research taxation topics

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• 15 Dec 2020
• Working Paper Summaries

Designing, Not Checking, for Policy Robustness: An Example with Optimal Taxation

The approach used by most economists to check academic research results is flawed for policymaking and evaluation. The authors propose an alternative method for designing economic policy analyses that might be applied to a wide range of economic policies.

• 31 Aug 2020
• Research & Ideas

State and Local Governments Peer Into the Pandemic Abyss

State and local governments that rely heavily on sales tax revenue face an increasing financial burden absent federal aid, says Daniel Green. Open for comment; 0 Comments.

• 12 May 2020

Elusive Safety: The New Geography of Capital Flows and Risk

Examining motives and incentives behind the growing international flows of US-denominated securities, this study finds that dollar-denominated capital flows are increasingly intermediated by tax haven financial centers and nonbank financial institutions.

• 01 Apr 2019
• What Do You Think?

Does Our Bias Against Federal Deficits Need Rethinking?

SUMMING UP. Readers lined up to comment on James Heskett's question on whether federal deficit spending as supported by Modern Monetary Theory is good or evil. Open for comment; 0 Comments.

• 20 Mar 2019

In the Shadows? Informal Enterprise in Non-Democracies

With the informal economy representing a third of the GDP in an average Middle East and North African country, why do chronically indebted regimes tolerate such a large and untaxed shadow economy? Among this study’s findings, higher rates of public sector employment correlate with greater permissibility of firm informality.

• 30 Jan 2019

Understanding Different Approaches to Benefit-Based Taxation

Benefit-based taxation—where taxes align with benefits from state activities—enjoys popular support and an illustrious history, but scholars are confused over how it should work, and confusion breeds neglect. To clear up this confusion and demonstrate its appeal, we provide novel graphical explanations of the main approaches to it and show its general applicability.

• 02 Jul 2018

Corporate Tax Cuts Don't Increase Middle Class Incomes

New research by Ethan Rouen and colleagues suggests that corporate tax cuts contribute to income inequality. Open for comment; 0 Comments.

• 13 May 2018

Corporate Tax Cuts Increase Income Inequality

This paper examines corporate tax reform by estimating the causal effect of state corporate tax cuts on top income inequality. Results suggest that, while corporate tax cuts increase investment, the gains from this investment are concentrated on top earners, who may also exploit additional strategies to increase the share of total income that accrues to the top 1 percent.

• 08 Feb 2018

What’s Missing From the Debate About Trump’s Tax Plan

At the end of the day, tax policy is more about values than dollars. And it's still not too late to have a real discussion over the Trump tax plan, says Matthew Weinzierl. Open for comment; 0 Comments.

• 24 Oct 2017

Tax Reform is on the Front Burner Again. Here’s Why You Should Care

As debate begins around the Republican tax reform proposal, Mihir Desai and Matt Weinzierl discuss the first significant tax legislation in 30 years. Open for comment; 0 Comments.

• 08 Aug 2017

The Role of Taxes in the Disconnect Between Corporate Performance and Economic Growth

This paper offers evidence of potential issues with the current United States system of taxation on foreign corporate profits. A reduction in the US tax rate and the move to a territorial tax system from a worldwide system could better align economic growth with growth in corporate profits by encouraging firms to invest domestically and repatriate foreign earnings.

• 07 Nov 2016

Corporate Tax Strategies Mirror Personal Returns of Top Execs

Top executives who are inclined to reduce personal taxes might also benefit shareholders in their companies, concludes research by Gerardo Pérez Cavazos and Andreya M. Silva. Open for comment; 0 Comments.

• 18 Apr 2016

Popular Acceptance of Morally Arbitrary Luck and Widespread Support for Classical Benefit-Based Taxation

This paper presents survey evidence that the normative views of most Americans appear to include ambivalence toward the egalitarianism that has been so influential in contemporary political philosophy and implicitly adopted by modern optimal tax theory. Insofar as this finding is valid, optimal tax theorists ought to consider capturing this ambivalence in their work, as well.

• 20 Nov 2015

Impact Evaluation Methods in Public Economics: A Brief Introduction to Randomized Evaluations and Comparison with Other Methods

Dina Pomeranz examines the use by public agencies of rigorous impact evaluations to test the effectiveness of citizen efforts.

• 07 May 2014

How Should Wealth Be Redistributed?

SUMMING UP James Heskett's readers weigh in on Thomas Piketty and how wealth disparity is burdening society. Closed for comment; 0 Comments.

• 08 Sep 2009

The Height Tax, and Other New Ways to Think about Taxation

The notion of levying higher taxes on tall people—an idea offered largely tongue in cheek—presents an ideal way to highlight the shortcomings of current tax policy and how to make it better. Harvard Business School professor Matthew C. Weinzierl looks at modern trends in taxation. Key concepts include: Studies show that each inch of height is associated with about a 2 percent higher wage among white males in the United States. If we as a society are uncomfortable taxing height, maybe we should reconsider our comfort level for taxing ability (as currently happens with the progressive income tax). For Weinzierl, the key to explaining the apparent disconnect between theory and intuition starts with the particular goal for tax policy assumed in the standard framework. That goal is to minimize the total sacrifice borne by those who pay taxes. Behind the scenes, important trends are evolving in tax policy. Value-added taxes, for example, are generally seen as efficient by tax economists, but such taxes can bear heavily on the poor if not balanced with other changes to the system. Closed for comment; 0 Comments.

• 02 Mar 2007

What Is the Government’s Role in US Health Care?

Healthcare will grab ever more headlines in the U.S. in the coming months, says Jim Heskett. Any service that is on track to consume 40 percent of the gross national product of the world's largest economy by the year 2050 will be hard to ignore. But are we addressing healthcare cost issues with the creativity they deserve? What do you think? Closed for comment; 0 Comments.

Guide to Researching US Tax Policy

General tips, ask your professor, general guides to choosing a topic, browse cilp, ssrn, or bepress, newsletters, circuit splits, blogs & web resources, table of contents.

• Finding Books
• Congressional Research Service Reports
• Finding Articles
• Finding Statutes
• Legislative History & Bill Tracking
• Finding Cases by Headnote
• Federal Administrative Law
• Web Resources
• Evaluating Sources
• Decoding Abbreviations
• Bluebook Citation 101 -- Academic Format
• Citation Management Services
• Law Student Guide to Identifying & Preventing Plagiarism
• Law Library Useful Links
• Accessing Databases & E-Resources
• Get Help & About the Author

If this is for a seminar class, you will want to consult with your professor about what is required from you. Some faculty prepare a list of topic ideas. When choosing a topic, keep the following things in mind: 

(1) choose something you find interesting since you will be spending a large amount of time living with this topic;

(2) think carefully about the scope of the topic – avoid overly broad or general topics as well as topics that are too narrow; and

(3) write about something new or look at an issue in a new light.

If you are writing a paper for a seminar class, your professor may have a list of topics that you can use or give you some ideas.

In addition to the Volokh and Falk books that were listed under Writing an Article - General Tips , the following are guides on finding a topic:

Available on HeinOnline, Lexis, Westlaw.

This Article has two sections. The first suggests ways to find an appropriate topic; the second outlines a procedure for "vetting"-- checking for preemption of the topic.

• Note Topic Selection on the LexisNexis Services This does reference Lexis.com resources rather than Lexis Advance.
• Westlaw, Guide to Legal Research for Law Review

By looking at what others are currently writing about, you can often find ideas about what you want to write about.

• SSRN (Social Science Research Network) This service offers separate electronic journals with abstracts of working papers and articles on various legal topics. Your liaison can assist you in becoming a subscriber to the journals in your areas of interest.

Bloomberg Law Reports

Bloomberg Law publishes over 40 current report services that track news, topics and trends. Beyond the circuit splits found in the United States Law Week, Bloomberg Law Reports are an excellent resource for potential topics. You can even subscribe to email alerts or an RSS feed.

Mealey’s Newsletters (through Lexis)

Mealey's reports include case summaries, commentaries, and breaking news across different practice areas.

Law360 covers 45 practice areas and provides news on litigation, legislation and regulation, corporate deals, major personnel moves, and legal industry news and trends.

Lexis Emerging Issues

Emerging Issues Analysis articles provides guidance written by attorneys practicing in the field. The commentaries examine a wide range of recent cases, regulations, trends, and developments. They also cover national, state and international issues and provide expert insight in important areas and legal developments.

Westlaw Newsletters

• Westlaw Legal Newspapers & Newsletters

CCH Topical Newsletters

CCH is a subsidiary of Wolters Kluwer publishing company and it is well known for business, labor and employment, tax, and health resources. Find and click on your topical area of interest. Then look at the news options for your topic.

A circuit split is where there is a difference of opinion among the United States Courts of Appeal. These often make great law review topics.

United States Law Week (Bloomberg BNA)

The easiest way to browse the Split Circuit Roundup is to use the BNA Online Publications link off of the Law Library’s webpage.

Seton Hall Circuit Review

This law review includes a Current Circuit Splits feature that briefly summarizes current circuit splits, but it also features longer, more in-depth articles analyzing important developments in law at the federal appellate level.

Lexis & Westlaw Searches of Case Law

• Potential search to use: split or conflict /s court or circuit or authority
• Note that you will want to limit by date and subject to avoid an overwhelming list of results.
• Howard J. Bashman, How Appealing

Review the Table of Contents, comments, and/or notes in a textbook or treatise to generate topic ideas.

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• Last Updated: Nov 13, 2023 3:09 PM
• URL: https://guides.libraries.uc.edu/taxpolicy

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Taxation: An Interdisciplinary Approach to Research

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Taxation involves complex questions of policy, law, and practice. The book offers an innovative introduction to tax research by combining commentary on disciplinary-based and interdisciplinary approaches. Its objective is to guide and encourage researchers how to produce taxation research that is rigorous and relevant. It comments upon how disciplinary-based approaches to tax research have developed in law, economics, accounting, political science, and social policy. Its authors then go to introduce an inter-disciplinary research approach to taxation research. Effective approaches to research problem definition and research method choice are outlined by leading authors in their fields, and topical studies provide bibliographic surveys of specific areas of tax research. The book provides suggestions of topics, readings, and approaches that are intended to help the new researcher choose ways to begin their tax research. Written by a group of international experts, this book will be essential reading for new researchers in the tax field, including PhD students; for existing researchers wishing to broaden their understanding of taxation; for policymakers wanting to gauge where the leading edge of current tax research lies; and for tax practitioners interested in scholarly contributions to their field of practice.

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How to Conduct Federal Tax Research

IN THIS ARTICLE

What is tax research and why is it necessary?

What tax research methodology should i use, how can i conduct tax research if i’m new to the topic or issue, how should i use technology to improve my tax research.

[Learn more about Bloomberg Tax Research tools to help you recommend and make the right tax planning decisions and strategies.]  

Why is tax research so important? Because it’s impossible to memorize the entire Internal Revenue Code (IRC) and the way it changes over time. Add to that the regulations and other interpretive rules that are necessary to implement the statutory rules of the IRC, and it can be extremely difficult to find everything you need to effectively communicate your findings to stakeholders. And that’s only federal tax law.

That’s why even experienced tax professionals turn to a comprehensive resource like Bloomberg Tax Research as they go through the steps of the tax research process. Bloomberg Tax Research pairs the proven expertise and perspective of its network of 1,000+ leading tax practitioners in our renowned Tax Management Portfolios with integrated news, in-depth analysis and insights, primary sources, and practice tools to help you understand complex tax topics and make informed decisions.

As the source for the most comprehensive and practical analysis of more than 500 tax and accounting topics, Bloomberg Tax Management Portfolios give you objective and balanced perspectives as well as real-world insights and guidance to help you complete your research.

