IRS Archive
IRS Backlog, Pandemic Tax Relief
January 13, 2022
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TweetShareSharePin0 Shares Taxpayers and the Internal Revenue Service (IRS) are set to face a bumpy 2022 tax filing season, which the IRS announced will begin January 24th and run through April 18th. Two major challenges await taxpayers: a second year of navigating pandemic-related tax relief on their returns and IRS backlogs that may delay processing
IRS Reporting Proposal Misses the Mark
October 20, 2021
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TweetShareSharePin0 Shares The Biden administration’s proposal to require financial institutions to report inflows and outflows of more than $600 from bank accounts has attracted significant attention. The Treasury Department believes it could generate $463 billion in revenue over 10 years by giving the IRS more insight into certain types of income that members of the
Tax Compliance Costs Among Things to Consider in Tax Gap Discussion
August 27, 2021
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TweetShareSharePin0 Shares Increasing tax compliance is a major part of the Biden administration proposal to raise revenue for physical and social infrastructure. Reducing the tax gap—the difference between taxes owed and taxes paid—is a good way to raise revenue, but it doesn’t come without trade-offs, and it’s important to go about it in the right
Truckers must pay heavy highway vehicle use tax by Aug. 31
August 19, 2021
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All taxpayers can file electronically for faster processing. The advantage of e-filing Form 2290 is the IRS provides a watermarked Form 2290 Schedule 1 to the taxpayer within minutes of receiving the e-filed return. Paper filers receive their Schedule 1 within 6 weeks after the IRS receives the return. Taxpayers who are reporting 25 or
Sources of Personal Income in the US, 2021
August 19, 2021
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TweetShareSharePin0 Shares Key Findings Taxpayers reported nearly $11.8 trillion of total income on their 2018 tax returns. About 67 percent ($7.9 trillion) of the total income reported on Form 1040 consisted of wages and salaries, and 82 percent of all tax filers reported earning wage income. Retirement accounts such as 401(k)s and pensions are important
State Tax Limitations Inhibit Public School Funding And Educational Equity
August 19, 2021
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TweetShareSharePin0 Shares As the first day of school approaches, remember that the quality of a child’s education is largely determined by where their public school is located. And in many cases, the roots of educational inequities lie within state and local tax policy. While school districts get revenues from multiple sources, state and local money
U.S. Global Minimum Tax Revenue Analysis
August 19, 2021
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TweetShareSharePin0 Shares The Biden administration has proposed significant changes to the tax rules that govern how much U.S. companies owe on their foreign profits while working to negotiate a global minimum tax. However, the global minimum tax and the Biden administration’s proposals are quite different. A recent Tax Foundation report dug into the details on
Houston First Mortgages
August 19, 2021
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TweetShareSharePin0 SharesHouston First Mortgages Planning for a new home, new property and other finances for the first time is not only a question of gathering money– it is a building a dream to create heaven for you and your loved ones. Though it is a hard fact that getting a mortgage loan is always a
The Tax Policy Charade
August 18, 2021
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TweetShareSharePin0 SharesThe Tax Policy Charade Tax policy discussions are meant to do what? Arrive at a rational policy, or garner votes. I think it is the latter. What is lost in all the debate over tax increases versus tax cuts, is science. Contrary to what most people may think, there is some scientific study of
Biden Tax Compliance & Tax Enforcement Plan to Improve Tax Collection
August 18, 2021
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TweetShareSharePin0 Shares Recent Biden administration proposals rely heavily on revenue from better Internal Revenue Service (IRS) tax collections to fund spending initiatives. The American Families Plan uses several avenues to reduce the tax gap (or the difference between taxes paid and taxes owed), from increasing the IRS’s tax enforcement budget to improving information technology and
