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The Disclosure of State Corporate Income Tax Data: Turning the Clock Back to the Future Richard Pomp University of Connecticut School of Law
University of Connecticut OpenCommons@UConn Faculty Articles and Papers School of Law Spring 1993 The Disclosure of State Corporate Income Tax Data: Turning the Clock Back to the Future Richard Pomp University of Connecticut School of Law Follow this and additional works at: https://opencommons.uconn.edu/law_papers Part of the Taxation-Federal Commons, and the Taxation-State and Local Commons Recommended Citation Pomp, Richard, "The Disclosure of State Corporate Income Tax Data: Turning the Clock Back to the Future" (1993). Faculty Articles and Papers. 121. https://opencommons.uconn.edu/law_papers/121 +(,121/,1( Citation: 22 Cap. U. L. Rev. 373 1993 Content downloaded/printed from HeinOnline (http://heinonline.org) Mon Aug 15 17:19:23 2016 -- Your use of this HeinOnline PDF indicates your acceptance of HeinOnline's Terms and Conditions of the license agreement available at http://heinonline.org/HOL/License -- The search text of this PDF is generated from uncorrected OCR text. -- To obtain permission to use this article beyond the scope of your HeinOnline license, please use: https://www.copyright.com/ccc/basicSearch.do? &operation=go&searchType=0 &lastSearch=simple&all=on&titleOrStdNo=0198-9693 THE DISCLOSURE OF STATE CORPORATE INCOME TAX DATA: TURNING THE CLOCK BACK TO THE FUTURE RICHARD D. POMP* INTRODUCTION .............................................. 374 I. THE DISCLOSURE OF INCOME TAX INFORMATION AT THE FEDERAL LEVEL: AN HISTORICAL PERSPECTIVE .......... 378 A. The Civil War Income Taxes: 1861-1872 ............... 379 B. The 1894 Income Tax ................................ 384 C. The Tariff Act of 1909 ............................... 386 D . 1913-1923 .......................................... 389 E. The 1924 and 1926 Acts ............................... 391 F. The Pink Slip Provisions: 1934-1935 ................ -
Form W-4, Employee's Withholding Certificate
Employee’s Withholding Certificate OMB No. 1545-0074 Form W-4 ▶ (Rev. December 2020) Complete Form W-4 so that your employer can withhold the correct federal income tax from your pay. ▶ Department of the Treasury Give Form W-4 to your employer. 2021 Internal Revenue Service ▶ Your withholding is subject to review by the IRS. Step 1: (a) First name and middle initial Last name (b) Social security number Enter Address ▶ Does your name match the Personal name on your social security card? If not, to ensure you get Information City or town, state, and ZIP code credit for your earnings, contact SSA at 800-772-1213 or go to www.ssa.gov. (c) Single or Married filing separately Married filing jointly or Qualifying widow(er) Head of household (Check only if you’re unmarried and pay more than half the costs of keeping up a home for yourself and a qualifying individual.) Complete Steps 2–4 ONLY if they apply to you; otherwise, skip to Step 5. See page 2 for more information on each step, who can claim exemption from withholding, when to use the estimator at www.irs.gov/W4App, and privacy. Step 2: Complete this step if you (1) hold more than one job at a time, or (2) are married filing jointly and your spouse Multiple Jobs also works. The correct amount of withholding depends on income earned from all of these jobs. or Spouse Do only one of the following. Works (a) Use the estimator at www.irs.gov/W4App for most accurate withholding for this step (and Steps 3–4); or (b) Use the Multiple Jobs Worksheet on page 3 and enter the result in Step 4(c) below for roughly accurate withholding; or (c) If there are only two jobs total, you may check this box. -
Child Tax Credit & Credit for Other Dependents
Child Tax Credit & Credit for Other Dependents Introduction The child tax credit is unique because if a taxpayer cannot benefit from the nonrefundable credit, the taxpayer may be able to qualify for the refundable additional child tax credit on Schedule 8812, Additional Child Tax Credit. In this chapter, we will learn about both credits and their relationship to each other. Some taxpayers may not be aware of these credits. Your time, effort, and understanding of this credit may result in a lower tax for the taxpayer. The child tax credit, credit for other dependents, and the additional child tax credit are entered on Form 1040. The intake and interview sheet, along with the Volunteer Resource Guide, Tab G, Nonrefundable Credits are critical tools needed to determine eligibility for the credit. Don’t confuse these credits with the child and dependent care credit! Objectives What do I need? At the end of this lesson, using your resource materials, you will be able to: □ Form 13614-C • Determine the taxpayer’s eligibility for the credit(s) □ Publication 4012 □ Publication 17 • Determine which taxpayer can claim the credits □ Publication 972 □ Schedule 8812 What is the child tax credit? Optional: The child tax credit is a nonrefundable credit that allows taxpayers to □ Form 1040 Instructions claim a tax credit of up to $2,000 per qualifying child, which reduces their □ Schedule 8812 Instructions tax liability. What is the additional child tax credit? Taxpayers who are not able to claim the full amount of the child tax credit may be able to take the refundable additional child tax credit. -
