October 16, 2024 The Executive Branch on October 8, 2024, introduced a comprehensive “fiscal modernization law” to the National Congress. The proposed reforms encompass a wide range of changes across various tax categories, including income tax, value added tax (VAT), excise tax, and speci...
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the Additional Child Tax Credit can generate a tax refund (or a bigger refund), while the Child Tax Credit’s nonrefundable part can at best reduce your tax bill to $0.
Weendorsed16 bills in the 118th Congress, one of which, the Federal Disaster Tax Relief Act of 2023 (H.R. 5863), was enacted on Dec. 12, 2024, asP.L. 118-148and contained two AICPA-supporteddisaster relief provisions — eliminating the requirement that casualty losses must exceed 10% o...
QUITO, Nov. 28 (Xinhua) -- Ecuadorian President Daniel Noboa, who took office Thursday, sent to the National Assembly on Monday a tax reform bill that aims to create youth employment and address the country's economic crisis. The National Assembly received the draft Organic Law of Economic ...
United States: The IRS released the final instructions for the 2024 Form 4626, "Alternative Minimum Tax – Corporations," which requires corporations to include a statement of rules applied in. The instructions clarify that all corporations must file Form 4626 unless they meet specific exemptions, ...
On 4 October 2022, the Chilean Executive Power submitted modifications (Modifications Bill) to the tax reform bill recently presented to Congress on 8 July 2022 (the Bill). See EY Global Tax Alert, Chile’s Congress to discuss tax reform proposal, dated 11 August 2022. ...
The bill, which provides a deadline of Jan. 1, 2026, for an estimated 32 million small businesses to file beneficial ownership information reports, comes as the BOI requirements are mired in court cases. February 13, 2025 Lower auto depreciation limits issued for first time in at least 3 ye...
“We compete for energy workers. Alaska, Texas and Wyoming are three of those eight states that already have zero income tax, and of course our neighbor right next to us in South Dakota.”…Zeroing out North Dakota’s income tax could finally be accomplished via a third bill, also passed...
tax bill.2For example, a $1,000 tax deduction would lower your taxable income by that same amount. The value of the deduction depends on yourtax bracket. So, if you are in the 22% tax bracket, that $1,000 tax deduction would save you $220 ($1,000 × 22%) on your tax bill. ...