Nearly 75% of cannabis businesses operate at a loss, and many in the industry point to a feature of the Internal Revenue Code as the reason why.Listen here and subscribe to Talking Tax on Apple Podcasts, Spotify, Megaphone, or Audible.Cannabis companies are prohibited from deducting ordinary business expenses—like rent or payroll—from their federal taxes as … Read more
Unless corporations and the wealthy pay their fair share of taxes, the US will struggle to address numerous pressing challenges, including rising inequity, deteriorating national infrastructure, and the urgent demands of climate change.The 2017 Tax Cuts and Jobs Act slashed the corporate tax rate from 35% to 21%. It also gave corporations other tax breaks, … Read more
The corporate tax rate is coming up in nearly “every conversation” House Ways and Means Committee Rep. Carol Miller (R-W.Va.) has been at recently. Listen here and subscribe to Talking Tax on Apple Podcasts, Spotify, Megaphone, or Audible.Miller is leading one of the 10 House Ways and Means GOP tax teams, created to collect information … Read more
Puerto Rico Tax Competitiveness and Pillar Two Skip to content profit shiftingProfit shifting is when multinational companies reduce their tax burden by moving the location of their profits from high-tax countries to low-tax jurisdictions and tax havens. . Pillar Two, the global minimum taxA tax is a mandatory payment or charge collected by local, state, … Read more
“Bloomberg Tax’s Portfolios have been invaluable to me, especially as a young lawyer just beginning my practice. After law school, you rarely get the opportunity to experience systematic, organized, and comprehensive legal education on important tax topics, even though that would be helpful in developing and maintaining the knowledge base necessary to serve clients.” Le … Read more
Request a demo Bloomberg Tax simplifies the entire tax process with technology that automates tedious work, minimizes risk, and puts you in the best tax position possible. Complete the form, and we’ll be in touch to schedule a demo so you can see how our solutions transform your work and meet your unique needs. All … Read more
Jump right to primary sources Get unrestricted access to extensive primary source material, including Internal Revenue Code versions dating back to 1913, legislative history, state laws, comprehensive international tax treaties database, and full text of standards and regulations from the FASB, IASB, AICPA, and more.
There is increasing attention on the U.S.’s Global Intangible Low-Taxed Income (GILTI) tax and its interaction with new minimum tax rates taking effect around the world under the international Pillar Two initiative. GILTI is currently being reviewed in detail by tax authorities who are looking at how the U.S. might align it with the international … Read more
Wealth Tax Impact: Details & Analysis | Tax Foundation Skip to content Colombia, Norway, Spain, and Switzerland. Countries have repealed their wealth taxes for a variety of reasons. They raise little revenue, create high administrative costs, and induce an outflow of wealthy individuals and their money. Many policymakers have also recognized that high taxes on … Read more
Fact: A bipartisan group of lawmakers, including both liberal and conservative members, supported a bill that would change the rules allowing corporations wide discretion to choose who gets their online sales taxes, potentially funneling billion in tax kickbacks back to communities across the state.