[Bloomberg Tax Management Portfolios integrate expert analysis and guidance with primary sources, practice tools, and news to enhance and accelerate your search. Complete a demo to receive a free portfolio .]

The purpose of tax research is to help you properly define the tax effect or impact of certain tax positions. The results help your company and/or your clients make informed decisions for tax strategies, planning, and compliance. Tax research can also help you prepare for an IRS audit.

Tax research identifies relevant binding and persuasive authorities for a specific point of tax law or issue. For tax issues, this includes legislative, administrative, and judicial authorities.

When you conduct tax research, you’re looking for binding authorities (also known as controlling or mandatory authorities) and persuasive authorities. Binding authorities are anything that a court must follow (such as constitutions, legislation, and some court decisions depending on the jurisdiction) because they bind the court. Persuasive authorities are anything that the court may follow (including some cases, statutes, and regulations, but also opinions, law review articles, and other secondary sources) but does not have to follow.

There’s another categorization as well. Primary sources are source law such as statutes, regulations, and case law. Secondary sources are discussions of source law such as law review articles.

Given all the different sources of information you’ll need for your research, the most efficient way to approach it is to rely on a comprehensive resource that brings together everything you need in one place.

When a complex question comes up, we can start with the code, go to the regulations, build an argument and be able to support and document it – all made possible by the tools within the Bloomberg Tax platform.

It’s important to follow proven steps for conducting tax research. Following a trusted process can help you make sure you’ve done your due diligence when researching tax issues.

The steps for tax research include:

• Identifying and defining the facts and issues
• Collecting relevant authorities
• Analyzing the research
• Developing conclusions and recommendations
• Communicating the results

Fortunately, there is a one-stop resources available that make it easier and faster to conduct your tax research, leaving you more time to develop your conclusion and communicate recommendations. Bloomberg Tax Management Portfolios can help you complete the tax research process with confidence by providing comprehensive and practical analysis on the issue you’re researching.

Our Tax Management Portfolios help you understand the potential implications and considerations for both tax and nontax issues. You get commentary as well as citations to relevant authorities – from statutes to cases to administrative pronouncements.

Bloomberg Tax also goes beyond simple citations by integrating with our advanced research tools, including:

• BCite: A proprietary case citator for detailed analysis and updated information on tax cases, relevant court opinions, strength of authority, and the judicial history of a case to ensure it remains good law.
• Points of Law: Leverages machine learning and our database of court opinions to quickly finds the best language to support legal arguments. It includes links to other relevant case law, the citation map, and related points of law.
• Versions Compare: Easily compare current and prior Treasury regulations and the Internal Revenue Code with a redlined side-by-side view.

The portfolios are particularly helpful and save considerable time in researching a niche question related to a broader practice area. Instead of trying to read through separate treatises, the IRC , or cases, you can get up to speed with practical analysis before drilling down into the most relevant primary sources.

The first steps in the tax research process are to analyze the available facts, pinpoint the legal issues involved, and formulate an appropriate tax question (or questions) to be researched. But what if you don’t have enough knowledge to be able to identify the specific issues to research?

That’s where it helps to have explanations and analysis from more than 1,000 expert tax practitioners at your fingertips. You can start with an overview of the more general topic in Bloomberg Tax Management Portfolios or Tax Practice Series.

The overview can help you formulate initial keywords and phrases to further explore the topic. Extensive planning points, practical examples, what-if scenarios, and comments by our expert authors help you confidently navigate and understand the issue.

Then, you can find the latest news on the topic from the Daily Tax Report , a comprehensive source for news on federal, state, and international legislative, regulatory, and judicial tax-related developments, including pensions and accounting. Daily Tax Report’s extensive network of Capitol Hill reporters and national correspondents keep you up to date with the news that impacts your company and clients as it happens.

With the Federal Tax Developments Tracker, you can track administrative documents, cases, legislation, and regulation across a wide breadth of topics in a concise summary that links to the source document. It’s the most timely and up-to-date place to find federal tax developments

Our practice guides are another place to gain a baseline understanding of a topic. These concise, easy-to-use, practitioner-written guides give you a quick overview of a topic. They’re linked to relevant Tax Management Portfolios for a deeper dive, and contain downloadable checklists.

With Bloomberg Tax, we can conduct our own research, write a position paper, and develop a conclusion before asking for a review or opinion from an external advisor.

While the internet contains nearly 5 million terabytes of data, you shouldn’t rely on a service like Google for your tax research. That’s because Google doesn’t vet the information it’s indexing. There are no standards for quality and accuracy. There’s also no curation of content to make sure it’s relevant, up to date, and from trusted sources.

Which is why research technology specifically developed and managed for tax professionals will always be the most efficient, expedient, and comprehensive approach to tax research. Bloomberg Tax Research is a comprehensive tax research and planning solution designed by tax practitioners for tax practitioners.

With Bloomberg Tax Research, you can improve your research by:

• Quickly navigating between the IRC, analysis, and related tax research tools
• Using Practice Guides & Checklists for a quick overview of the topic
• Relying on the BCite citatory tool to help you document your research and conclusions
• Reading Daily Tax Report to stay up to date with the news as it happens
• Staying current with trackers to automate and track upcoming legislation and changes

Corporate Tax Resources

What is the oecd multilateral instrument.

As companies and nations aim to avoid disputes over international taxes, the multilateral instrument (MLI) aims to preserve the role of bilateral income tax tre...

What Qualifies for Business Energy Tax Credits?

The Inflation Reduction Act introduced a variety of new corporate energy tax credits and deductions. See what qualifies for federal energy tax credits in 2023.

Inflation Reduction Act: New Corporate Alternative Minimum Tax and Tax Credits

The Inflation Reduction Act imposed a new corporate alternative minimum tax and expanded tax credits. This article details key corporate tax planning takeaways.

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• CAMPUS TO CLIENTS

Practice and policy insights from academic tax research

• Practice Management & Professional Standards
• IRS Practice & Procedure

Editor: Annette Nellen, Esq., CPA, CGMA

In the continued spirit of bridging the gap between tax academics and tax practitioners, for the third year in a row, this column features examples of published academic tax research (see Meade, “ Campus to Clients: Academic Research for Your Practice Consideration ,” 52  The Tax Adviser  526 (August 2021), and Meade, “ Campus to Clients: Practitioners Can Benefit From Academic Tax Research ,” 51  The Tax Adviser  532 (August 2020)). The papers were selected by the External Relations Committee of the American Taxation Association (ATA) with the aim of sharing research that is relevant and of interest to practitioners. The ATA is the leading organization of tax academics, and the External Relations Committee aims to connect with tax professionals.

The five articles selected for this column highlight the wide breadth of topics and methodologies found in academic tax literature. Topics within academic tax literature that may be of interest to practitioners include tax policy, corporate and individual taxpayer behavior, effects of tax on stakeholders, tax accounting issues, and tax data analysis. Researchers provide valuable guidance on tax policy by providing insight on potential policy changes as well as feedback on existing policy.

Many academic tax papers examine corporate behavior using publicly available data such as annual reports, stock prices, rankings, and other sources of information. Studies of individual taxpayers are also common, with researchers conducting experiments or developing creative uses of public data. Federal, state, and international tax issues are often examined, as well as the impact of nontax developments on tax policy and behavior.

As with most academic research, these five articles were subject to a rigorous development and review process as outlined in the earlier columns. Researchers generally get input from peers on their “working paper” by presenting their thesis, approach, and initial findings at campus forums and conferences such as those sponsored by the American Accounting Association (AAA). Most articles undergo thorough blind peer review. Reviewers often call for some revisions, such as for clarification or deeper analysis, for the paper to be accepted for publication. The academic publishing world is often harsh, as many papers are rejected under these rigorous standards for research approach, content, novelty, and timeliness.

Of the articles summarized here, one was in a tax-specific journal, while the others come from broader accounting journals, including one focused on accounting history.

‘The Effects of Income Tax Timing on Retirement Investment Decisions’

Withdrawals from a tax-deferred (i.e., traditional) individual retirement account (IRA) or 401(k) are taxable, making the account’s after-tax value less than the nominal value appearing on a quarterly or annual account statement. This future tax liability’s salience is weak for most individuals, which may cause them to overestimate their after-tax retirement savings. Roth IRA accounts are not affected in this way because withdrawals from them generally are tax-free.

In their article published in the March 2021 issue of  The Accounting Review  (Vol. 96, Issue 2), Shane Stinson, Marcus Doxey, and Timothy Rupert hypothesize that individuals’ inclination to overestimate a tax-deferred account’s after-tax value may cause them to believe that it will be easier to meet their future cash flow needs than is the case. Such an individual therefore may see less of a need to generate a higher return than does an individual holding a Roth account with the same after-tax value, so investments held in tax-deferred accounts may be lower-risk, and thus lower-return, than investments held in Roth accounts.

The authors conducted an experiment to test this hypothesis. Participants allocated an account’s balance between two investments, where one of them had lower risk and a lower expected return than the other. Some participants had a tax-deferred account, while others had a Roth account. The two types of accounts had similar after-tax values. After controlling for participants’ risk preferences, the authors found that, compared with Roth account holders, tax-deferred account holders had higher estimates of their future after-tax balances, allocated more of their account to the lower-risk, lower-return investment, and perceived less difficulty in meeting their after-tax goal for retirement savings. These results are consistent with the authors’ hypothesis.

Additional parts of the experiment tested whether various interventions mitigate individuals’ inclination to take on less risk with a tax-deferred account. The authors found that tax-deferred account holders allocated more of their savings to higher-risk, higher-return investments when their retirement savings goal was stated in pretax dollars, when they had to estimate their final tax liability, and when they were given feedback about their progress toward saving for retirement. The authors also found that the effect was stronger when multiple interventions were applied simultaneously. Tax advisers and financial planning professionals are well positioned to provide such interventions, and the results of the authors’ experiment suggest that the interventions will have beneficial effects.

‘The Possible Weakening of Financial Accounting From Tax Reforms’

The objective of financial accounting is to provide information about a firm’s economic performance to shareholders and other external stakeholders. The objective of the federal income tax is to raise revenue and to provide various economic incentives to taxpayers. Because these objectives differ, a firm’s book income, which is determined under financial accounting rules, sometimes is greater than its taxable income, which is determined under tax law. This outcome can seem inappropriate to many taxpayers. Several proposals have been made in recent years to more closely link taxable income to book income, and the recently enacted Inflation Reduction Act of 2022, P.L. 117-169, includes a 15% minimum tax for large corporations that is based on adjusted financial statement income.

In her Presidential Scholar address to the AAA, which was published in the September 2021 issue of  The Accounting Review  (Vol. 96, Issue 5), Michelle Hanlon discusses several issues that are pertinent to such proposals. She notes that there could be full linkage, where book income is used as taxable income. There instead could be partial linkage, such as the business untaxed reported profits (BURP) adjustment that applied in the latter 1980s. Hanlon notes that the implementation of partial or full linkage is more complicated than many people realize because of such issues as net operating losses and controlled foreign corporations.

Hanlon reviews research on the financial reporting effects of linking book income and taxable income, such as during the BURP adjustment’s brief life and international differences in book-tax linkages. The evidence generally indicates that firms are more likely to alter their financial reporting to attain tax objectives when book-tax linkages are stronger, and this leads to a book income that is less informative for capital market participants. While these research results are not surprising to accountants, they seem to be underappreciated by the economists and lawyers who advise policymakers. Hanlon notes that there is not much research on these financial reporting effects and advocates for more of it.

