tax Archive

General Discharge Denial in Chapter 7 Based on Taxes

TweetShareSharePin0 Shares I have written before on many occasions about taxpayers who sought a discharge of their tax debts through chapter 7 bankruptcy.  For individuals filing chapter 7, the basic discharge provisions exist in BC 727, but I have always previously discussed the exceptions to discharge in BC 523(a)(1) and (7).  In the case of

Biden’s Budget On The Way, State Gas Tax Holidays Begin

TweetShareSharePin0 Shares Stay tuned… The White House plans to release President Biden’s fiscal year 2023 budget next Monday, March 28. TaxNotes reports (paywall) that the budget likely will propose another double-digit percentage increase for the IRS. Gas taxes go on holiday in two states. Maryland and Georgia have temporarily suspended their gas taxes. Maryland Gov. Larry Hogan

IRS will clear backlog by year’s end

TweetShareSharePin0 Shares IRS Commissioner Charles Rettig told House members in a hearing Thursday that the Service will process its backlog of unprocessed work — some of it dating back to 2020 — by the end of 2022. Rettig appeared before the House Ways and Means Committee’s Subcommittee on Oversight to report on the current filing

IRS beset by processing backlogs, hiring lags in 2021

TweetShareSharePin0 Shares Millions of tax returns from the 2020 filing season still awaited processing by late that year, hampering the IRS’s ability to provide timely service in 2021 and likely contributing to ongoing backlogs in the current filing season, the Treasury Inspector General for Tax Administration (TIGTA) said in an audit report. The report, Results

Made in America? US Manufacturing Tax & Industrial Policy

TweetShareSharePin0 Shares Key Findings Policymakers on both the left and right have brought industrial policy back into focus after slow growth over the past few decades and growing concern over the state of America’s manufacturing sector. In the context of the tax code, industrial policy usually comes in the form of non-neutral subsidies for specific

Rate Hikes, Rate Reductions… | Tax Policy Center

TweetShareSharePin0 Shares Fed raises rates. More coming. The Federal Open Market Committee (FOMC) announced a quarter-point rate increase and signaled six more through 2022. The Fed projects higher inflation and lower growth than it estimated in December.  Has anybody seen a fiscal 2023 budget? House Majority Leader Steny Hoyer says he hopes the White House

Auto depreciation limits leap with inflation

TweetShareSharePin0 Shares The IRS issued sharply higher new depreciation limitations Wednesday for passenger automobiles, reflecting inflation of vehicle prices in the past year. These limits are updated annually for inflation according to the automobile component of the chained consumer price index for urban consumers. Rev. Proc. 2022-17 contains the Sec. 280F(a) inflation-adjusted dollar limitations on
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