Monthly Archive:: April 2021

Biden Capital Gains Tax Plan

TweetShareSharePin0 Shares President Joe Biden’s American Family Plan will likely include a large increase in the top federal tax rate on long-term capital gains and qualified dividends, from 23.8 percent today to 39.6 percent for higher earners. When including the net investment income tax, the top federal rate on capital gains would be 43.4 percent.

Late Submitted Erroneous Reimbursement Match

TweetShareSharePin0 Shares In United States v. Page, No. 3:20-cv-08072 (D. Ariz. April 16, 2021) the court holds that a big wrong reimbursement the Internal Revenue Service sent out to the taxpayer can not be recouped due to the fact that the Division of Justice submitted the wrong reimbursement fit far too late. The concern of

Tax Cuts and Jobs Act Corporate Investment vs. Revenue Loss

TweetShareSharePin0 Shares The Biden administration has argued for raising the corporate tax rate to offset the drop in federal corporate revenues following the Tax Cuts and Jobs Act (TCJA) of 2017, claiming it did not lead to more corporate investment as advertised. Although corporate revenues did drop following this tax reform, the ensuing increase in

Currently Not Collectible Status Due to 2020 Crisis

CURRENTLY NOT COLLECTIBLE A taxpayer can have all collection activity halted if they are under “Currently Not Collectible” status. This status is only for taxpayers whose expenses exceed their income. The IRS will look at national standards in order to determine if the taxpayer could afford their basic living expenses.

From an un-caring economic situation to a caring economic situation: the Tax obligation Justice Network podcast, April 2021 

TweetShareSharePin0 Shares Welcome to the most recent episode of the Tax obligation Justice Network’s month-to-month podcast, the Taxcast You can subscribe either by emailing naomi [at] or find us on your podcast application. Taking Care Of others is the greatest point anybody can do in this globe. Yet our federal governments do not worth

Modernizing Rental Car and Peer-to-Peer Car Sharing Taxes

TweetShareSharePin0 Shares Key Findings As the travel and hospitality industries recover from the coronavirus pandemic, policymakers have an opportunity to reevaluate and repeal discriminatory excise taxes imposed on rental car transactions. Unlike other excise taxes, rental car excise taxes are not imposed to reduce a harm or ensure drivers are paying for infrastructure. Rather, the
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