Hanlon concludes that linking taxable income more closely to book income would be unwise because it likely would impair the quality of financial reporting. The capital market costs of such impaired quality are not easy to discern but are nonetheless real. In addition, increased book-tax linkages could tempt Congress to play a stronger role in financial reporting standard setting because of the tax effects. Whether or not one agrees with Hanlon’s conclusions, her discussion of the pertinent issues does an excellent job of better educating the reader about them.

‘Transparency and Tax Evasion: Evidence From the Foreign Account Tax Compliance Act (FATCA)’

The Foreign Account Tax Compliance Act (FATCA) was enacted in 2010 (as part of the Hiring Incentives to Restore Employment Act, P.L. 111-147) to limit U.S. individuals’ ability to evade U.S. tax through the use of offshore accounts. The act requires automatic information transfers to the IRS about foreign account and cross-border payments by foreign financial institutions (FFIs). Prior to FATCA, FFIs were subject to self-reporting requirements under the qualified intermediary program established in 2001. The IRS estimated that $458 billion of annual offshore income was unreported in the years leading up to the passage of FATCA (IRS, “ The Tax Gap — Tax Gap Estimates for Tax Years 2008–2010 ”).

In their 2020 article in  The Journal of Accounting Research  (Vol. 58, Issue 1), Lisa DeSimone, Rebecca Lester, and Kevin Markle examine how U.S. individuals responded to the passage of FATCA. The shift from self-reporting under the prior rules to automatic third-party reporting increased the perceived and actual risk of detection, which should reduce the level of tax evasion. However, the costs of evasion could remain below the tax savings from the use of offshore accounts, resulting in continued evasion through such accounts.

The actual amount of hidden offshore assets held by U.S. investors is unobservable. To measure the effects of FATCA, the study uses “round-tripping” behavior, in which assets hidden in foreign accounts are invested back in the United States. Specifically, foreign portfolio investment by individual investors into the United States from tax havens, relative to other countries, measures the inbound investment part of the “round trip.” The amount of inbound equity investment to the United States from tax havens declined by $7.8 billion to $15.3 billion in the years following FATCA, consistent with U.S. investors’ moving financial assets out of tax havens following the rule change.

To avoid FATCA, U.S. citizens may renounce their citizenship. The authors observed a large increase in expatriations following FATCA. Investments in alternative investments that are not subject to FATCA appear to have increased following FATCA, specifically, European collective investment vehicles, real estate, and art. Taken together, these results show U.S. individuals’ behavior regarding investment location and allocation decisions changed in response to FATCA.

The study highlights an intended consequence of FATCA, specifically, the reduction of the use of offshore accounts in tax havens to avoid U.S. tax. While this is considered progress, the use of offshore accounts for tax evasion remains. As with many tax rules, unintended consequences have also been observed, in that U.S. citizens avoid the FATCA requirements in a variety of ways, including renouncing their citizenship and investing in assets not subject to FATCA. These are important considerations for policymakers moving forward with third-party reporting regimes.

‘SALTy Citizens: Which State and Local Taxes Contribute to State-to-State Migration?’

Although there are many reasons for people to relocate across state lines, it is an open question whether, how much, and which type of taxes affect individuals’ decisions on which state to reside in. In their 2021 article in  The Journal of the American Taxation Association  (Vol. 43, Issue 1), Amy M. Hageman, Sean W.G. Robb, and Jason M. Schwebke study the impact of taxes on location decisions by specifically investigating which state and local taxes are most associated with state-to-state movement of individuals.

Several studies have considered the relationship between taxes and state migration, with mixed results and limited sample composition. For example, one study (Young and Varner, “Millionaire Migration and State Taxation of Top Incomes: Evidence From a Natural Experiment,” 64  National Tax Journal  255 (2011)) found little evidence that taxes have any effect on the change in migration patterns for millionaires within New Jersey. However, another study (Cebula, “Migration and the Tiebout-Tullock Hypothesis Revisited,” 68  American Journal of Economics and Sociology  541 (2009)) concludes that people tend to be attracted to lower state income and property tax burdens.

The authors examine the tax-effect question by hypothesizing that there will be a greater decrease in population in states that have a higher overall burden of death/gift, sales, and property taxes. They test their hypotheses by using regression models that separately compare the net migration at the state level against each of the tax burdens. They find that states with higher taxes tend to be associated with greater out-migration. They also find, when combining all the tax burdens into one model, that property and some types of sales (selective sales) taxes are the most significant. When examining the economic impact on migration from these two taxes, they find that a one-standard-deviation increase in net migration is associated with a $12.99 and $126.73 per capita decrease in selective and property taxes, respectively, collected.

State and local policymakers would find this paper of interest as they consider the degree and type of taxation levied on residents. It is important to have the revenues to fund services and projects but at the same time recognize that an increase in taxes is associated with a decrease in overall tax participants. This paper provides some quantitative analysis that can help determine the right mix of taxes and services. Further, businesses can use this information when they consider where to locate operations to best attract talent and employees.

‘Six Decades of US Tax Reform: Why Has the Average Couple’s Tax Burden Increased?’

The IRS and many other federal and state offices and agencies collect a lot of data, typically reported as raw data, such as how many returns are filed by individuals within various income ranges. What is not always seen is a lot of analysis of this data in ways that provide insights into historical trends and possible improvements to the laws to which the data relates.

In a 2021 article published in the  Accounting Historians Journal  (Vol. 48, No. 2), James M. Plečnik and Shan Wang report on their findings from research and tax calculations performed for 1955 through 2018. The researchers reviewed the tax laws applicable to a hypothetical median-income married couple with no dependents and income beyond eligibility for the earned income tax credit. This research involved finding the standard deduction, personal exemption, married-filing-jointly tax rate structure, and any special temporary relief provided to individuals, all for over 60 years. They also researched payroll tax information for the years under review. U.S. Census Bureau data was used to determine the median income for the couple, which ranged from $4,421 in 1955 to $80,663 in 2018.

With this income and payroll tax information (for both employee and employer, after tax), the researchers measured for all years the effective income tax rate (EITR) and the effective tax rate (ETR). The ETR includes both income and payroll taxes borne by the median-income couple. The authors found that the EITRs have decreased but ETRs have increased. They also observe that federal tax collections relative to GDP have been mostly constant over the past decades. They conclude that with payroll taxes included in the ETR analysis, there is a higher overall tax burden for the middle-class demographic studied.

The findings are a good reminder that employees bear federal taxes beyond what is reported on their Form 1040,  U.S. Individual Income Tax Return , and how a distorted picture results for taxpayers and policymakers when the somewhat hidden payroll taxes are omitted from reports on tax incidence and ETRs. The article also includes interesting lists of the major individual tax changes enacted during each presidency from that of Dwight Eisenhower to Donald Trump’s.

Practice relevance

The five articles summarized here are a small portion of the tax research produced by tax faculty annually. When practitioners visit campuses or otherwise interact with faculty, we encourage them to ask faculty about their research. Academics will benefit from additional insights into how that research relates to practice, and we believe practitioners will gain insights that can help in their planning and advocacy work.

Contributors

David Hulse,  Ph.D., is an emeritus professor at the University of Kentucky in Lexington, Ky.;  Kerry Inger,  CPA, Ph.D., is an associate professor at Auburn University in Auburn, Ala.;  Annette Nellen,  Esq., CPA, CGMA, is a professor in the Department of Accounting and Finance at San José State University in San José, Calif., and is a past chair of the AICPA Tax Executive Committee; and  Mitchell Oler,  CPA, Ph.D., is a department chair and associate professor at the University of Wyoming in Laramie, Wyo. For more information about this column, contact  [email protected] .

A $10.7 million compensation deduction miss

Short-term relief for foreign tax credit woes, irs rules that conversion of llc not a debt modification, a look at revised form 8308, state responses to federal changes to sec. 174.

This article discusses the history of the deduction of business meal expenses and the new rules under the TCJA and the regulations and provides a framework for documenting and substantiating the deduction.

PRACTICE MANAGEMENT

CPAs assess how their return preparation products performed.

Research Overview

Specialized tax research platforms & resources, learning tax research, federal tax statutes, federal legislative history, federal tax regulations, other irs guidance, u.s. tax court, u.s. department of justice -- tax division, treatises, books, and reporters, databases for finding tax-related scholarship (and other types of articles), specific tax journals, tax policy think tanks, online resources, other research guides, contact us, getting started.

This guide is designed to help you find laws and information on tax law issues. Although it focuses on U.S. federal tax law, it does include some information on state and local tax matters as well as some non -U.S. tax information. 

The purpose of this guide is to introduce you to a number of useful tax law resources and get you started in the right direction. Legal research requires analysis and synthesis of information, and no one resource will likely provide complete information or data on any given topic.

For many of these databases, you will need to use your Harvard Key to authenticate yourself as a Harvard or HLS-affiliate.  For others, you may need to register and create an account to gain access ( e.g. , Lexis, Westlaw, and Bloomberg Law).  If you have any trouble accessing a database, please contact the library.

In addition, you should consider looking at the following tax-centric research platforms/resources:

• Checkpoint (Thomson Reuters) Tax topics include federal, state, international, pension & benefits, estate planning, payroll, and more. Includes the US Tax Reporter (also available on Westlaw). NOTE: HLS-Affiliates (students, faculty & staff) can use the 1st link in the HOLLIS record for general access to Checkpoint (after providing their HLSMe credentials). If STUDENTS would like to create a personal account (to save searches, create alerts, etc.), they can do so by clicking on the 2nd link in the HOLLIS record. If FACULTY or STAFF would like to create a personal account, they should contact Lisa Lilliott Rydin at [email protected].
• Cheetah (Wolters Kluwer) Cheetah for Tax Law combines authoritative content, expert analysis, practice tools, and current awareness for legal tax professionals to gain insights on today’s most challenging tax matters. (Formerly known as Intelliconnect.) Includes the Standard Federal Tax Reporter Available online using the "View Online" link in the HOLLIS record above.
• TaxNotes - Federal Available online using the "View Online" link in the HOLLIS record above. NOTE: You must first create an account using an HLS-networked computer. This can be done on-campus or remotely by using a VPN connection.
• Tax Notes - State Available online using the "View Online" link in the HOLLIS record above. NOTE: You must first create an account using an HLS-networked computer. This can be done on-campus or remotely by using a VPN connection.
• Tax Notes - International Available online using the "View Online" link in the HOLLIS record above. NOTE: You must first create an account using an HLS-networked computer. This can be done on-campus or remotely by using a VPN connection.
• IBFD - Tax Research Platform Global tax database, including country-specific tax guides, primary sources of law, tax treaties, global tax topics, books, journal articles and papers. Available online using the "View Online" link in the HOLLIS record above.
• Getting the Deal Through (Lexology) Not exactly a "research platform" but the Getting the Deal Through (GTDT) module of Lexology lets you quickly compare laws across different countries and includes such Topics as "State and Local Taxes," "Tax Controversy" and "Tax on Inbound Investment."
• Organisation for Economic Co-operation and Development (OECD) -- Tax Tax information, data, and other information regarding OECD member countries.
• European Commission -- Taxation and Customs Union Information on EU tax policies.

Below are some books that can help you better understand how Tax Law resources are organized and where you can find them.

• Federal Tax Research, by William A. Raabe KF241.T38 W47 2006x (Reference)
• Federal Tax Research: Guide to Materials and Techniques, by Gail Levin Richmond & Kevin M. Yamamoto KF241 .T38 R53 2018 (Reference)
• Federal Tax Research, by Joni Larson & Dan Sheaffer KF241 .T38 L37 2011 (Reference)

Primary Sources/Federal Government Resources

• U.S. Code (official U.S. federal government site) See "Title 26" for the Internal Revenue Code (a/k/a "The Code").
• U.S. Code (Legal Information Institute, at Cornell University) An alternative site for the U.S. Code (again, Title 26).

