In 2017, Value-Added Tax (VAT) accounted for 62.3 percent of consumption tax revenues in the OECD on average, making it an important source of government revenue. The European Commission (EC) recently published the latest version of their annual report on the “VAT Gap” in 2018 for the 28 Member States of the European Union at
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Getty Images Working parents are feeling the sting of the coronavirus pandemic — and it’s hitting women especially hard. School shutdowns have left many trying to juggle work, childcare and helping their kids with distant learning. Since the crisis began,  40% of working parents have had to change their employment situation, according to a new
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The economic downturn of the coronavirus pandemic that struck back in March left millions of Americans without jobs. Currently, more than 22 million people are collecting unemployment benefits — much of which is a direct result of the country shutdown. And while the CARES Act offered some relief to those impacted by the economy closure through
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Wolters Kluwer experienced issues with its CCH Axcess e-filing system on the Sept. 15, 2020, tax filing deadline. Tax preparer users started noticing e-filing was not functional on Tuesday, Sept. 15, with some receiving a message saying the system was experiencing “temporary filing errors.” Others received a message saying the system was down for “scheduled
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This week’s map shows the five states that have an Alternative Minimum Tax (AMT) in their individual income tax codes: California, Colorado, Connecticut, Iowa, and Minnesota. Under an individual AMT, many taxpayers are required to calculate their income tax liability under two different systems and pay the higher amount. The federal AMT was created in 1963, after Congress discovered
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The Federal Reserve said Wednesday it would keep its benchmark interest rate near zero for as long as it takes to help the economy bounce back from the coronavirus crisis. The Fed said the ongoing coronavirus pandemic will “weigh heavily” on the near-term outlook and poses “considerable risks” for the medium term. In addition to holding rates near rock bottom, the
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The Institute of Management Accountants has launched a new promotional campaign to highlight the role of Certified Management Accountants in real-world situations, taking a more serious tone in the midst of the novel coronavirus pandemic than its previous humorous advertising campaigns. The campaign aims to demonstrate how accounting and finance professionals who earn a CMA
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A majority of CFOs and other C-suite executives anticipate corporate tax rates will rise after the election, no matter whether Donald Trump or Joe Biden wins in November, according to a new survey by PricewaterhouseCoopers. PwC’s Road to Election 2020 Pulse Survey polled 578 CFOs and other executives to determine the general election’s impact on
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Crypto help wanted; PPP and R&D; SEO tips; and other highlights from our favorite tax bloggers. Useful results Tax Vox (https://www.taxpolicycenter.org/taxvox): Everything old is new again: The newly published results of an extensive survey of public views on taxes find deep partisan divisions and a widespread lack of understanding about taxes. The survey also shows
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Small-business owners tend to realize almost immediately how different their businesses are to run from large corporations. For success, a small business needs to adopt its own strategies that work with limited available resources. From figuring out how to find and develop new talent to discussing how to expand the business’s reach, small-business entrepreneurs have
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The Internal Revenue Service released final regulations Tuesday for taxpayers who claim the rehabilitation credit under changes made in the Tax Cuts and Jobs Act of 2017. The TJCA amended the rehabilitation credit so taxpayers can now claim the rehabilitation credit over a five-year period. The TCJA amendments generally apply to a taxpayer’s qualified rehabilitation
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Hundreds of jobless people wait outside the Kentucky Career Center for help with their unemployment claims on June 19 in Frankfort, Kentucky. John Sommers II/Getty Images Americans who are hoping for more financial assistance may have to wait until after the November election before Congress can strike a deal. Yet experts say continued financial assistance
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