Tax Carbon and Leave The Rest to the Markets - WSJ
Regarding " Car Makers Keen on Electric Push " (Business News, Nov. 10): It is true that we can do better than our current patchwork of state and federal auto regulations. Yet no matter how many electric vehicles we put on the road, more is needed to reduce our carbon emissions. We need to incentivize a gradual transition to clean-energy sources throughout our entire economy.
The most cost-effective incentive is a price on carbon. By putting a price on carbon, consumers will be incentivized to choose clean, low-carbon energy sources. And auto makers, who respond to consumer demand, would be more willing to make long-term investments in electric technology. Instead of bogging down companies with more regulations, we should encourage them to focus on innovation.
Nelson files bills to address rescue animals, retired officers | News | starlocalmedia.com
Texas State Sen. Jane Nelson, R-Flower Mound, pre-filed another round of legislation today ahead of the upcoming session of the Texas Legislature, which reconvenes Jan. 12 and concludes its business May 31. Bills filed Monday include:
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Animal welfare : SB 197 provides a sales tax exemption for nonprofit animal welfare organizations that rely on foster homes to care for displaced animals. Currently the tax code exempts organizations that operate an animal shelter facility from collecting sales tax. SB 197 extends that same exemption to rescue groups that operate through a network of foster homes rather than a facility.
And here's another article:
Bill to lift wind energy tax grace period advances | Regional News | kpvi.com
Wind turbines in Rolling Hills are seen from Casper Mountain in 2019. Wyoming lawmakers narrowly voted to advance a bill last week to increase the electricity tax burden on wind energy producers in the state.
Wyoming Highway 487 leads to a line of wind turbines on Aug. 8, 2019, in the Shirley Basin north of Medicine Bow. Wyoming lawmakers narrowly voted to advance a bill last week to increase the electricity tax burden on wind energy producers in the state.
Partnerships And S Corporations Exempted From Limits On State And Local Tax Deduction | Fox
The IRS intends to issue proposed regulations to permit a partnership or an S corporation to deduct specified income tax payments made to a domestic state or local jurisdiction.
In Notice 2020-75 , the IRS clarifies that state and local income taxes imposed on and paid by a partnership or S corporation with respect to its income are allowed as a deduction by the partnership or S corporation in computing its non-separately stated taxable income or loss for the taxable year of payment, and are not subject to the state and local tax deduction limitation for partners and shareholders who itemize deductions.
Legalizing pot could bring Virginia $300 million in tax revenue | WTOP
Virginia could net more than $300 million per year in tax revenue if the state were to legalize recreational marijuana, according to a report released Monday by Virginia’s legislative watchdog agency.
“We were directed to look at how Virginia could legalize marijuana and create a commercial market, but we were not asked to look at if that should be done,” said Mark Gribbin, an analyst with the Joint Legislative Audit & Review Commission.
IRS to Issue Favorable Regulations on SALT Deduction Limitation Workarounds by Partnerships and S
This guidance is significant and favorable for so-called "workaround" arrangements under state laws which provide for a partnership or S corporation to pay State and local income tax on partnership and S corporation income. Such arrangements are intended to avoid application of the $10,000 limitation on deduction of State and local taxes ("SALT deduction limitation") for individuals who are partners of a partnership or shareholders of an S corporation.
Happening on Twitter
Among the things Joe Biden says he'll do on day 1 as president: • Rejoin WHO • Make DACA permanent • Reverse Trump… https://t.co/ptxnY1nIVK NPR Mon Nov 16 03:52:51 +0000 2020
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