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Tax codes can combat climate change
Amy Hanauer emphasizes the potential of federal, state, and local tax codes as tools for creating a climate-resilient America. She argues that a modernized tax code should discourage emissions and promote lower-carbon designs, particularly in transportation, which accounts for about 25% of U.S. greenhouse gas emissions. Hanauer notes: “We should use this moment to make…
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Flood relief: IRS extends tax deadlines
Individuals and businesses in Juneau, Alaska, affected by flooding on August 5, 2024, now have until May 1, 2025, to file federal tax returns and make payments. The IRS provides relief to areas designated by the Federal Emergency Management Agency, including Juneau. This extension applies to various filing and payment deadlines, allowing affected taxpayers to…
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Crypto taxes: States take the plunge
Several states, including Colorado, Utah, Louisiana, Ohio, and Arizona, are beginning to accept cryptocurrency for tax payments. However, challenges such as price volatility, regulatory issues, and security risks remain. As Sharon Yip, co-founder and CEO of Chainwise CPA, notes: “States could turn cryptocurrency into a viable payment method by using stablecoins.” To address these challenges,…
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How the presidential election could transform corporate tax policies
As the 2024 presidential election approaches, significant changes may be on the horizon for corporate tax policies, with Republicans and Democrats offering divergent paths that could reshape the business landscape. Republicans propose reducing the corporate tax rate to 15%, preserving the 100% bonus depreciation provision, and fully reinstating R&D expense deductibility to promote U.S. investment…
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Continuing jobless claims hit three-year high
The number of Americans filing for unemployment benefits fell last week, but the total number of those collecting benefits rose to its highest level in almost three years. The Labor Department said Thursday that initial claims decreased 15,000 to 227,000 in the seven days to October 19th, well below the 242,000 median forecast of economists…
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New tax credits boost semiconductor sector
The Biden administration has finalized rules for a 25% tax credit aimed at semiconductor manufacturing projects, broadening eligibility under the 2022 Chips and Science Act. The expansion includes companies producing wafers and chipmaking equipment, as well as solar wafers, which could enhance domestic production. However, facilities producing underlying materials like polysilicon remain excluded. The tax…
