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State Debt, State Revenue, and State Tax Collections

TweetShareSharePin0 Shares How do taxes in your state compare regionally and nationally? Facts and Figures, a resource we’ve provided to U.S. taxpayers and legislators since 1941, serves as a one-stop state tax data resource that compares all 50 states on over 40 measures of tax rates, collections, burdens, and more. For visualizations and further analysis of 2022 state tax

Correction on Making Offers in Compromise Public

TweetShareSharePin0 Shares On February 21, 2022, I wrote a post because of the FOIA case involving EPIC v. IRS, 128 AFTR 2d 2021-6808 (DDC 2021).  My description of the EPIC case was accurate and my conclusion on how to get information about offers in compromise from the IRS was accurate – use FOIA; however, my

A Budget, and Shifting (Gas Tax) Holiday Plans

TweetShareSharePin0 Shares Biden’s FY 2023 budget includes new IRS funding. Besides President Biden’s proposed minimum tax for wealthy households, his revenue proposals largely rehash earlier ideas. However, the plan includes $20.5 billion in funding for Treasury’s domestic and international programs, including $14.1 billion for the IRS, an increase of about $800 billion or 18 percent

Biden proposes higher corporate tax rate, 20% billionaire minimum tax

TweetShareSharePin0 Shares President Joe Biden’s administration released its $6 trillion budget Monday for the federal government’s 2023 fiscal year, which begins October 2022. Also on Monday, Treasury released its general explanations of the budget’s revenue proposals, known as the Greenbook. Revenue provisions in the proposed budget prominently include what an administration fact sheet calls a

BBA partnership audits show high no-change rate, TIGTA says

TweetShareSharePin0 Shares IRS examinations of partnerships under the procedures of the Bipartisan Budget Act (BBA) of 2015, P.L. 114-74, more often ended with no additional tax liability proposed than for all partnership audits of returns for the same tax years, the Treasury Inspector General for Tax Administration (TIGTA) reported in an audit (Rep’t No. 2022-30-020).

EU Tax Trends: Analyzing Recent EU Reforms

TweetShareSharePin0 Shares In recent years, EU countries have undertaken a series of tax reforms designed to maintain tax revenue levels while supporting investment and economic growth. In general, tax reforms focused on reducing individual and corporate income tax rates while increasing environmental or wealth taxes. However, as summarized here, not all tax reforms were created

A Minimum Tax On The Super Wealthy?

TweetShareSharePin0 Shares President Biden’s budget includes a 20 percent minimum tax on the wealthy. Under his plan due to be released today, households with a net worth exceeding $100 million would face a 20 minimum tax on income, including unrealized capital gains. Individuals who already pay an effective income tax rate of 20 percent would

Various exempt organization notices paused

TweetShareSharePin0 Shares The IRS said Friday it is suspending its issuance of 10 notices generally sent to tax-exempt organizations about late return filings. The IRS listed the paused notices in its periodic Exempt Organization Update newsletter for charities and not-for-profit organizations. Like its suspension earlier of a broader range of notices and letters to other

IRS reproposes unified plan rule exception for multiple-employer plans

TweetShareSharePin0 Shares The IRS released proposed regulations Friday (REG-121508-18) providing an exception from the “unified plan rule” for multiple-employer plans when one or more participating employers in the plan fail to take required actions. The regulations also would update a number of other provisions to reflect changes since the IRS last issued final regulations for
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