IRS Archive

Biden’s First 100 Days: Taxes & Tax Policy

TweetShareSharePin0 Shares In his first 100 days as president, Joe Biden has proposed more than a dozen significant changes to the U.S. tax code that would raise upwards of $3 trillion in revenue and reduce incentives to invest, save, and work in the United States. While proposing ways to pay for new spending and for

Kansas Tax Reform Bill: Lawmakers Consider Veto Override

TweetShareSharePin0 Shares The Kansas legislature will reconvene next week for its 2021 veto session, when legislators will reconsider bills that were vetoed by the governor. One such bill that has a second chance of being enacted, Senate Bill 50, would enhance Kansas’ economic competitiveness by improving the state’s corporate, individual, and sales tax structure while

Avoiding Biden’s Proposed Capital Gains Tax Hikes Won’t Be So Easy. Or Will It?

TweetShareSharePin0 Shares President Biden’s American Families Plan would make two big changes in the tax treatment of investment income such as long-term capital gains and dividends. Some critics say the change will raise little revenue because sophisticated wealthy investors will find ways to avoid the new tax. But while many wealthy investors may dodge the

a 61% Tax on Wealth? Tax Foundation

TweetShareSharePin0 Shares As part of President Joe Biden’s American Families Plan (AFP), the White House yesterday proposed two major tax increases on accumulated wealth, adding to a 61 percent tax on the wealth of high-earning taxpayers. First, the American Families Plan would tax unrealized capital gains at death for unrealized capital gains worth over $1 million.

Eleventh Circuit Affirms Reckless Disregard FBAR Willful Penalty

TweetShareSharePin0 Shares Eleventh Circuit Appeals Affirms Lower Standard FBAR Willfulness Eleventh Circuit Appeals Affirms Lower Standard FBAR Willfulness Eleventh Circuit Appeals Affirms Lower Standard FBAR Willfulness: When it comes to willful FBAR penalties, the US government has recently been coming out with guns blazing. And, while the IRS & US government have had some stumbling

Tax Justice Network Portuguese podcast #24: Menos abuso fiscal = menos fome

TweetShareSharePin0 Shares Welcome to our monthly podcast in Portuguese, É da sua conta (it’s your business). All our podcasts are unique productions in five different languages – English, Spanish, Arabic, French, Portuguese. They’re all available here. Menos abuso fiscal = menos fome #24 Mais de 270 milhões de pessoas estão em alto risco ou já em situação de fome, segundo a Organização das

Offshore Virtual Currency Reporting: Is Crypto Disclosed?

TweetShareSharePin0 Shares Offshore Virtual Currency Reporting Offshore Virtual Currency Reporting Offshore Virtual Currency Reporting: Over the past few years, the IRS and FinCEN significantly increased enforcement of virtual currency including cryptocurrency. Especially with the recent surge in value of Bitcoin specifically, the Internal Revenue Service is concerned about tax and reporting-related matters involving crypto –

5 Reasons IRS Audited Your Taxes

TweetShareSharePin0 Shares Was Your Tax Return Flagged Was Your Tax Return Flagged? Was Your Tax Return Flagged: There’s nothing fun about receiving an audit notice from the Internal Revenue Service. Most of the time, it is not really that bad and can be resolved without much issue. The water starts to get a bit murkier

The AFP Looks A Bit Like Tax Reform

TweetShareSharePin0 Shares President Biden released details of his $1.8 trillion American Families Plan. First, the tax cuts: Biden’s American Families Plan would extend the American Rescue Plan’s expanded health insurance premium tax credits; extend the ARP’s more generous Child Tax Credits through 2025 and make the CTC permanently fully refundable; permanently increase tax credits for child
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