The U.S. Supreme Court has agreed to hear a constitutional challenge to a tax established by the Tax Cuts and Jobs Act. The taxpayers, a married couple, owned shares in a controlled foreign corporation (CFC). This made them subject to the mandatory repatriation tax (MRT), which says that owners of 10% or more shares of […]

How High Are Beer Taxes in Your State? https://bit.ly/3NB2wdO 

State Tax Changes Taking Effect July 1, 2023 https://bit.ly/3NWg6tV 

Businesses need to be aware of the rules for backup withholding, if required. Backup withholding, currently 24%, applies to income not typically subject to withholding. If your business makes certain payments to people who haven’t provided you with their legal names and taxpayer ID numbers (TINs), or if the IRS notifies you that a payee’s […]