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?
Is corporate income double-taxed? Q.Is corporate income double-taxed? A.C-corporations pay entity-level tax on their income, and their shareholders pay tax again when the income is distributed. But in practice, not all corporate income is taxed at the entity level, and many corporate shareholders are exempt from income tax. Read more about Is corporate income double-taxed?
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?