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Acute IRS challenges had chronic origins, GAO reports

TweetShareSharePin0 Shares The 2021 tax filing season featured IRS administrative challenges that were unprecedented in scope but long-standing in their causes, the U.S. Government Accountability Office (GAO) said in a report released Monday. And while the issues uncovered in the GAO’s study mostly stemmed from the COVID-19 pandemic’s continuing effects, they are likely to persist

Georgia Income Tax Cut & Reform: Details & Analysis

TweetShareSharePin0 Shares After several rounds of negotiations, Georgia lawmakers enacted HB 1437 on April 4th. If certain financial conditions are met, this tax reform bill will consolidate the state’s six individual income tax brackets into one flat rate, ultimately reaching 4.99 percent over a number of years. The bill is awaiting action by the governor.

Principal Residences as Collection Target: TIGTA Criticizes IRS Practice

TweetShareSharePin0 Shares In  The IRS Primarily Uses Lien Foreclosures When Pursuing Principal Residences, Which Do Not Provide the Same Legal Protections as the Seizure Process TIGTA released a report detailing how IRS uses judicial lien foreclosure suits rather than administrative collection tools when it targets a taxpayer’s principal residence to satisfy an assessed liability. The

2022 Kentucky Income Tax Reform: Details & Analysis

TweetShareSharePin0 Shares After weeks of closed-door deliberations between legislative leaders in Kentucky’s House and Senate, lawmakers on March 29 unveiled and quickly adopted a committee substitute to House Bill 8, which passed both chambers with a veto-proof supermajority that same day. The amended legislation uses tax triggers to reduce Kentucky’s individual income tax rate, with

Financial Consequences For Russia, Understanding US Energy Tax Policy

TweetShareSharePin0 Shares Congress strips special trade status from Russia. The House and Senate overwhelmingly approved legislation to strip Russia of its most-favored-nation trade status and a ban on Russian oil imports. The moves come in response to Russia’s invasion of Ukraine. President Biden is expected to sign both bills.   Does the US want to subsidize fossil fuels or

IRS commissioner to senators: ‘Our efforts are working’

TweetShareSharePin0 Shares IRS Commissioner Charles Rettig updated members of the Senate Finance Committee Thursday on the Service’s performance in the soon-to-be-concluded tax filing season, as well as longer-term assessments of its efforts to modernize its operations, fill staffing gaps, and improve taxpayer service and enforcement. Asked repeatedly by senators about the IRS’s much-publicized backlog of
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