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Business Tax Refunds Must Be Provided Quickly During Future Downturns

TweetShareSharePin0 Shares During the pandemic, policymakers relied on the Internal Revenue Service (IRS) to administer business relief through the tax code. The emergency relief, including business tax refunds for net operating losses (NOLs), was intended to quickly help businesses that lost their source of income during the pandemic. A new report from the Government Accountability

‘Quick’ carryback tax refunds took nearly double the 90-day deadline

TweetShareSharePin0 Shares Over a period of 15 months, the IRS consistently missed its 90-day deadline to process taxpayers’ applications for carryback adjustment refunds under COVID-19 relief legislation, the U.S. Government Accountability Office (GAO) said in a report. Despite a statutory requirement to pay such refunds within 90 days, the average time reached 165 days, the

Rates, Research, Refunds, and Revenues

TweetShareSharePin0 Shares Treasury Secretary Janet Yellen: Higher interest rates would be “a plus.” Yellen tells Bloomberg News that President Biden should push his $4 trillion in new spending, even if it  triggers inflation and higher interest rates that persist into next year. “If we ended up with a slightly higher interest rate environment it would

Norms, Returns, and Refunds | Tax Policy Center

TweetShareSharePin0 Shares Treasury Secretary Yellen on corporate tax increase: A return to historical norms. In an address to the US Chamber of Commerce Global Forum on Economic Recovery, Yellen said  revenues from a corporate tax increase would reduce inequality and rebuild the country’s infrastructure. “With corporate taxes at a historical low of 1 percent of

Reasons, Refunds, Rebates and Rights

TweetShareSharePin0 Shares Minding the gap… The Senate Finance Committee’s top Republican, Mike Crapo, asked IRS Commissioner Chuck Rettig to explain his estimate of a $1 trillion tax gap. Crapo wants to know  how much is attributable to asset and price growth between 2011 and 2013, cryptocurrency holdings, and unreported income from foreign sources and pass-through
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