Killing green energy tax credits–as Trump has pledged to do–could prove difficult. Anyway, much of the industry can survive and grow without those subsidies. By Christopher Helman, Forbes Staff D on’t overestimate the damage that President-elect Donald Trump’s energy policy could do to the global green transition. Yes, he has promised to undo the Democrats’ 2022 Inflation Reduction Act (IRA), deriding it on the campaign trail as a “green new scam” for its $500 billion in tax credits and other subsidies for renewable energy projects. Cleantech companies and their backers understandably fear losing benefits like an investment tax credit worth…

The Financial Crimes Enforcement Network, FinCEN Form 114, Report of Foreign Bank and Financial Accounts, is a crucial yet frequently misunderstood requirement for U.S. persons with foreign financial accounts. The FBAR may be familiar to many Americans living abroad, but it remains largely unknown to many U.S.-based individuals who might still have an obligation to file it. This can happen if, for example, they inherit a foreign account, a foreign relative grants them signature authority over an overseas account, or if a U.S. parent receives control over a foreign account set up for their child. Awareness of these requirements is…

With post-election posturing and an eye toward the budget deadline (December 20, 2024), the elbowing about what to keep and cut when it comes to spending has already begun. One word that keeps resurfacing in the midst of these debates is “entitlement.” Some taxpayers seem to equate entitlement with subsidy—what you and I think of as a hand-out—while others claim that it’s earned and can’t be taken away. Memes like this one, which says, “REPEAT AFTER ME: Social Security is OUR money, that we earned by working and paying into the fund – EACH paycheck, and NOT an “Entitlement”!” are…

In this episode of Tax Notes Talk, South African Revenue Service Commissioner Edward Kieswetter discusses his tenure leading the agency and the country’s position in the modernization of the international tax system. Tax Notes Talk is a podcast produced by Tax Notes. This transcript has been edited for length and clarity. David D. Stewart: Welcome to the podcast. I’m David Stewart, editor in chief of Tax Notes Today International. This week: righting the ship and setting a new course. At the end of October, the podcast team traveled to Cape Town, South Africa for the International Fiscal Association’s Annual Congress.…

The Tax Foundation, one of the world’s foremost think tanks concerning tax policy, has issued its annual survey: “State Tax Competitiveness Index.” It’s an in-depth examination of the 50 states’ tax codes. It covers all aspects, such as rates, simplicity, transparency and neutrality. This episode of What’s Ahead makes the case for this survey’s being a must-read for state politicians. It should surprise no one that high-ranking states, such as Florida, Texas, the Dakotas and Montana, are attracting people and are economically vibrant. The worst rankers—New Jersey, New York and California—are losing population. Follow me on Twitter. Send me a secure tip.  Read…

Now that Republicans control the federal government, President-elect Trump’s ambitious campaign proposals will move up on the fiscal policy agenda. Figure 1 summarizes Trump’s campaign promises and their corresponding revenue estimates (collected by the Committee for a Responsible Federal Budget). Figure 2 provides a historical perspective on how these proposals could affect the federal debt. Read the full article here

Federal payroll obligations imposed on employers can be expensive and time-consuming. Therefore, it is not uncommon for companies to outsource these responsibilities to third parties referred to as “third-party payers” (TPPs). Under a TPP arrangement, the TPP deducts, withholds, and remits employment taxes and prepares and files the corresponding employment tax returns on behalf of the employer. Generally, these third-party arrangements work well for both sides. In exchange for offloading the payroll headaches to a third party for a fee, the employer has more time to focus its efforts and personnel on other better-suited activities outside of the payroll function.…

With the re-election of Donald J. Trump as President, some Americans have expressed interest in moving abroad. Google Search data shows a spike in key phrases like “move to Canada,” “how to immigrate,” and “expat” since Election Day. In a repeat of 2016, this includes some celebrities such as America Ferrera, who says she will decamp to the UK with her family after being sick Trump won. She joins other celebrities who have recently moved to the UK. Newsweek has published a full list of celebrities moving abroad after Trump’s win. Back in 2016, one poll said that more than…

Detroit has announced it will become the largest municipality in the US to allow residents to pay taxes using cryptocurrencies when it rolls out a new PayPal-managed payment platform in 2025. The initiative hopes to spur technological innovation and foster economic growth—but may come with risks. The city’s leaders hope this strategy will modernize Detroit’s municipal services and improve the city’s financial inclusivity, particularly for unbanked residents. While Detroit’s plans are forward-thinking, they may come with more risks than rewards. The initiative brings with it numerous potential downsides, ranging from environmental concerns to dependence on third-party platforms, and high transaction…

The European Union’s “VAT in the Digital Age” (ViDA) reform package, approved by the ECOFIN Council on November 5, 2024, is set to bring major updates to the EU VAT system. For businesses outside the EU, ViDA’s impact will depend largely on their level of engagement within the EU market. Companies without supply chains or physical operations in the EU will see minimal impact. However, those involved in cross-border sales of goods or services or operating certain online platforms within the EU will face more extensive changes, requiring swift updates to their billing and accounting systems. ViDA reform package, introduced…