What is the Book Minimum Tax on corporations? Q.What is the Book Minimum Tax on corporations? A.The 2022 Inflation Reduction Act (IRA) introduced a new corporate minimum tax on book income that became effective January 1, 2023. Read more about What is the Book Minimum Tax on corporations?
How would formulary apportionment work? Q.How would formulary apportionment work? A.Under the current global system, multinational firms determine their profits separately in each tax jurisdiction in which they operate. An alternative system would allocate a firm’s worldwide income across countries using a formula based on some combination of its sales, assets, and payroll in each jurisdiction. Read more about How would formulary apportionment work?
What is the Fair Tax? Q.What is the Fair Tax? A.The Fair Tax Act of 2023 (HR 25) would replace the federal individual income tax, corporate income tax, payroll taxes, and the estate and gift tax with a national retail sales tax. Read more about What is the Fair Tax?