The Child Tax Credit (CTC) is a partially-refundable tax credit available to parents with qualifying dependents under the age of 17. Like other tax credits, the CTC reduces tax liability dollar-for-dollar of the value of the credit.
25 min read
If states fail to update their income tax conformity, they will wind up taxing the federal lifeline to small businesses in the CARES Act: the Paycheck Protection Program (PPP) loans.
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Seemingly unconcerned about how the digital project could impact the economy at this crisis moment, officials at the OECD recently released a statement boasting that they are continuing to work “full steam” on their global digital tax project.
5 min read
California extends tax filing and payment deadline to July 31 for a broad spectrum of business taxes as Virginia keeps May 1st tax filing deadline.
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Some policymakers are proposing a payroll tax holiday for businesses and individuals for 2020 and a complete delay in filing deadlines for tax year 2019 and 2020 to April 2021. What are the pros and cons of doing so?
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The small business provisions in the CARES Act support small businesses and nonprofits seeking economic relief during this downturn. However, creating multiple programs with overlapping purposes and differing qualification requirements makes relief more complicated, vague, and not neutral.
6 min read
Six states, which collectively account for over one-third of the U.S. population, are currently in a position to pay out fewer than 10 weeks of the unemployment compensation claims that have already come in since the start of the COVID-19 pandemic.
3 min read
Due to a quirk of some state tax codes, the recovery rebates in the CARES Act could increase your income tax liability in six states: Alabama, Iowa, Louisiana, Missouri, Montana, and Oregon.
4 min read