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Can Intentionally Filing an Improper Information Return Justify a Claim for Damages Under Section 7434?…Continued!

TweetShareSharePin0 Shares We welcome back guest blogger Omeed Firouzi, who works as a staff attorney at the Taxpayer Support Clinic at Philadelphia Legal Assistance, for a discussion of the latest case involving an information return with improper information.  The question of how far the statute goes in order to protect recipients continues to play out

IRS blames old tech in destruction of information returns

TweetShareSharePin0 Shares The IRS said Thursday that it destroyed approximately 30 million unprocessed information returns because its “antiquated technology” forced it to dispose of the paper documents and vowed to process all such information returns that it received in 2021 and 2022. The IRS statement was in response to an audit report by the Treasury

EU To Table A Digital Tax Proposal In October

TweetShareSharePin0 Shares by Ulrika Lomas, Tax-News.com, Brussels 15 September 2021 The European Commission has committed to tabling a proposal for a digital tax in October, whether or not an international agreement surfaces from OECD-led talks on new international tax rules for the world’s largest firms. The pledge was made after members of the European Parliament

US Lawmakers Approve New Cryptoassets Reporting Rules

TweetShareSharePin0 Shares by Mike Godfrey, Tax-News.com, Washington 25 August 2021 The US Senate has approved the inclusion of new provisions in the bipartisan infrastructure bill to require intermediaries involved in cryptocurrency trading to report details about transactions. Despite concerns raised by various lawmakers that the provisions fail to provide clarity about who the reporting

Hong Kong Discusses US Termination Of Shipping Tax Pact

TweetShareSharePin0 Shares by Mary Swire, Tax-News.com, Hong Kong 25 August 2021 The Hong Kong Government has said it is looking at potential measures to support the shipping industry following the decision by the US Government to terminate the two territories’ agreement that exempted shipping industry income from tax. US authorities announced in October 2020

Wyden Takes Aim At US Pass-Through Income Tax Break

TweetShareSharePin0 Shares by Mike Godfrey, Tax-News.com, Washington 06 August 2021 Senate Finance Committee Chair Ron Wyden (D-OR) has introduced legislation to overhaul the 20 percent deduction for pass-through income introduced into US tax law in 2017. The deduction – also called the Section 199A deduction – allows individuals to deduct up to 20 percent

Notice provides information on claiming the employee retention credit for third and fourth quarters of 2021

TweetShareSharePin0 Shares The IRS issued Notice 2021-49 Wednesday that includes guidance on the extension and modification of the employee retention credit (ERC) under Sec. 3134, added by the American Rescue Plan Act (ARPA), P.L. 117-2. The notice amplifies Notices 2021-20 and 2021-23 (see also “IRS Issues Employee Retention Credit Guidance” and “How to Claim the

US IRS Flags Deadline For Q2 Estimated Tax Payments

TweetShareSharePin0 Shares by Mike Godfrey, Tax-News.com, Washington 09 June 2021 The US Internal Revenue Service has issued a reminder to taxpayers who pay estimated taxes that they have until June 15 to pay their estimated tax payment for the second quarter of tax year 2021 without incurring a penalty. Estimated tax is the method
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