IBFS news

Ballooning U.S. budget deficit is killing the American dream

The government’s deficit problem is creating an income problem for Americans, economists warn.

Is bitcoin the future of higher education funding? How this university is testing idea.

The University of Austin, a new school opening later this year, has launched what it said is the first long-term endowment held in bitcoin, a unique involvement of cryptocurrency in higher education financing.

15 Self-Employment Tax Deductions

Working for yourself comes with the opportunity to claim a variety of tax write-offs.

Wyden Takes Aim At US Pass-Through Income Tax Break

Senate Finance Committee Chair Ron Wyden (D-OR) has introduced legislation to overhaul the 20 percent deduction for pass-through income introduced into US tax law in 2017.

Unemployed and already did your taxes? The IRS says you don’t need to file an amended tax return

If you received unemployment benefits in 2020 and you’ve already filed your tax returns, the Internal Revenue Service is saying you don’t have to file an amended return to claim the new tax waiver on up to $10,200 of your benefit payments.

US Tax Season Begins

The Internal Revenue Service launched tax season for individuals on February 15, 2021, highlighting the various supports available for taxpayers when preparing their returns.

Digital VAT Regimes Vital To Buoy Countries' Tax Takes: Report

The OECD has released its annual Consumption Tax Trends report, which highlights that with VAT rates at an all-time high, governments should ensure they have effective VAT frameworks in place to tax e-commerce.

Trump keeps pushing for a payroll tax cut. Here's what that means

Washington(CNN)President Donald Trump is pushing Congress to include a payroll tax cut in the next economic relief package

U.S. IRS Releases Practice Units on Foreign Currency Gain or Loss, Exchange Rates, Accounting Method Changes, and Foreign Earned Income Exclusion Adjustments

The U.S. IRS has released practice units on IRC 986(c) Gain or Loss Prior to Tax Cuts and Jobs Act of 2017, Official Versus Free Market Exchange Rate, IRC 481(a) Adjustments for IRC 263A Accounting Method Changes, and Foreign Earned Income Exclusion Adjustment

Half of US small business owners expect tax refunds – and that’s just dumb

If business owners and their accountants are doing a good job managing taxes, then they really should have zero refunds

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