IRS Publication 4128, Tax Impact of Job Loss
Publication 4128 Tax Impact of Job Loss The Life Cycle Series A series of informational publications designed to educate taxpayers about the tax impact of significant life events. Publication 4128 (Rev. 5-2020) Catalog Number 35359Q Department of the Treasury Internal Revenue Service www.irs.gov Facts JOB LOSS CREATES TAX ISSUES References The Internal Revenue Service (IRS) recognizes that the loss of a job may • Publication 17, Your create new tax issues. The IRS provides the following information to Federal Income Tax (For assist displaced workers. Individuals) • Severance pay and unemployment compensation are taxable. • Publication 575, Payments for any accumulated vacation or sick time are also Pension and Annuity taxable. You should ensure that enough taxes are withheld from Income these payments or make estimated payments. See IRS Publication 17, Your Federal Income Tax, for more information. • Publication 334, Tax Guide for Small • Generally, withdrawals from your pension plan are taxable unless Businesses they are transferred to a qualified plan (such as an IRA). If you are under age 59 1⁄2, an additional tax may apply to the taxable portion of your pension. See IRS Publication 575, Pension and Annuity Income, for more information. • Job hunting and moving expenses are no longer deductible. • Some displaced workers may decide to start their own business. The IRS provides information and classes for new business owners. See IRS Publication 334, Tax Guide for Small Businesses, for more information. If you are unable to attend small business tax workshops, meetings or seminars near you, consider taking Small Business Taxes: The Virtual Workshop online as an alternative option. -
Section 5 Explanation of Terms
Section 5 Explanation of Terms he Explanation of Terms section is designed to clarify Additional Standard Deduction the statistical content of this report and should not be (line 39a, and included in line 40, Form 1040) T construed as an interpretation of the Internal Revenue See “Standard Deduction.” Code, related regulations, procedures, or policies. Explanation of Terms relates to column or row titles used Additional Taxes in one or more tables in this report. It provides the background (line 44b, Form 1040) or limitations necessary to interpret the related statistical Taxes calculated on Form 4972, Tax on Lump-Sum tables. For each title, the line number of the tax form on which Distributions, were reported here. it is reported appears after the title. Definitions marked with the symbol ∆ have been revised for 2015 to reflect changes in Adjusted Gross Income Less Deficit the law. (line 37, Form 1040) Adjusted gross income (AGI) is defined as total income Additional Child Tax Credit (line 22, Form 1040) minus statutory adjustments (line 36, (line 67, Form 1040) Form 1040). Total income included: See “Child Tax Credit.” • Compensation for services, including wages, salaries, fees, commissions, tips, taxable fringe benefits, and Additional Medicare Tax similar items; (line 62a, Form 1040) Starting in 2013, a 0.9 percent Additional Medicare Tax • Taxable interest received; was applied to Medicare wages, railroad retirement com- • Ordinary dividends and capital gain distributions; pensation, and self-employment income that were more than $200,000 for single, head of household, or qualifying • Taxable refunds of State and local income taxes; widow(er) ($250,000 for married filing jointly, or $125,000 • Alimony and separate maintenance payments; for married filing separately). -
Further Details Released on Omnibus Law Tax Treatments to Support Ease of Doing Business
April 2021 Tax Alert Further details released on Omnibus Law tax treatments to support ease of doing business On 2 February 2021, the Indonesian Government issued Government Regulation No 9/ 2021 (“GR-9”) and on 17 February 2021, the Minister of Finance (“MoF”) issued regulation No. 18/PMK.03/2021 (“PMK-18”). These are implementing regulations of Law No 11/2020 (i.e. Omnibus Job Creation Law) and provide important details in respect of tax treatments to support ease of doing business. GR-9 and PMK-18 provide some further details on aspects of income tax, value added tax (“VAT”) and general tax provisions and procedures (“KUP”), and each was effective on the date of issue. GR-9 and PMK-18 contain a range of important updates which will be of relevance to both domestic groups, and multinationals with Indonesian interests. Key aspects of GR-9 and PMK-18 include: 1. Reduced WHT on bond interest – to potentially encourage bond issuance by Indonesian corporates. 2. Exempt dividend income – important criteria for Indonesian companies and Individuals to exempt dividend income from tax, including the “investment in Indonesia” rule. 3. Changes to the individual tax residency criteria and stipulation of certain professions that can access a tax exemption on non-Indonesian sourced income. This may help companies attract talent in 25 key areas to work in Indonesia. 4. VAT rules on in-kind equity contributions, consignment sales, retail transactions, pre-production phase, and crediting input VAT in various scenarios. 5. Rules and procedures concerning calculation and payment of “interest reward” – i.e. -
