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Monthly Archive:: June 2021

Mind the Growing Tax Gap

TweetShareSharePin0 Shares Treasury: Tax gap could grow to $7 trillion over ten years. Treasury estimates that the difference between how much Americans owe in taxes and how much they pay will grow to $7 trillion over the next decade. Deputy Assistant Secretary Mark Mazur says a  growing gap results in higher tax rates, and urged

Mobile Home Tax Deductions

TweetShareSharePin0 SharesMobile Home Tax Deductions People who choose the cost-efficient mobile home lifestyle can save even more money with specialized tax breaks. Owners of mobile homes who pay taxes to local government for parking in their cities or states are eligible for a tax deduction. Under IRS rules, a “home” can be a house, condominium,

Regs. on postponing tax deadlines due to federally declared disasters

TweetShareSharePin0 Shares In new final regulations (T.D. 9950), Treasury and the IRS have attempted to resolve ambiguities about when a federally declared disaster will lead to a mandatory 60-day postponement of certain time-sensitive tax-related deadlines. The final regulations adopt, with some changes, proposed regulations issued in January (REG-115057-20). The mandatory postponement provision, Sec. 7508A(d), was

What Is The Fair Tax And Why Should You Care?

TweetShareSharePin0 SharesWhat Is The Fair Tax And Why Should You Care? The U.S. Federal Income Tax Code is a tax on the income of American companies and citizens enacted by the government. The U.S. Constitution gives Congress the power to impose taxes, duties, imposts, and excises. The purpose of the Tax Code is to provide

Who Bears the Burden of Corporate Taxes? Reviewing the Evidence

TweetShareSharePin0 Shares The Biden administration has pledged to not raise taxes on anyone earning less than $400,000 a year. However, the administration’s corporate tax proposals would likely violate that pledge, given that corporations are comprised of people who also might earn less than $400,000. The economic evidence suggests that in the long run, workers and

Taxes & Infrastructure Funding for Highways

TweetShareSharePin0 Shares As spending priorities are dividing lawmakers trying to negotiate among the various federal infrastructure plans, less time is being spent on the funding of one of the key components—our highways, both current and future taxes and fees. One of the current taxes, a federal excise tax on heavy commercial vehicles and trailers, is

Technology and Taxpayer Rights

TweetShareSharePin0 Shares This post includes information about the IRS’s plans to use AI to assist taxpayers. For more insight on the legal risks tax administrations face from using AI-enabled systems, including risks to taxpayer rights, there is a Zoom lecture hosted by Antwerp and VIA Universities, HMRC, the Prosperity Collaborative, and the Center for Taxpayer
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