In addition to standard legislative history resources (e.g., ProQuest Congressional's Legislative Insight for federal legislative history), you should check out:

• Taxation & Economic Reform in America, Parts I & II (HeinOnline) This historical archive contains thousands of volumes and millions of pages of legislative history materials and other documents. It includes the complete Carlton Fox Collection which contains nearly 42 years of historical legislation related to the internal revenue laws from 1909-1950, as well as other legislative histories related to taxation, economic reform, and stimulus plans.
• The Joint Committee on Taxation's "Blue Book" Not exactly "legislative history".... At the end of each Congress, the Joint Committee Staff, in consultation with the staffs of the House Committee on Ways and Means and the Senate Committee on Finance, prepare explanations of the enacted tax legislation. The explanation follows the chronological order of the tax legislation as signed into law. For each provision, the document includes a description of present law, explanation of the provision, and effective date. Present law describes the law in effect immediately prior to enactment. It does not reflect changes to the law made by the provision or subsequent to the enactment of the provision. For many provisions, the reasons for change are also included.
• Old Editions of the Standard Federal Tax Reporter (HeinOnline) PDFs of the superseded, loose-leaf volumes (1917-1985).
• Code of Federal Regulations (official U.S. federal government site) Final IRS regulations can be found in Title 26 of the CFR. This compilation of regulations is updated annually, on a staggered basis.
• e-CFR An alternative site for final federal regulations (this compilation, while not "official" is more user-friendly and updated faster). Tax regulations still under "Title 26."

The Federal Register is where all federal agency rules and regulations are initially published (when first proposed -- perhaps re-proposed -- and later finalized). Agencies are required to include summaries of proposed regulations and the public comments received thereon, as well as an agency's reaction to the public comments when finalizing a regulation. This is typically done in the preamble to a finalized or re-proposed regulation.

• Federal Register The official government source for the Federal Register.
• FederalRegister.gov The Office of the Federal Register (OFR) of the National Archives and Records Administration (NARA), and the U.S. Government Publishing Office (GPO) jointly administer the FederalRegister.gov website. This website was developed to make it easier for citizens and communities to understand the regulatory process and to participate in Government decision-making.
• Internal Revenue Bulletins The Internal Revenue Bulletin (IRB) is the official publication for announcing Revenue Rulings, Revenue Procedures, Notices & Announcement. These are directed to all taxpayers and may be relied upon. The IRB is published weekly and through 2008 was consolidated into semi-annual Cumulative Bulletins (CB).

NOTE: IRS guidance/rulings requested by individual taxpayers ( e.g. , Private Letter Rulings, Technical Advice Memoranda, and Chief Counsel Advice) may not be relied upon by others and are not published in the IRB.

Nevertheless, they may provide insight regarding the IRS's views on various matters. They may be obtained by the public via FOIA requests and can often be found on the IRS.gov (see the IRS's FOIA Library ) or by using commercial legal research platforms.

The IRS website  is not the easiest site to navigate but it does contain a lot of useful information. For example:

• Understanding IRS Guidance -- A Brief Primer Explains the difference between Regulations, Revenue Rulings, Revenue Procedures, Private Letter Rulings, Technical Advice Memoranda, Notices, and Announcements.
• Forms, Instructions, and Publications IRS Publications (on a variety of tax topics) and the Instructions to IRS Forms can often help you understand the IRS's view of tax laws. Keep in mind that these are NOT primary sources of law; however, they can be helpful.
• Tax Code, Regulations, and Official Guidance NOTE: It appears this information is no longer being updated by the IRS; however, you may be able to find useful historical information.
• Basic Tools for Tax Professionals A collection of IRS links likely to be of use to a tax professional, including a link to the Internal Revenue Manual.
• Internal Revenue Manual How the IRS is organized and how it operates. For example, procedures for examining returns, conducting audits, "Offers in Compromise," technical guidelines, etc.
• Tax Statistics Here you will find a wide range of tables, articles, and data that describe and measure elements of the U.S. tax system.
• Tax Topics Source for general individual and business tax information.
• FAQs Frequently Asked Questions (and their answers).
• U.S. Tax Court Website The official website of the U.S. Tax Court, containing information about the court and its cases.
• US Dept. of Justice -- Tax Division Website The Tax Division’'s mission is to enforce the nation’'s tax laws fully, fairly, and consistently, through both criminal and civil litigation, in order to promote voluntary compliance with the tax laws, maintain public confidence in the integrity of the tax system, and promote the sound development of the law.

Secondary Sources

Look under "Secondary Sources" (or "Secondary Materials") in the Tax Practice Center/Area of a legal research platform to find treatises and other materials about tax-related topics. Below are some specific titles:

• Mertens Law of Federal Income Taxation Available online via Westlaw using the link above.
• Bittker, McMahon & Zelenak: Federal Income Taxation of Individuals KF6369 .B5722 Also available online via Westlaw using the link in the HOLLIS record above.
• Bittker & Eustice's Federal Income Taxation of Corporations and Shareholders KF6464 .B53x (Available in the Reading Room Stacks and on Reserve at the Circulation Desk) Also available online via Westlaw and Checkpoint using the "View Online" link in the HOLLIS record above.
• Hill and Mancino: Taxation of Exempt Organizations Available online via Checkpoint.
• Saltzman & Book: IRS Practice & Procedure KF6300 .S262x Also available online via Westlaw and Checkpoint.
• Tax Fraud and Evasion: Offenses, Trials, Civil Penalties (Vol. 1) Available online via Checkpoint.
• Tax Fraud and Evasion: Money Laundering, Asset Forfeiture, and Related Topics (Vol. 2) Available online via Checkpoint.
• Standard Federal Tax Reporter (Cheetah) A Code section-arranged reporter covering Federal income tax law that allows you to navigate between its component parts. The full text of an IRC section, with brief legislative history notes, is followed by the relevant committee reports in full text, final, temporary and proposed regulations, editorially prepared explanations, and annotations. Caution lines and notes are used to alert you to special circumstances concerning a Code section, regulation or annotation. Also included are practice aids, tax rates and other tables, a tax calendar and separate tax planning sections for individuals and businesses, as well as full-text IRS documents (regulations, revenue rulings and procedures), case annotations and other source documents for the current year.
• U.S. Tax Reporter (Checkpoint) On Checkpoint's Home Page, look for "USTR Code Section" (under "My Quick Links"). Another Code section-arranged reporter that provides a comprehensive, up-to-date source of federal tax law, including the Internal Revenue Code, regulations, committee reports, cases, rulings, explanations, and annotations of cases and rulings. Also available online via Westlaw.
• Understanding Federal Income Taxation, by J. Martin Burke & Michael K. Friel KF6369.85 .B87 2019 (Available in the Reading Room Stacks and the Study Guide Collection @ the Circulation Desk)
• Chirelstein's Federal Income Taxation: A Law Student's Guide to the Leading Cases and Concepts KF6369 .C43 2018 (Reserve)

In addition to searching for tax-related law reviews and journals using Westlaw , Lexis Advance , or Bloomberg Law you can try these alternatives:

• HeinOnline's Law Journal Library Browse by Subject and select "Taxation" to see all the tax-related journals you can search.
• Business Source Complete A database of citations to summaries and full text articles from academic journals, magazines, and trade publications.
• ProQuest's Accounting, Tax & Banking Collection This database brings together highly ranked global and scholarly journals with other key resources for locating quick and precise results covering current news and topics, as well as the trends and history influencing important financial issues of the day.
• SSRN (Social Science Research Network) SSRN is a worldwide collaborative of over 352,400 authors and more than 2.2 million users that is devoted to the rapid worldwide dissemination of research. It provides access to new scholarship including working papers.
• NBER Working Papers The National Bureau of Economic Research is a private, nonprofit, nonpartisan research organization based in Cambridge, Massachusetts.
• Journal of Taxation HJ 2360 .J6 Available online via Westlaw and Checkpoint.
• Tax Law Review K24 .A917 Available online via Westlaw & Lexis Advance.
• The Tax Lawyer (ABA Publication) Available online via Westlaw & Lexis Advance.
• Corporate Taxation Available online via Checkpoint.
• Taxation of Exempts Available online via Checkpoint.

Current Awareness

• Daily Tax Report Available online via Bloomberg Law using the "View Online" link in the HOLLIS record above.
• Tax Notes Available online using the "View Online" link in the HOLLIS record above. NOTE: You must first create an account using an HLS-networked computer. This can be done on-campus or remotely by using a VPN connection.
• Law360 - Tax Requires HLSMe Authenticiation.
• IRS's e-News for Tax Professionals Information on how to subscribe to get the IRS's latest news.
• Politico's Morning Tax Newsletter Subscribe to a daily newsletter.
• International Tax News PWC's International Tax News provides a succinct monthly analysis of select legislative changes, case law and treaty news from around the globe.
• American Tax Policy Institute (ATPI) ATPI supports nonpartisan scholarly research, analysis and discussion of U.S. federal, state and local, and international tax policy issues.
• Tax Foundation The Tax Foundation is the nation’s leading independent tax policy nonprofit. Since 1937, our principled research, insightful analysis, and engaged experts have informed smarter tax policy at the federal, state, and global levels. For over 80 years, our goal has remained the same: to improve lives through tax policies that lead to greater economic growth and opportunity.
• Tax Policy Center (TPC) The Urban-Brookings Tax Policy Center aims to provide independent analyses of current and longer-term tax issues and to communicate its analyses to the public and to policymakers in a timely and accessible manner. The Center combines top national experts in tax, expenditure, budget policy, and microsimulation modeling to concentrate on overarching areas of tax policy that are critical to future debate.
• TaxProf Blog
• Tax Appellate Blog (Miller & Chevalier) The Tax Appellate Blog is intended to be a resource for information on important tax cases under consideration in the appellate courts. It will feature insightful commentary on the issues and provide a dedicated site for following the progress of these cases.
• Procedurally Taxing Procedurally Taxing considers developments in issues relating to tax procedure and tax administration.
• Tax Controversy Watch (Blank Rome LLP) Blank Rome’s Tax Controversy Watch blog is focused on addressing and providing a comprehensive review of the latest developments in the tax controversy field.
• TaxVox (Tax Policy Center)

State Tax Resources

Individual state tax agencies can provide a lot of helpful state tax information. The Federation of Tax Administrators provides a list of links to the websites for state tax agencies.

You can also find a number of state-specific tax resources if you look for state law content  on Lexis Advance or Westlaw.

See below for more useful links:

• All States Tax Guide (RIA) Available via Westlaw using the link above.
• Bender's State Taxation: Principles and Practice Available online via Lexis Advance using the link above.
• Hellerstein & Hellerstein: State Taxation (WG&L) Available online via Westlaw and Checkpoint using the link above.
• Tax Foundations's Center for State Tax Policy The Tax Foundation’s Center for State Tax Policy produces and markets timely and high-quality data, research, and analysis on state fiscal issues that influence the debate toward economically principled tax policies.
• NYU Conference on State and Local Taxation Each December the biggest names in state and local taxation gather in New York City and offer presentations on cutting-edge issues to their fellow practitioners at the New York University Institute on State & Local Taxation. The speakers then develop their presentations into law review-quality articles, published by Matthew Bender. Though scholarly, the articles are also very practical, laden with examples, tax-planning tips, and commentary.
• Bloomberg Law's Tax Practice Center Select the "State" tab at the top for a collection of state tax resources. In particular, the "State Tax Portfolios" and various "Chart Builders."
• Checkpoint (Thomson Reuters) In addition to state tax law resources, see the "Create-a-Chart" Tool.

