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Premature Assessment Announcement from Tax Court

TweetShareSharePin0 SharesOn August 16, 2021, the Tax Court issued the following press release regarding premature assessments: UNITED STATES TAX COURT Washington, D.C. 20217 August 16, 2021 PRESS RELEASE On July 23, 2021, the United States Tax Court issued a press release regarding the significantly increased number of petitions received this year. To date, the Court

U.S. Global Minimum Tax Revenue Analysis

TweetShareSharePin0 Shares The Biden administration has proposed significant changes to the tax rules that govern how much U.S. companies owe on their foreign profits while working to negotiate a global minimum tax. However, the global minimum tax and the Biden administration’s proposals are quite different. A recent Tax Foundation report dug into the details on

Biden Tax Compliance & Tax Enforcement Plan to Improve Tax Collection

TweetShareSharePin0 Shares Recent Biden administration proposals rely heavily on revenue from better Internal Revenue Service (IRS) tax collections to fund spending initiatives. The American Families Plan uses several avenues to reduce the tax gap (or the difference between taxes paid and taxes owed), from increasing the IRS’s tax enforcement budget to improving information technology and

Does Your State Have an Individual Alternative Minimum Tax (AMT)?

TweetShareSharePin0 Shares This week’s map shows the five states that have an Alternative Minimum Tax (AMT) in their individual income tax codes: California, Colorado, Connecticut, Iowa, and Minnesota. Under an individual alternative minimum tax, many taxpayers are required to calculate their income tax liability under two systems and pay the higher amount. The federal AMT was created in 1963,

Cities with Highest Sales Tax | Sales Tax Rates by City

TweetShareSharePin0 Shares Key Findings There are over 11,000 sales tax jurisdictions in the United States, with widely varying rates. Among major cities, Tacoma, Washington imposes the highest combined state and local sales tax rate, at 10.30 percent. Five other cities—Fremont, Los Angeles, and Oakland, California; Chicago, Illinois; and Seattle, Washington—are tied for the second highest

Updates for ITIN Holders

TweetShareSharePin0 Shares Two issues have come up recently for ITIN holders that I’d like to flag. Thanks to Sarah Lora of the Lewis & Clark Low Income Taxpayer Clinic for prompting this post and providing much of the content. 1. Earlier this spring, NTA Erin Collins wrote a blog post highlighting the delays caused by

The COVID-19 Pandemic Drove A Huge, But Temporary, Increase in Households That Did Not Pay Federal Income Tax

TweetShareSharePin0 Shares The COVID-19 pandemic and the policy response to it led to an extraordinary increase in the number of American households that owed no federal individual income tax in 2020. The Tax Policy Center estimates that last year more than 107 million households, or nearly 61 percent, owed no income tax or even received

Another Twist on Death and Taxes

TweetShareSharePin0 Shares In Catlett v. Commissioner, T.C. Memo 2021-102 the Tax Court dismisses a case for lack of prosecution over seven years after the petitioner filed the case.  He participated actively in the case – at least he was active in seeking continuances and some discovery – until he died.  When he died, the Court
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