Income – Wages, Interest, Etc
Income – Wages, Interest, Etc. Introduction What do I need? □ Form 13614-C This is the first of nine lessons covering the Income section of the □ Publication 4012 taxpayer’s return. A critical component of completing the taxpayer’s return □ Publication 17 is distinguishing between taxable and nontaxable income and knowing Optional: where to report the different types of income on Form 1040. □ Form 1040 Instructions Objectives □ Form 1099-PATR At the end of this lesson, using your resource materials, you will be able to: □ Schedule B • Compute taxable and nontaxable income □ Publication 531 • Distinguish between earned and unearned income □ Publication 550 Publication 926 • Report income correctly on Form 1040 □ □ Publication 970 The following chart will help you select the appropriate topic for your certification course. Certification Course Basic Advanced Military International Wages & Reported Tips Unreported Tip Income Scholarship and Fellowship Income Interest Income Dividend Income Taxable Refunds Alimony Received Business Income Capital Gain/Loss Other Gains/Losses N/A N/A N/A N/A IRA Distributions* Pensions/Annuities* Rental Income Schedule K-1 Distributions Farm Income N/A N/A N/A N/A Unemployment Compensation Social Security Benefits Other Income Foreign Earned Income Military Income *Basic only if the taxable amount is already determined. Income – Wages, Interest, Etc. 8-1 How do I determine taxable and nontaxable income? The Income Quick Reference Guide in the Volunteer Resource Guide, Tab D, Income, includes examples of taxable and nontaxable income. Gross income is all income received in the form of money, goods, property, and services that is not exempt from tax. -
Instructions for Form 1099-DIV (Rev. January 2022)
Note: The draft you are looking for begins on the next page. Caution: DRAFT—NOT FOR FILING This is an early release draft of an IRS tax form, instructions, or publication, which the IRS is providing for your information. Do not file draft forms and do not rely on draft forms, instructions, and publications for filing. We do not release draft forms until we believe we have incorporated all changes (except when explicitly stated on this coversheet). However, unexpected issues occasionally arise, or legislation is passed—in this case, we will post a new draft of the form to alert users that changes were made to the previously posted draft. Thus, there are never any changes to the last posted draft of a form and the final revision of the form. Forms and instructions generally are subject to OMB approval before they can be officially released, so we post only drafts of them until they are approved. Drafts of instructions and publications usually have some changes before their final release. Early release drafts are at IRS.gov/DraftForms and remain there after the final release is posted at IRS.gov/LatestForms. All information about all forms, instructions, and pubs is at IRS.gov/Forms. Almost every form and publication has a page on IRS.gov with a friendly shortcut. For example, the Form 1040 page is at IRS.gov/Form1040; the Pub. 501 page is at IRS.gov/Pub501; the Form W-4 page is at IRS.gov/W4; and the Schedule A (Form 1040/SR) page is at IRS.gov/ScheduleA. -
THE BIGGEST CON How the Government Is Fleecing You
On October 8, 1974, before a joint session of the Congress, President Ford call- ed "inflation, our public enemy No. 1." Schiffs thesis is that since it's the Federal government that causes that inflation, it's the Federal government that is, in reality, "public enemy No. 1" — and blistering chapters add to this in- dictment. With irrefutable evidence and driving logic, he accuses the Federal government of converting the American economy to national socialism and turning American workers into Federal peons. With facts and figures he shows how, when, and why the Federal government: • Causes inflation • Steals more from the public in a week than the Mafia does in a year • Declared official bankruptcy three times since 1970 • Created the energy crisis • Legislates unemployment, poverty and crime • Fraudulently conceals the nation's $8 trillion public debt • Unconstitutionally enforces a fraudulently acquired power to tax income, and • Why Social Security is a gigantic fraud from which taxpayers can now legally "drop out" • Why the Federal government is nothing but a profit making* business monopoly, and • Why he has paid no.income taxes since 1973. * For those who run it. IRWIN A. SCHIFF THE BIGGEST CON How The Government Is Fleecing You Foreword by John Chamberlain jfretbom Pooktf Las Vegas, Nevada Illustrations and Graphs by Emanuel Zeid Cover by Danial Brown Copyright 1976, 1977 by Irwin A. Schiff All rights reserved. No portion of this book may be reproduced without written permission from the publisher except by a reviewer who may quote brief passages in connection with a review. Manufactured In the United States of America ISBN 0-930374-01-0 PRINTING HISTORY Arlington House Edition - Published April, 1976 Freedom Books Edition - Published August, 1977 Freedoms Book. -
Income Tax Booklet