Other Resources

Below are some other Research Guides you may find useful, depending on your area of research:

• Federal Tax Research (NYU Law Library) A ton of resources across a broad range of tax-related topics. See tabs for "Statistics," "Foreign & International Tax," "Dictionaries, Directories, & CRS Reports," and more.
• Foreign and International Tax Law Research (NYU Law Library)
• International and Foreign Tax Law Research Guide (Georgetown Law Library)
• History of the U.S. Income Tax (Library of Congress)

NOTE: When using a research guide prepared by a different library, the links may not work for you. However, if you find a title of interest, you may be able to locate it in our collection by using HOLLIS (Harvard's Library Catalog). If not, we may be able to obtain the resource through  BorrowDirect or Interlibrary Loan .

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Sources for Researching Your Topics

Cch answerconnect.

• Checkpoint Edge (RIA)
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Our subscription contains the OMNI Accounting Library of CCH U.S. federal and state tax publications, notably the Standard Federal Tax Reporter , the Federal Estate and all 50 State Law Reporters, tax law, cases, IRS Code and Letter Rulings, the U.S. Master Tax Guide , and other in-depth analysis of tax issues. Also publication cover the federal taxation of financial products, such as: Financial Products: Taxation, Regulation and Design , by Andrea Kramer; and Federal Income Taxation of Debt Instruments , by David Garlock. Coverage: Note: some may remember this product used to be called CCH IntelliConnect.

• Federal Tax Legislation Highlights; Emerging Issues and Tax Reform
• IRS publications (Rulings, Code, public forms & documentation)
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• US Master Tax Guide - contains timely and precise explanations of federal income taxes for individuals, partnerships, corporations, estates and trusts, as well as new rules established by key court decisions and the IRS
• US Master Depreciation Guide
• CCH Tax Prep Partner Series
• Taxes: the Tax Magazine - a flagship publication that is a monthly guide to current tax issues, trends and legislative development (U.S., state and international). Taxes intends to provide advice specifically for practitioners and includes recurring columns and special features on tax planning and practice, such as Corporate Tax Watch, Employee Benefits Column, Federal Tax Practice Standards, Estate Planning, Family Tax Planning Forum, practice columns, a calendar of upcoming conferences and meetings, and more. Text  also available in PQ Accounting, Tax and Banking database)
• Journal of State Taxation Text also available in Business Source Complete , Hein Online, & PQ Accounting, Tax and Banking)
• International Tax Journal (Path: Home > Journals. Text also available in databases like Business Source Complete , Hein Onlinne and PQ Accounting, Tax and Banking).

Additional available resources

• Guided Walk-throughs
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• A very thorough overview of the interface and content for CCH IntelliConnect.
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CCH Accounting Research Manager (ARM) 

This part of CCH is a comprehensive source for researching your accounting topics.

To access, you first must have created a CCH IntelliConnect account while you are on campus/on the vpn client . The ARM link is at the bottom of that page, if you already are logged in. (see the "Log in to your other CCH products" in the footer of the page). Or, use the ARM link here.

Search here for:

FASB Codification     ⁃     Accounting Standards     ⁃     Interpretations      ⁃     Checklists      ⁃     Current Development Updates      ⁃     “A Closer Look” Topic Analysis

Sections include:

Accounting and SEC – contains: accounting standards and summaries of significant accounting matters by topic, presented in the same order as the FASB Codification, with links to authoritative and interpretive literature from FASB and IASB; summaries of significant IAS/IFRS accounting matters that correspond to U.S. GAAP summaries; ARM interpretations; U.S. and international authoritative and proposal-stage literature.

FASB content – current Codification, plus historical statements and interpretations, staff positions, technical bulletins, special reports, implementation guides and proposal-stage literature.

AICPA content – audit and attest standards, guides for accounting and audit, Statements of Position and related proposal-stage literature. Also includes older material issued by AICPA prior to 2009.

• SEC background and interpretive materials, hot topics and literature updates.
• Standard literature of the SEC: Rules, regulations and releases of the 1933 and 1934 Acts, Financial Reporting Releases, Accounting and Auditing Enforcement releases, Staff Accounting Bulletins, Staff Legal Bulletins, Staff speeches, SEC releases of final and proposed rule changes, etc.
• ARM section called “SEC Practice” featuring interpretations and links, including Sarbanes-Oxley related-rules and plain English summaries.
• SEC’s Division of Corporation Finance staff publications: “Financial Reporting Manual” and Compliance and Disclosure Interpretations

Daily and weekly updates from numerous sources provide issues summaries, information on changes and proposals, projects and meetings. Sources include AICPA, IASB, FASB’s EITF (Emerging Issues Task Force), PCC (Private Company Council), IASB, SEC, PCAOB, IFRS and GASB.

Login to Checkpoint Edge (RIA)

Access requires IP authentication, so you must be on the UCSD-Protected network (on campus) or the vpn client (off-campus; choose Group:allthruucsd). ( Faculty login here ). Additional info:

• Students who want added functionality may create a Checkpoint user ID via this link , using their @ucsd.edu email address. The extra features allow you to highlight, add notes, create folders, save documents. You will still need to use the IP authentication, but if you login these additional tools are available to you.
• Student IDs are temporary and will automatically expire on Dec. 31st and July 31st. You may re-register for continued access.

This top resource for accounting professional practice and academic research includes many types of information: accounting & auditing guides and standards; federal and state law reporters; international financial reporting and taxation materials; interpretations and research articles; news and updates; and tools and tables.

There are three ways to access: IP authentication (on campus via UCSD-Protected network or VPN client; limited to 35 simultaneous users), Faculty IDs or Student IDs via Registration (student ID’s expire twice a year).

Specific contents of the federal and state tax package include:

• Reporters and citators: U.S. Tax Reporter, Federal Tax Coordinator, public domain library and citator
• Up-to-the-minute commentary: Federal Tax Update, RIA Tax Watch, Tax Cuts and Jobs Act
• Background and planning tools: RIA Federal Tax Handbook, Orientation documents, Quick Tax Amounts, Tax Advisors Planning System II.
• WG&L Journals: Journal of Taxation , Journal of Corporate Taxation , Practical Tax Strategies/Taxation for Accountants

Quick Reference Guide

Contents of the state and local tax package include:

• Guides and updates: All States Tax Guide, State & Local Tax Update
• State and local tax reporters: comprehensive coverage of all states and D.C., including list of approved laws, legislative highlights,
• Tools: state search wizard, CompareIt
• WG&L’s Journal of Multistate Taxation and Incentives

Other content and tools:

• Catalyst Library of guides that cover forms of business (C Corporations, S Corporations, Partnerships, Consolidated Groups), specialized accounting and taxation topics (Business Income, Deductions and Credits, Cost Recovery, Sales and Exchanges, Investments, Compensation; Tax Accounting) and geographies (State Specific; International – U.S. Income Tax)
• Calculators and tax tables
• US GAAP Guides for Accounting and Financial Statements, GAAP-related Catalyst guides, Financial Management & Controllership, Internal Audit, and SEC Compliance.
• International Financial Reporting Standards (IFRS) guides

Accounting standards academic packages:

• AICPA Professional Library Professional Standards, Audit & Accounting Guides, Audit Risk Alerts, Technical Questions and Answers
• GAAP Reporter with FASB The GAAP Reporter with FASB Codification uses the structure of the FASB Codification, and provides detailed guidance in the form of Explanations for each section, authored by experts. The Explanations restate the Codification in clear, straightforward terms and provide professional insights, expertise, and illustrations on how to apply the guidance in practice.
• GASB Reference Materials GASB Original Pronouncements , Codification, Guides, Exposure Drafts, SEA Performance Information, Topical Index
• IASB and IFRS International Standards Multiple publications that include standards, revisions, interpretations, guides, news, a glossary and IASB/FASB Mapping Tool
• PCAOB Library and Accounting Standards

Below are additional major research tools that are comprehensive. They cover journal and news publications on accounting, taxation, business, economics, ethics, law, mathematics, psychology, taxation, politics, public policy and related topics.

Use these to find academic articles on your topics. Which you select will depend on what subject area(s) are relevant to your topic .

Business & Legal Research Sources: Best Starting Points

• OECD: Taxation This link uncovers the most current periodicals and e-books on international taxation topics from Organisation for Economic Cooperation and Development (OECD), including the Global Forum on Transparency and Exchange of Information for Tax Purposes , Tax Policy Studies , and publications that track multi-country tax policy trends and tax statistics.

Additional Scholarly and News Sources for Academic Tax & Accounting Research

• Google Scholar Search for scholarly publications across disciplines & sources: articles, theses/dissertations, books, and more, from academic publishers, professional societies, online repositories, universities etc. Use Scholar Settings-->Library Links option to setup "University of California, San Diego - Get it at UC" and if you are searching from off campus, log in to the VPN to get full access to UC San Diego subscribed article content.

News Sources for Research

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The Reporter

A Summary of Recent Corporate Tax Research

Taxes are thought to influence corporate decisions in many ways. For that reason, in the past decade a number of changes (or proposed changes) to the U.S. tax code have been made in an attempt to affect corporate behavior. For example, U.S. and European authorities have raised the possibility of eliminating or reducing the ability of companies to deduct interest payments from taxable income, because the tax-favored status of debt has reduced tax revenue collection and allegedly encouraged a "debt bias" of corporations. It is believed that by using too much debt financing, firms may have exacerbated economic downturns. Also, during the last two recessions, in an attempt to stimulate the corporate sector, the U.S. government has temporarily granted companies the ability to carry current-year losses back five years, in order to receive a refund on taxes paid during the past five years. Further, equity tax rates have been decreased for retail investors in an attempt to reduce the corporate cost of capital, and these changes are thought to have increased dividend payout. And, there have been proposals to disallow multinational companies from avoiding income taxes on profits earned overseas by their reinvesting those profits overseas. In this report, I summarize academic research on these and related issues.

In 1958 Modigliani and Miller (M&M) laid the groundwork for modern corporate finance research by demonstrating that when capital and informational markets are perfect, firm value is not affected by financial decisions. Five years later they showed that the existence of taxation can create an environment in which financial decisions affect firm value. In particular, M&M demonstrated that when corporate income is taxed and debt interest is a deductible expense, firm value can be increased by using debt financing rather than funding entirely from equity.

Several branches of research emanated from these basic insights. The first addresses whether the tax environment leads to firm-specific optimal capital structures and value enhancement. If there are costs to using too much debt (for example, expected financial distress costs or personal taxes on interest income), then firms with the greatest benefit to shielding taxes (for example, firms facing higher income tax rates) should be the ones with the greatest incentives to use debt financing. Much of my tax research focuses on how to measure these tax incentives in the context of a dynamic tax code.

One important feature of the tax code is that a firm can "carry back" current losses (by refiling past tax returns) to receive a tax refund for taxes paid in recent years. Alternatively, if carrying back losses is not attractive, then firms can carry forward losses to offset taxable income in future years. Therefore, because the dynamic tax code allows firms to move income through time, it is necessary to forecast future taxable income to estimate current-period tax rates and tax incentives.

