TweetShareSharePin0 Shares In Rev. Proc. 2021-24, the IRS clarified how individuals who are not otherwise required to file 2020 federal income tax returns can claim advance child tax credit (CTC) payments as well as stimulus payments (i.e., third-round economic impact payments, 2020 recovery rebate credit payments, and additional 2020 recovery rebate credit payments). To process
TweetShareSharePin0 Shares In this brief post and following on Professor Bryan Camp’s discussion, I offer some initial observations on the Supreme Court’s CIC Services opinion. As Keith noted in his introduction to Bryan’s post, I am not disinterested in this issue-with the Harvard Clinic and on behalf of the Center for Taxpayer Rights I helped
TweetShareSharePin0 Shares A lawsuit against the IRS’s requirement that taxpayers using certain microcaptive insurance arrangements and their material advisers must report the arrangement to the IRS is not barred by the Anti-Injunction Act and therefore may proceed, the Supreme Court ruled Monday. In a unanimous decision, the Court in CIC Services, LLC, No. 19-930 (U.S.
TweetShareSharePin0 Shares Today, the Supreme Court handed down a unanimous opinion in CIC Services. The Court holds that the Anti-Injunction Act does not bar a suit challenging a IRS notice that requires a non-taxpayer to provide information even though the failure to provide the information could result in a penalty. Today, we bring an observation
TweetShareSharePin0 Shares News Practice & Procedures By Alistair M. Nevius, J.D. With taxpayers continuing to face challenges related to the COVID-19 pandemic and the IRS facing a backlog of 29 million tax returns that need manual processing, the AICPA on Monday urged the IRS to implement “fair, reasonable, and practical” penalty relief measures to
TweetShareSharePin0 Shares Today’s guest post is from Vanessa Williamson and Jackson Gode. Vanessa is a Senior Fellow in Governance Studies at Brookings, and a Senior Fellow at the Urban-Brookings Tax Policy Center. Jackson, also at Brookings, is Research Analyst with the Governance Studies program. The post discusses interesting research showing how conducting voter registration drives at VITA sites
This status is only for taxpayers whose expenses exceed their income.
TweetShareSharePin0 SharesThe Ultimate Tax Planning Strategy Source: Flickr The taxes that are withheld from paychecks amount to about 25% of your gross pay (including federal tax, state tax, social security tax and medicare tax). But these taxes that are withheld could be working for you as investments if you employ what I call the ultimate
TweetShareSharePin0 SharesIRS Issues Tax Credit Amount For Toyota Camry Hybrid Source: Flickr Prior to January 1, 2006, people purchasing hybrid vehicles were eligible to claim a significant tax deduction. Now they can claim a monstrously large tax credit. IRS Issues Tax Credit Amount For Toyota Camry Hybrid The government attempts to modify the behavior of
TweetShareSharePin0 SharesTax Preparation Software: The Good, the Bad and the Ugly The medium is the message, it’s sometimes said. Think of Franklin D Roosevelt and his “fireside chats” to the nation. In a pre-TV era, the radio was the perfect medium to “have a conversation with the American people”. He could get his reassuring message