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Monthly Archive:: May 2021

President’s budget contains many tax proposals

TweetShareSharePin0 Shares President Joe Biden’s administration unveiled its proposed budget for fiscal year 2022 on Friday. Treasury says the $6 trillion proposed budget focuses on infrastructure, clean energy, and research and development, and among its many provisions are a host of proposed tax changes affecting individuals and corporations. One set of tax and revenue proposals,

Tax Return Forms

TweetShareSharePin0 SharesTax Return Forms According to federal laws governing taxation, any person, receiving an income in one form or the other, need to pay income taxes to the government annually. But, the job of preparing tax returns, the calculations and the many tax forms involved, constitute one of the harrowing experiences being an honest tax

Follow Up Information on Tax Court Service of Petitions

TweetShareSharePin0 Shares Yesterday, we published some data from Carl Smith showing that the service of a new Tax Court petition on the office of Chief Counsel was taking about two months.  Following that observation, Carl did some additional digging and found the service time to vary considerably.  Below is a chart of his most recent

Big Budget, Smaller Counters | Tax Policy Center

TweetShareSharePin0 Shares White House releases its $6 trillion budget today. The Washington Post reports President Biden will propose no new major policies in the budget beyond the many ambitious ideas in his American Jobs Plan and American Rescue Plan. The budget reflects his $2.3 trillion infrastructure proposal, $1.8 trillion education and families plan, and $1.5

Battling the IRS

TweetShareSharePin0 Shares Battling the IRS Source: Flickr There was once a song about battling the law and losing. Fortunately, battling the IRS is possible and sometimes inevitable. Battling the IRS There comes a time when many Americans must take action against the IRS. The IRS can come down swiftly and without mercy against taxpayers for

MORE Act | Federal Taxation of Recreational Marijuana

TweetShareSharePin0 Shares Today, Rep. Jerry Nadler (D-NY) reintroduced the Marijuana Opportunity Reinvestment and Expungement Act (MORE Act) to reform federal treatment of marijuana by descheduling it, meaning it no longer would be a prohibited substance. Not surprisingly, the bill includes an excise tax on all sales of marijuana products, which would take effect six months

Arizona Legislators Consider Lower, Flatter Income Tax

TweetShareSharePin0 Shares Arizona legislators are considering tax changes as part of the fiscal year 2022 budget process that is underway. Companion omnibus taxation bills HB 2900 and SB 1828 would reduce individual income tax rates for all taxpayers, consolidate the state’s graduated-rate income tax brackets into what would effectively be a two-rate structure by 2023,

Taxes Q&A: Understanding What Is And Is Not Taxable

TweetShareSharePin0 Shares Taxes Q&A: Understanding What Is And Is Not Taxable Source: Flickr * Is Social Security retirement income taxable? Social Security retirement benefits are taxable, although it depends on your total income and civil status. Federal law states that an individual must pay taxes if he/she has annual Social Security retirement income of more
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