Capital Structure Choices and Simulating Corporate Marginal Income Tax Rates

In my early work, I simulated dynamic corporate marginal income tax rates that could explain the probability that a firm will be nontaxable and that allow it to carry losses forward and backward. I then used these simulated tax rates to document that firms respond to tax incentives when they make incremental financing choices, 1 and when they choose the level of debt and the level of leasing. 2 These corporate tax incentives hold up even in the presence of high personal tax rates on interest income. 3

Most tax and capital structure research, including the work just mentioned, uses data drawn from financial statements, not data from actual tax returns. Given that financial statements consolidate worldwide income statements and balance sheets for multinational firms, but that tax rules and tax incentives vary by country, one might wonder how closely financial-statement-based research mirrors tax return data. 4 In recent work, Lillian Mills and I access confidential tax returns to explore how closely tax rates estimated from financial statement data parallel those based on tax return data. 5 Fortunately, we find that simulated tax rates based on financial statement data are very highly correlated with tax variables based on tax return data.

Capital Structure - Debt Bias

Documenting that tax rates are correlated with corporate capital structure choices suggests that firms may increase value by choosing debt optimally. However, some argue that an increased use of debt in response to tax incentives leads to negative outcomes. After all, the extent to which firms are able to increase value occurs directly because deducting interest expenses deprives the government of tax revenues. More than just reducing tax revenues, a "debt bias" -- using extra debt in response to tax incentives -- could result in too much debt in the system, increasing the probability that firms will become financially distressed, and thereby exacerbating or perhaps even causing economic downturns. Critics of debt bias argue that the ability to deduct interest should be eliminated or at least reduced. For this argument to have its greatest force, it should be the case that 1) tax incentives lead to a large increase in the use of debt, and that 2) the "extra" debt that firms use in response to tax incentives should lead to a material increase in the probability of experiencing financial distress.

Regarding whether taxes have a first-order effect on the use of debt, I have documented that a tax rate that is 10 percentage points higher (for example, 34 percent instead of the mean 24 percent) leads to debt usage that is 0.7 percent higher. Thus, while taxes do affect capital structure, the effect is moderate, providing only partial evidence of the first debt bias consideration. Regarding whether the extra debt usage increases the odds of encountering distress, two co-authors and I search for these effects when one might expect the negative effects of excess leverage to be at their worst: during the severe economic contractions during the Great Depression and during the years 2008-9. 6 In the first stage of our analysis, we show that firms did in fact use more debt because of tax incentives during the Depression. However, we do not find any evidence that this extra debt increased the probability of encountering distress. Similarly, we do not find any evidence that debt bias led to negative outcomes during the recent recession. It is important to note that our failure to find negative effects of debt bias could be attributable to noise in the data (especially during the Depression era) and to our focus on nonfinancial firms. Clearly, there needs to be more research on this important issue in general, and with respect to financial firms in particular.

Capital Structure - Tax Benefit Functions

One way to measure how much interest tax savings contribute to firm value involves estimating marginal tax benefit functions -- that is, measuring the marginal tax benefit of each incremental dollar of tax deduction. By adding up the value created by each incremental dollar of interest deduction, one can estimate the contribution to firm value associated with the tax savings that flow from a given level of interest deductions. Two co-authors and I follow this approach and estimate that the equilibrium, gross tax benefit of interest deductions (ignoring all costs) equals about 10.5 percent of value across all firms, and about twice that much for the top decile of companies. 7

Analogous to using supply shifts to identify demand curves, we use exogenous variation in benefit functions to deduce the cost-of-debt function that justifies the capital structure choices that firms make. By summing the area under the cost functions up to a given amount of debt, we estimate that the equilibrium all-in expected cost of debt equals about 7 percent of firm value. By summing up the area between the cost and benefit functions, we estimate that the equilibrium net benefits of debt (net of all costs) are about 3.5 percent of firm value. Again, these numbers are fairly moderate and do not suggest pervasive high leverage caused by severe debt bias.

Tax-Loss Carrybacks and Economic Stimulus

For the most part, U.S. companies in recent decades have been able to carry back current-period losses to receive a refund for taxes paid in the past two years. This feature of the tax code serves as an economic stabilizer by providing an infusion of liquidity to (previously profitable) companies that are currently struggling. During the last two recessions, the carryback period was temporarily lengthened to five years in an attempt to stimulate the corporate sector during an economic downturn.

Hyunseob Kim and I examine the economic impact of the stimulus during the most recent recession. 8 Companies were given the option to carry back losses from either their 2008 tax year or their 2009 tax year to receive a refund for taxes paid during the previous five years. Had the carryback period remained at two years, we estimate the carryback feature of the tax code would have provided $77 billion in tax refunds; allowing losses to be carried back an additional three years added an incremental $54 billion in tax refunds to corporate coffers (this estimate ignores TARP recipients and the tax benefits granted to them). Interestingly, the increased benefit was particularly valuable to sectors that were hugely profitable during the economic boom of the mid-2000s but then suffered the greatest losses during the recession: housing, finance, and autos. That is, the U.S. government supported firms in these industries via changes to the tax code.

Payout Policy

One feature of the famous 2003 "Bush tax cuts" was to reduce the maximum tax rate on both qualifying dividends and capital gains to 15 percent, from 38 percent and 20 percent, respectively. This relative reduction in dividend taxation thus made dividends more attractive to taxable individual investors. 9 Given this increased investor preference for dividends, one might expect companies to begin to pay out a larger proportion of profits via dividends. Research shows that there was a surge of dividend initiations following the May 2003 implementation of these tax breaks and that dividend hikes were largest at the companies that had the greatest net tax incentive to increase dividends, such as firms with proportionally more individual investors (which makes sense given that the tax cut was focused on individuals). Chetty and Saez show that the dividend increases were less likely to occur in firms for which the executives owned substantial stock options (which makes sense because options are not dividend protected, meaning that paying a dividend reduces the value of existing options). 10

Thus, investor-level taxes affect corporate payout choices. However, are taxes the dominant force driving payout policy? Based on surveys and one-on-one interviews, three co-authors and I document that CFOs agree with the general conclusion that firms increased dividends in response to the reduction in retail investor dividend tax rates -- but we conclude that the 2003 tax effect on corporate payout decisions was overall moderate. 11 Executives indicate that non-tax conditions (such as generating long-run, sustainable earnings or facing lower growth prospects) are the first-order factors that determine payout policy and also determine whether a particular firm is at a margin where taxes would affect its payout decisions. In summary, most CFOs say that tax considerations matter but taxes are not the dominant factor in their decisions about whether to increase dividends or choose dividends over share repurchases.

Taxes on Foreign Profits

Economics and politics have merged into a contentious debate related to the extent to which U.S. firms should pay U.S. taxes on profits earned by their foreign divisions and subsidiaries. Under current law, taxes are paid to foreign authorities as the profits are earned - but taxes are not paid to the U.S. tax authority until the profits are returned home ("repatriated") to the domestic parent. By surveying tax executives, two-coauthors and I learn that the ability to defer paying U.S. taxes is in fact one of the most important reasons that U.S. companies invest overseas. 12 Opponents of these tax rules argue that evidence like this is proof that U.S. firms shift jobs overseas to the detriment of domestic employment. (Supporters of the repatriation tax rules argue that they help U.S. firms compete overseas.)

If foreign profits are repatriated home, they are then taxed at a rate essentially equal to the degree to which the U.S. tax rate exceeds the tax rate in the foreign jurisdiction in which they were earned (for example, profits earned and taxed at an Irish corporate tax rate of 13 percent would be taxed an additional 22 percent when returned to the United States because the U.S. corporate income tax rate is 35 percent). In 2004, Congress passed the American Jobs Creation Act, which allowed firms to repatriate profits to the United States subject to a tax rate of no more than 5.25 percent and often much lower. Our research documents that many firms embraced this tax break and bought profits home to the United States. Perhaps surprisingly, we also show that some firms did not repatriate earnings, even at low repatriation tax rates, and even though repatriation would have a positive effect on actual cash flows, because it would lead to a reduction in reported earnings. That is, even at low tax rates repatriation is at times avoided by firms because it reduces earnings per share, which financial executives believe in turn hurts stock price. Interestingly, Senator Kay Hagen recently proposed instituting another "one time" reduction in taxes owed on repatriated profits. Justification for such a proposal is unclear given that, overall, academic research into the 2004 reduction in repatriation taxes does not provide clear evidence that on net firms used the funds brought home to increase investment or hiring.

In summary, the tax code is constantly under revision, in part in an attempt by authorities to alter corporate behavior. Recent research documents that tax incentives do affect corporate behavior, but often the effects are often modest. I look forward to future research that helps explain why tax effects are not always as large as we might expect, whether the reason be measurement issues, offsetting nontax influences, or unanticipated changes in corporate behavior that occur as the economy re-equilibrates.

1.   J. R. Graham, "Debt and the Marginal Tax Rate,"  Journal of Financial Economics , 41, 1996, pp. 41-74. 2.   J. R. Graham, M. Lemmon, and J. Schallheim, "Debt, Leases, Taxes, and the Endogeneity of Corporate Tax Status,"  Journal of Finance , 53, 1998, pp. 131-62. 3.   J. R. Graham, "Do Personal Taxes Affect Corporate Financing Decisions?"  Journal of Public Economics , 73, 1999, pp. 147-85. 4.   For details, see J. R. Graham, J. Raedy, and D. Shackleford, "Accounting for Income Taxes," NBER Working Paper No.  15665 , January 2010, and  Journal of Accounting and Economics  forthcoming 5.   J. R. Graham and L. Mills, "Using Tax Return Data to Simulate Corporate Marginal Tax Rates", NBER Working Paper No.  13709 , December 2007, and  Journal of Accounting and Economics , 446:2-3, 2008, pp.366-88. 6.   J.R. Graham, S. Hazarika, and K. Narasimhan, "Financial Distress during the Great Depression", NBER Working Paper No.  17388 , August 2011, and  Financial Management  forthcoming. 7.   J. van Binsbergen, J. R. Graham, and J. Yang, "The Cost of Debt", NBER Working Paper No.  16023 , May 2010, and  Journal of Finance  65:6, 2010, pp.2089-136. 8.   J.R. Graham, and H. Kim, "The Effects of the Length of the Tax-Loss Carry back Period on Tax Receipts and Corporate Marginal Tax Rates", NBER Working Paper No.  15177 , July 2009, and  National Tax Journal , 62, 2009, pp.413 - 27. 9.   Alok Kumar and I find that individual investors form clienteles based on tax preferences of holding dividends and that individual investors shift holdings to tax-deferred accounts in response to higher income tax rates. See J.R. Graham and A. Kumar, "Do Dividend Clienteles Exist? Evidence on Dividend Preferences of Retail Investors",  Journal of Finance  61, 2006, pp. 1305-336. 10.   R. Chetty and E. Saez, "Dividend Taxes and Corproate Behavior: Evidence from the 2003 Dividend Tax Cut", NBER Working Paper No.  10841 , October 2004; J. Poterba, "Taxation and Corporate Payout Policy", NBER Working Paper No.  10321 , February 2004; J. Bouin, J. Raedy, and D. Shackelford, "Did Dividends Increase Immediately After the 2003 Reduction in Tax Rates?" NBER Working Paper No.  10301 , February 2004. 11.   A. Brav, J. R. Graham, C. R. Harvey and R. Michaely, "Payout Policy in the 21st Century," NBER Working Paper No.  9657 , April 2003, and  Journal of Financial Economics , 77:3, 2005, pp. 483-527. 12.   J.R. Graham, M. Hanlon, and T. Shevlin, "Real Effects of Accounting Rules: Evidence from Multinational Firms Investment Location and Profit Repatriation Decisions",  Journal of Accounting Research , 49, 2011, pp.137-85.

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Federal Taxation: Comprehensive Topics

In each issue, JATA publishes reviews of textbooks and other books of interest to tax scholars. All book reviews are solicited by the associate editor. However, if you know of a book that you would like reviewed or if you are interested in reviewing a book, please contact the associate editor.

