TweetShareSharePin0 Shares We have often discussed the reach of the 1985 Supreme Court case United States v. Boyle. Section 6651(a)(1) and (2) impose delinquency penalties for failing to file a tax return or pay a tax unless the taxpayer can establish that the failure was due to reasonable cause and not willful neglect. Boyle essentially stands for
TweetShareSharePin0 Shares Infrastructure talks between Biden and the GOP are done. On to Plan B. Ongoing talks between President Biden and a small group of Republican senators have ended with no agreement. The two sides never got closure on either the amount of spending or how to pay for it. Biden will now sit down
TweetShareSharePin0 Shares President Biden’s newly released budget and the Treasury Department’s “Green Book” of revenue proposals outlines a vision of more spending administered through the tax code. The proposals have revived the debate over the proper role of spending in the tax code, and relies on the Internal Revenue Service (IRS) to further expand beyond
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
TweetShareSharePin0 SharesWhat did thieves try to steal? Along with tax season comes the season of tax identification theft. Those who have become victims know how frustrating the experience can be. The frustration Until now, if you were a victim of tax identity theft, you would be unable to receive information from the IRS about the
TweetShareSharePin0 Shares The IRS announced a safe harbor for certain businesses that received first-round Paycheck Protection Program (PPP) loans but did not deduct any of the original eligible expenses because they relied on guidance issued before the enactment of the Consolidated Appropriations Act, 2021 (CAA), P.L. 116-260, in December 2020. In Notice 2020-32 and Rev.