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Monthly Archive:: May 2021

The Evolving Role of Accountants

TweetShareSharePin0 SharesThe Evolving Role of Accountants With products like Turbo Tax improving, many wonder where this leaves accountants. Ironically, the evolving role of accountants is helping people save on their taxes. The Evolving Role of Accountants Given the fact that paying taxes isn’t the most popular of tasks, most people don’t give much thought to

Revisiting Supervisory Approval For Accuracy Penalties

TweetShareSharePin0 Shares Today’s post comes from University of Minnesota Law student, Patrick Riley Murray. Mr. Murray is not actually one of my students in my Federal Tax Procedure or the Federal Tax Clinic courses. However, Mr. Murray was referred to me by a student and previous Procedurally Taxing contributor Casey Epstein (see post here), as

Two Important Issues that Must Be Resolved

TweetShareSharePin0 Shares After years of debate, leaders of more than 130 countries are quickly moving to reach an agreement on some fundamental changes to cross-border tax rules, possibly by the summer. These changes would require some multinational companies to pay more taxes in countries where they make their sales and adopt a global minimum tax.

Progress On A Global Corporate Tax Rate?

TweetShareSharePin0 Shares Will there be a global deal on corporate taxation of multinationals later this year? The Financial Times reports that Group of Seven countries is closing in on an agreement. France, Germany and Italy think the US offer of a15 percent global minimum tax could set the stage for an international deal by July.

State Taxation of GILTI: Impact of Biden Tax Proposals

TweetShareSharePin0 Shares   Key Findings Twenty states and the District of Columbia tax some portion of Global Intangible Low-Taxed Income (GILTI), although only 16 of those states have issued guidance on the matter more than three years after the federal law went into effect. States that have not yet issued guidance on their treatment of

The IRS Levy And Legal Powers Of Garnishment Defined

TweetShareSharePin0 Shares The IRS Levy And Legal Powers Of Garnishment Defined Source: Flickr IRS garnishment refers to the notice issued by the IRS department to withhold all or some part of the money to the court or to the person who has won the lawsuit to claim the money. The IRS garnishment is limited by

Internal Revenue Service

TweetShareSharePin0 Shares  Internal Revenue Service Source: Flickr The Internal Revenue Service, often known simply as the IRS, has been in place since 1862. While it has done many great things for the country it also gets a bad rap. People don’t like paying in taxes and they certainly don’t like the idea that they

Sorting out tax exempts’ UBTI painlessly

TweetShareSharePin0 Shares Two digits are mostly better than six In comments to the IRS on the proposed regulations, the AICPA called for much broader two-digit codes to eliminate the complexity posed by using six, and opposed mandating the codes’ use. The new silo requirement originally “created a lot of confusion and left people guessing,” Heller
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