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HANK ADLER; Federal Taxation: Comprehensive Topics. Journal of the American Taxation Association 1 September 2022; 44 (2): 137–138. https://doi.org/10.2308/jata-10816

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The Smith, Harmelink, and Hasselback Federal Taxation: CCH Comprehensive Topics (2022) is intended to be used as a multi-semester textbook for instruction in U.S. taxation. CCH Comprehensive Topics is competently updated annually. CCH Comprehensive Topics has a more than adequate test bank and the answers to the questions and problems included in the textbook are also excellent. Like many textbooks that have been updated for years, the PowerPoint slides are technically adequate, albeit, somewhat dated. For universities that adopt this textbook, CCH makes available CCH AnswerConnect—Tax Research Software. The combination of this established quality textbook and the software offers a powerful platform for both undergraduate and/or graduate classes in U.S. taxation.

CCH Comprehensive Topics is designed to “to be used either in a one semester class or in a two-semester sequence.” A one-semester usage of such a comprehensive textbook is not realistic; it requires a minimum of two semesters for students to complete their examination of U.S. taxation. Given the depth of the textbook, the instructor will likely choose to cover most, but not every chapter over the course of two semesters, based on the instructor's approach.

Assuming that CCH Comprehensive Topics will be taught over two semesters, there are two distinct decisions that must be made by the instructor. The first decision is whether the classes need be taught consecutively (individual first and corporate/partnership second as the textbook is written). The second decision is whether Chapters 1 and 2 should be taught in each semester. If the classes need not be taught consecutively, it is imperative that Chapters 1 and 2 be the starting point for each class. Some instructors will determine that Chapters 1 and 2 are sufficiently important to include them in each semester regardless of the decision to require the classes to be taken consecutively.

Chapters 1 and 2 provide an excellent framework for understanding the U.S. system of taxation. Chapter 1 is entitled “Introduction to Federal Taxation and Understanding the Federal Tax Law” and sets the stage for the remainder of the textbook. A careful reading of Chapter 1 provides an understanding the conceptual underpinnings of the tax code and a bit of its history. In a condensed form, this chapter either should or could be included in the required readings for any M.B.A. degree. It is expected and hoped that the 2023 edition will include more background from the Tax Cuts and Jobs Act of 2017.

Chapter 2 provides an understanding of tax research, practice, and procedure. The chapter provides the underpinnings for competent tax research. If the instructor intends to require tax research memorandums during the semester(s), with the accompanying use of CCH AnswerConnect, the student will have the opportunity to acquire a level of competence in tax research—a skill required by many potential employers—prior to graduation. If a decision to include tax research is made, Chapter 2 becomes a reference point throughout the use of the textbook for future tax memorandums.

Chapters 3 through 13 are designed to explore individual taxation. Chapter 3 is presented as an overview and easily follows Chapter 1. Chapters 1 and 3, together, provide as fine an overview of individual taxation as this reviewer has seen. Repeating a previous observation, an M.B.A. class would be well served to read Chapters 1 and 3 in coordination to gain a graduate-level overview of individual taxation.

The ordering of Chapter 4 through 13 is sensible. Gross income is the starting point with exclusions covered subsequently. This is followed by explanations of both business and itemized deductions. The instructor might determine to introduce Chapters 10, 11, and 12 between the presentations of gross income and deductions. Students generally arrive with some knowledge or presumed knowledge with respect to capital gains and have a hunger to understand these issues before pursuing deductions. This might be considered by instructors and the out-of-sequence use of the textbook might enhance student interest. Additionally, CCH Comprehensive Topics does an excellent job of explaining and providing useable examples with respect to like-kind exchanges, involuntary conversions, and other transactions involving nonrecognition. The examples are particularly valuable in enhancing student understanding.

Chapter 14 is the starting point for studying corporations. While competently written, the authors might consider adding a few pages in Chapter 14 recreating a starting point for corporate taxation similar to Chapter 3. For the two-semester approach to federal taxation, Chapter 14 could be considered a fairly abrupt start to the semester. (Again, instructors might wish to consider the possibility of teaching Chapters 1 and 2 in each semester.)

Chapter 14 offers all of the textbook's important discussions of both formation and operations of a corporate entity. The chapter is comprehensive and instructors should consider this chapter taking several classes of study to ensure that the subject matter is adequately digested by their students.

Corporate liquidations, reorganizations along with accumulated earnings, and personal holding company taxes are quite fully considered. The textbook has a series of truly excellent diagrams of reorganizations and liquidations. The authors might consider carefully reviewing the slides accompanying these sections and more closely mimicking what is in the textbook.

Partnerships are given two full chapters (Chapters 19 and 20) and allow the instructor to more than adequately differentiate the technical and tactical differences in choosing between corporate or partnership form. There is little missed in preparing a students for these crucial decisions and they should fully comprehend the differences between partnership and corporation tax consequences during formation.

Chapters 22, 23, and 24 provide instructors with the opportunity to expand their classes beyond federal taxation of individuals, corporations, and partnerships. Consideration needs to be given as to whether spend more time on these traditional areas of taxation or launch into estate and gift taxation, trusts and estates, and deferred compensation.

Chapter 22 provides a worthy explanation of estate and gift tax issues. Accompanied by Chapter 23's explanation of the taxation of trusts and estates, these chapters provide an excellent understanding of these areas of taxation. To do justice to these particular areas, the instructor will need to cover both chapters and devote as much as six to ten hours of classroom time to instruction.

Chapter 25 provides an excellent overview of state taxation and thoroughly explains the theoretical relationships between the federal government and state governments under the Constitution. This important chapter does an excellent job of explaining state taxation without getting bogged down in the specifics of any particular state. Chapter 25 is a necessary conclusion to CCH Comprehensive Topics by alerting students to the reality that federal income taxes is certainly not the only tax subject worthy of importance.

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An unexpected benefit from globalization: Improved corporate tax collection for developing countries

Jensen, Anders; Bachas, Pierre; Fisher-Post, Matthew; Zucman, Gabriel. (2023). “ Globalization and Factor Income Taxation .” HKS Faculty Research Working Paper Series. RWP23-027 

Faculty Authors

Anders Jensen

What’s the issue.

Globalization and liberalized international trade have had well-documented negative effects on developing countries, including greater inequality, worker and resource exploitation, and environmental degradation. But can globalization also generate more tax revenues, allowing governments in those countries to provide vital services and make public investments? 

What does the research say?

Utilizing a new global database of effective tax rates on capital and labor, researchers including Harvard Kennedy School Associate Professor of Public Policy Anders Jensen found that, in at least one area, conventional wisdom about globalization's effects has been turned on its head. “By expanding economic activity in larger, formal corporate structures relative to smaller informal businesses, trade liberalization improves the effective collection of taxes,” they write. The effect was sizable; they found trade liberalization can explain 17%-37% of the rise in effective capital tax rates in developing countries. This is despite the so-called “race-to-the-bottom” phenomenon, where countries compete for international business by lowering taxes. The researchers found that effective capital tax rates declined in developed countries, from 36%-38% in the post-World War II decades to about 30% in 2018.  

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Hks economists see complex paths forward for international trade and finance—with the united states and china as key players, help yourself: development economists look to better governance to improve the lives of the world’s poorest people, wanted: new economic models for a post-globalization world.

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IR-2024-71, March 14, 2024

WASHINGTON ― With the April 15 filing deadline approaching, the Internal Revenue Service encourages taxpayers who may find it difficult to gather the necessary documents they need to file or pay the taxes they owe to consider several options offered on IRS.gov to avoid late filing and interest penalties.

This is the last in a four-part series called the Tax Time Guide , a resource to help taxpayers file an accurate tax return. As taxpayers approach the April 15 deadline, those who owe taxes can benefit from knowing their options.

Eligible individuals and families who earned $79,000 or less in 2023 can use IRS Free File on IRS.gov, to electronically file their taxes. But all taxpayers, regardless of income, who need more time to file a return can use IRS Free File as an easy and quick way to electronically file for a six-month extension before April 15, 2024. An extension will help to avoid penalties and interest for failing to file on time , and gives taxpayers until Oct. 15, 2024, to file. However, they still must pay what they owe by the April 15 deadline.

Except for eligible victims of recent natural disasters who have until Oct. 15 to make tax payments, taxpayers who can’t pay the full amount of taxes they owe by April 15 should file and pay what they can to reduce total penalties and interest.

There are multiple ways to make electronic payments and there are options for a payment plan or an agreement with the IRS.

IRS Online Account

An IRS Online Account provides taxpayers access to important information when preparing to file a tax return, pay a balance or follow up on notices. Taxpayers can view their information online including:

• Adjusted Gross Income.
• Payment history and any scheduled or pending payments.
• Payment plan details.
• Digital copies of select notices from the IRS.

Taxpayers can also use their Online Account to securely make a same-day payment for an outstanding 2023 tax balance, pay quarterly estimated taxes for the 2024 tax season or request an extension to file a 2023 return.

Interest and a late payment penalty will apply to any payments made after April 15. Making a payment, even a partial payment, will help limit penalty and interest charges.

Other electronic options

Direct Pay, available at IRS.gov, is the fastest, easiest way to make a one-time payment without signing into an IRS Online Account.

• Direct Pay : Direct Pay is free and allows taxpayers to securely pay their taxes directly from their checking or savings account without any fees or registration. Taxpayers can schedule payments up to 365 days in advance. After submitting a payment through Direct Pay, taxpayers will receive immediate confirmation.  
• IRS2Go mobile app : IRS2Go is the official mobile app of the IRS. Taxpayers can check their refund status, make a payment, find free tax preparation assistance, sign up for helpful tax tips and more. IRS2Go is available in both English and Spanish.  
• Electronic Funds Withdrawal (EFW) : This option allows taxpayers to file and pay electronically from their bank account when using tax preparation software or a tax professional. This option is free and only available when electronically filing a tax return.  
• Electronic Federal Tax Payment System : This free service gives taxpayers a safe, convenient way to pay individual and business taxes by phone or online. To enroll and for more information, taxpayers can call 800-555-4477 or visit eftps.gov .  
• Debit or credit card and digital wallet : Individuals can pay online, by phone or with a mobile device through any of the authorized payment processors. Processors do charge a fee to use these services. The IRS doesn’t receive any fees for these payments. Authorized card processors and phone numbers are available at IRS.gov/payments .

Other payment options

• Cash: For taxpayers who prefer to pay in cash, the IRS offers a way to pay taxes at one of its many retail partners. The IRS urges taxpayers choosing this option to start early because it involves a four-step process. Details, including answers to frequently asked questions, are at IRS.gov/paywithcash .
• “2023 Form 1040”.
• Daytime phone number.
• Social Security number.

Help for taxpayers who cannot pay in full

The IRS encourages taxpayers who cannot pay in full to pay what they can and consider a variety of payment options available for the remaining balance including getting a loan to pay the amount due. In many cases, loan costs may be lower than the combination of interest and penalties that the IRS must charge under federal law. Taxpayers should act as quickly as possible and are urged not to wait to respond to a notice: Tax bills accumulate more interest and fees the longer they remain unpaid. For all payment options, visit IRS.gov/payments .

Online self-service payment plans

Most individual taxpayers qualify for a payment plan and can use Online Payment Agreement to set up a payment plan (including an installment agreement) to pay off an outstanding balance over time.

Once the online application is complete, the taxpayer receives immediate notification of whether their payment plan has been approved. Taxpayers can setup a plan using the Online Payment Agreement in a matter of minutes. There’s no paperwork and no need to call, write or visit the IRS. Setup fees may apply for some types of plans.