2020 Individual Income Tax For a fast refund, file electronically! Balance due? Pay electronically and choose your payment date. See back cover for details. ksrevenue.org in Kansas. For individuals, it is usually the home. For businesses, In This Booklet it is where the items are used (office, shop, etc). General Information .................................. 3 Do I owe this tax? Kansans that buy goods in other states or K-40 Instructions....................................... 6 through catalogs, internet, mail-order companies, or from TV, Form K-40................................................. 11 magazine and newspaper ads must pay Kansas use tax on the Schedule S ............................................... 13 purchases if the goods are used, stored or consumed in Kansas Schedule K-210 ........................................ 15 and the seller does not charge a sales tax rate equal to or greater Schedule S Instructions ........................... 17 than the Kansas retailers’ sales tax rate in effect where the item is Tax Table.................................................. 20 delivered or first used. EXAMPLE: An Anytown, KS resident goes Tax Computation Worksheet .................... 27 to Missouri to purchase a laptop computer during a Missouri sales Taxpayer Assistance .................. Back cover tax “Holiday.” The cost of the computer is $2,000. The Anytown Electronic Options ...................... Back cover resident will owe Kansas use tax of 8.95% (current Anytown rate) on the total charge of $2,000 when that resident brings the laptop Important Information computer back to Anytown, KS. ($2,000 X 0.0895 = $179.00). How do I pay the Compensating Use Tax? To pay Kansas use CHILD AND DEPENDENT CARE CREDIT. tax on your untaxed out-of-state purchases made during calendar This credit is for child and dependent care year 2020, refer to the instructions for line 20 of Form K-40. -
2020 Instructions for Filing Original and Amended: • Individual Income Tax (IT 1040) • School District Income Tax (SD 100)
• INSTRUCTIONS ONLY • NO RETURNS • hio 2020 Instructions for Filing Original and Amended: • Individual Income Tax (IT 1040) • School District Income Tax (SD 100) Department of hio Taxation tax. hio.gov 2020 Ohio IT 1040 / SD 100 Table of Contents A H N Amended returns ....................................7 Highlights for 2020..................................4 Net operating loss (IT NOL) ..................49 Nonresident credit (IT NRC) ............22-25 B I Nonresident statement (IT NRS) ....12, 48 Business credits ..............................20-22 Individual credits ..............................19-20 Business income Income statements (W-2, 1099) ......38-39 P Business income deduction (IT BUS) ...18 Interest and penalties .....................14, 47 Payment options .....................................5 Definitions and examples ....................9 IT 1040 Completing the top portion ................12 R C General information ..........................10 Refund status .........................................2 College savings (Ohio 529 plan) Line instructions ...........................13-14 Residency .............................................10 Instructions........................................17 Income tax rates and tables .........32-37 Resident credit (IT RC) .........................26 Worksheet .........................................30 J Residency credits .................................21 Retirement income credit......................19 D Joint filing credit ....................................20 Deceased taxpayers ...............................6 -
Form IL-1040 Individual Income Tax Return Or for Fiscal Year Ending / Over 80% of Taxpayers File Electronically
Illinois Department of Revenue *60012201W* 2020 Form IL-1040 Individual Income Tax Return or for fiscal year ending / Over 80% of taxpayers file electronically. It is easy and you will get your refund faster. Visit tax.illinois.gov. Step 1: Personal Information A Enter personal information and Social Security numbers. You must provide the entire Social Security number for you and your spouse. Do not provide a partial Social Security number. - - Your first name and initial Your last name Year of birth Your Social Security number - - Spouse’s first name and initial Spouse’s last name Spouse’s year of birth Spouse’s Social Security number Mailing address (See instructions if foreign address) Apartment number County (Illinois only) City State ZIP or Postal Code Foreign Nation, if not United States (do not abbreviate) B Filing status: Single Married filing jointly Married filing separately Widowed Head of household C Check If someone can claim you, or your spouse if filing jointly, as a dependent. See instructions. You Spouse D Check the box if this applies to you during 2020: Nonresident - Attach Sch. NR Part-year resident - Attach Sch. NR Step 2: Income (Whole dollars only) 1 Federal adjusted gross income from your federal Form 1040 or 1040-SR, Line 11. 1 .00 2 Federally tax-exempt interest and dividend income from your federal Form 1040 or 1040-SR, Line 2a. 2 .00 3 Other additions. Attach Schedule M. 3 .00 4 Total income. Add Lines 1 through 3. 4 .00 Step 3: Base Income 5 Social Security benefits and certain retirement plan income received if included in Line 1.