Online payment plan options for individual taxpayers include:

• Short-term payment plan – The total balance owed is less than $100,000 in combined tax, penalties and interest. Additional time of up to 180 days to pay the balance in full.
• Long-term payment plan (installment agreement) – The total balance owed is less than $50,000 in combined tax, penalties and interest. Pay in monthly payments for up to 72 months. Payments may be set up using direct debit (automatic bank withdraw) which eliminates the need to send in a payment each month, saving postage costs and reducing the chance of default. For balances between $25,000 and $50,000, direct debit is required.

Qualified taxpayers with existing payment plans may be able to use the Online Payment Agreement to make changes including revising payment dates, payment amounts or bank information for payments made by direct debit. Go to Online Payment Agreement for more information.

Though interest and late-payment penalties continue to accrue on any unpaid taxes after April 15, the failure to pay tax penalty rate is cut in half while an installment agreement is in effect. Find more information about the costs of payment plans on the IRS’ Additional Information on Payment Plans webpage.

Taxpayers struggling to meet their tax obligation may also consider these additional payment options:

• Offer in Compromise – Certain taxpayers qualify to settle their tax liabilities for less than the total amount they owe by submitting an Offer in Compromise. To help determine their eligibility, they can use the Offer in Compromise Pre-Qualifier tool .
• Temporary delay of collection – Taxpayers can contact the IRS to request a temporary delay of the collection process. If the IRS determines a taxpayer is unable to pay, it may delay collection until the taxpayer’s financial condition improves. Penalties and interest continue to accrue until the full amount is paid.
• Other payment plan options – Taxpayers who do not qualify for online self-service should contact the IRS using the phone number or address on their most recent notice for other payment plan options. For individuals and out-of-business sole proprietors who are already working with IRS Campus Collection and who owe $250,000 or less, one available option is to propose a monthly payment that will pay the balance over the length of the Collection Statute (usually 10 years). These payment plans don’t require a financial statement, but they do require a determination for the filing of a Notice of Federal Tax Lien.

For more information about payments, see Topic No. 202, Tax Payment Options , on IRS.gov.

Taxpayer rights

The IRS reminds taxpayers that they have rights and protections throughout the collection process. For details, see Taxpayer Bill of Rights and Publication 1, Your Rights as a Taxpayer PDF .

Taxpayers should know before they owe. The IRS encourages all taxpayers to check their withholdings with the IRS Tax Withholding Estimator .

This information is part of a series called the Tax Time Guide , a resource to help taxpayers file an accurate tax return. Additional help is available in Publication 17, Your Federal Income Tax .

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State taxes: How to save with credits on state returns

Tax season is almost over and those who have yet to file may be looking for as many credits as possible to get cash back from the Internal Revenue Service .

The  average tax refund  issued by the IRS as of March 1 is $3,182, a 5.1% increase compared to the similar filing period in 2023. The trend may not hold as refund amounts dropped 13% between March and April in 2023,  according to Barron's .

While some filers may focus on the federal half of the assignment, there are credits to be found in state tax codes as well.

Some states have different rules about what is and isn't taxed, especially around Social Security income , but there are opportunities to lower a filer's state tax liability.

Here are some state tax credits that may help you get money back when you file.

The state of California offers multiple credits for residents who file returns.

The California Earned Income Tax Credit may provide up to $3,529, while the Young Child Tax Credit and the Foster Youth Tax Credit may provide a $1,117 rebate.

State residents may also claim rebates for living in areas that experienced a disaster declared by the President . If a filer needs to receive copies of a previous tax return due to a disaster they can be sent, for free, by filing a FTB 3516 form .

Eligible filers in the state of Colorado can receive an $800 refund per person as a part of the state's Taxpayer's Bill of Rights (TABOR) mechanism. A bill passed into law in 2023 applied the mechanism equally to all qualified individuals, moving it away from the sales tax mechanism for this filing year.

In order to qualify a filer must be:

• At least 18 years old when the tax year began
• Does not have a Colorado income tax liability
• Are not claiming a refund of wage withholding
• Are not otherwise required to file a Colorado return because you have no federal filing requirement

Low income, disabled or older residents may qualify for the rebate by filing a 2023 Property Tax/Rent/Heat (PTC) Rebate Application in lieu of a tax return.

Oregon taxpayers may qualify for the state's "kicker" tax credit. The credit, passed into law in 1979, goes into effect when the state's General Fund revenues are more than 2% of what was projected.

• File your 2022 Oregon return before you file your 2023 return.
• Have an Oregon tax liability for 2022.
• File a 2023 Oregon return, even if you don't otherwise have a filing requirement.

Filers can estimate their "kicker" credit by multiplying their 2022 tax liability – before any credits – by 44.28%, according to the state .

Washington state offers a "Working Families Tax Credit" modeled on the federal Earned Income Tax Credit.

Filers who qualify for the federal credit qualify for the state credit , as well as those who, "filed a federal income tax return for the prior federal tax year using a valid individual taxpayer identification number in lieu of a social security number."

Any family that qualifies for the credit will receive $50 at minimum. The maximum credit a family can receive are:

• 0 children : $315
• 1 child : $625
• 2 children : $940
• 3 or more children : $1,255

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Research: How Different Fields Are Using GenAI to Redefine Roles

• Maryam Alavi

Examples from customer support, management consulting, professional writing, legal analysis, and software and technology.

The interactive, conversational, analytical, and generative features of GenAI offer support for creativity, problem-solving, and processing and digestion of large bodies of information. Therefore, these features can act as cognitive resources for knowledge workers. Moreover, the capabilities of GenAI can mitigate various hindrances to effective performance that knowledge workers may encounter in their jobs, including time pressure, gaps in knowledge and skills, and negative feelings (such as boredom stemming from repetitive tasks or frustration arising from interactions with dissatisfied customers). Empirical research and field observations have already begun to reveal the value of GenAI capabilities and their potential for job crafting.

There is an expectation that implementing new and emerging Generative AI (GenAI) tools enhances the effectiveness and competitiveness of organizations. This belief is evidenced by current and planned investments in GenAI tools, especially by firms in knowledge-intensive industries such as finance, healthcare, and entertainment, among others. According to forecasts, enterprise spending on GenAI will increase by two-fold in 2024 and grow to $151.1 billion by 2027 .

• Maryam Alavi is the Elizabeth D. & Thomas M. Holder Chair & Professor of IT Management, Scheller College of Business, Georgia Institute of Technology .

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Regions & Countries

Americans’ use of chatgpt is ticking up, but few trust its election information.

It’s been more than a year since ChatGPT’s public debut set the tech world abuzz . And Americans’ use of the chatbot is ticking up: 23% of U.S. adults say they have ever used it, according to a Pew Research Center survey conducted in February, up from 18% in July 2023.

The February survey also asked Americans about several ways they might use ChatGPT, including for workplace tasks, for learning and for fun. While growing shares of Americans are using the chatbot for these purposes, the public is more wary than not of what the chatbot might tell them about the 2024 U.S. presidential election. About four-in-ten adults have not too much or no trust in the election information that comes from ChatGPT. By comparison, just 2% have a great deal or quite a bit of trust.

Pew Research Center conducted this study to understand Americans’ use of ChatGPT and their attitudes about the chatbot. For this analysis, we surveyed 10,133 U.S. adults from Feb. 7 to Feb. 11, 2024.

Everyone who took part in the survey is a member of the Center’s American Trends Panel (ATP), an online survey panel that is recruited through national, random sampling of residential addresses. This way, nearly all U.S. adults have a chance of selection. The survey is weighted to be representative of the U.S. adult population by gender, race, ethnicity, partisan affiliation, education and other categories. Read more about the ATP’s methodology .

Here are the questions used for this analysis , along with responses, and the survey methodology .

Below we’ll look more closely at:

• Which U.S. adults have used ChatGPT
• How Americans are using it
• How much Americans trust ChatGPT’s election information

Who has used ChatGPT?

Most Americans still haven’t used the chatbot, despite the uptick since our July 2023 survey on this topic . But some groups remain far more likely to have used it than others.

Differences by age

Adults under 30 stand out: 43% of these young adults have used ChatGPT, up 10 percentage points since last summer. Use of the chatbot is also up slightly among those ages 30 to 49 and 50 to 64. Still, these groups remain less likely than their younger peers to have used the technology. Just 6% of Americans 65 and up have used ChatGPT.

Differences by education

Highly educated adults are most likely to have used ChatGPT: 37% of those with a postgraduate or other advanced degree have done so, up 8 points since July 2023. This group is more likely to have used ChatGPT than those with a bachelor’s degree only (29%), some college experience (23%) or a high school diploma or less (12%).

How have Americans used ChatGPT?

Since March 2023, we’ve also tracked three potential reasons Americans might use ChatGPT: for work, to learn something new or for entertainment.

The share of employed Americans who have used ChatGPT on the job increased from 8% in March 2023 to 20% in February 2024, including an 8-point increase since July.

Turning to U.S. adults overall, about one-in-five have used ChatGPT to learn something new (17%) or for entertainment (17%). These shares have increased from about one-in-ten in March 2023.

Use of ChatGPT for work, learning or entertainment has largely risen across age groups over the past year. Still, there are striking differences between these groups (those 18 to 29, 30 to 49, and 50 and older).

For example, about three-in-ten employed adults under 30 (31%) say they have used it for tasks at work – up 19 points from a year ago, with much of that increase happening since July. These younger workers are more likely than their older peers to have used ChatGPT in this way.

Adults under 30 also stand out in using the chatbot for learning. And when it comes to entertainment, those under 50 are more likely than older adults to use ChatGPT for this purpose.

A third of employed Americans with a postgraduate degree have used ChatGPT for work, compared with smaller shares of workers who have a bachelor’s degree only (25%), some college (19%) or a high school diploma or less (8%).

Those shares have each roughly tripled since March 2023 for workers with a postgraduate degree, bachelor’s degree or some college. Among workers with a high school diploma or less, use is statistically unchanged from a year ago.

Using ChatGPT for other purposes also varies by education level, though the patterns are slightly different. For example, a quarter each of postgraduate and bachelor’s degree-holders have used ChatGPT for learning, compared with 16% of those with some college experience and 11% of those with a high school diploma or less education. Each of these shares is up from a year ago.

ChatGPT and the 2024 presidential election

With more people using ChatGPT, we also wanted to understand whether Americans trust the information they get from it, particularly in the context of U.S. politics.

About four-in-ten Americans (38%) don’t trust the information that comes from ChatGPT about the 2024 U.S. presidential election – that is, they say they have not too much trust (18%) or no trust at all (20%).

A mere 2% have a great deal or quite a bit of trust, while 10% have some trust.

Another 15% aren’t sure, while 34% have not heard of ChatGPT.

Distrust far outweighs trust regardless of political party. About four-in-ten Republicans and Democrats alike (including those who lean toward each party) have not too much or no trust at all in ChatGPT’s election information.

Notably, however, very few Americans have actually used the chatbot to find information about the presidential election: Just 2% of adults say they have done so, including 2% of Democrats and Democratic-leaning independents and 1% of Republicans and GOP leaners.

These survey findings come amid growing national attention on chatbots and misinformation. Several tech companies have recently pledged to prevent the misuse of artificial intelligence – including chatbots – in this year’s election. But recent reports suggest chatbots themselves may provide misleading answers to election-related questions .

Note: Here are the questions used for this analysis , along with responses, and the survey methodology .

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About Pew Research Center Pew Research Center is a nonpartisan fact tank that informs the public about the issues, attitudes and trends shaping the world. It conducts public opinion polling, demographic research, media content analysis and other empirical social science research. Pew Research Center does not take policy positions. It is a subsidiary of The Pew Charitable Trusts .