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TPC Answers Two Questions About Its Analysis of the House Ways & Means Committee’s Tax Bill

TweetShareSharePin0 Shares After the Tax Policy Center published its new analysis of the House Ways & Means Committee’s budget reconciliation tax plan, commentators asked two questions: Why did TPC suddenly create two sets of distributional tables: One that includes all major provisions of the bill and another that includes the individual income tax, the payroll

Objecting to Chapter 11 Plan/Objecting to Judge’s Questions

TweetShareSharePin0 Shares Quintela Group, LLC v. United States, No. 4:20-cv-03499 (S.D. Tex. 2021) provides insight both into the objection by the IRS to confirmation of a plan of reorganization and the objection by IRS counsel, presumably an assistant U.S. Attorney, to questions posed during the confirmation hearing.  Both objections provide the opportunity for discussion.  We

October Surprise, Sort Of | Tax Policy Center

TweetShareSharePin0 Shares We’ll likely hit the debt ceiling on October 18. Treasury Secretary Janet Yellen told Congress yesterday that “It’s uncertain whether we could continue to meet all the nation’s commitments after” October 18. Senate Majority Leader Chuck Schumer attempted to set up a simple-majority bill to suspend the debt ceiling, but Senate Minority Leader

Can IRS Levy Reach Future Rent Payments?

TweetShareSharePin0 Shares A relatively brief CCA issued this month discusses the IRS’s ability to levy on the right to receive rent payments beyond the date of the levy. The CCA explores the rationale as to why a single levy may have continuous legal effect that will extent to the right to receive future payments, a

House Democrats Tax on Corporate Income: Third-Highest in OECD

TweetShareSharePin0 Shares Under the House Ways and Means tax plan, the United States would tax corporate income at the third-highest integrated tax rate among rich nations, averaging 56.6 percent. The integrated tax rate reflects the two layers of tax that apply to income earned through corporations: the entity-level corporate income tax and the shareholder-level capital

Federal Judge Rules Against American Rescue Plan Tax Cuts Mandate

TweetShareSharePin0 Shares Kentucky and Tennessee won an important legal victory Friday when a federal court ruled that the American Rescue Plan Act (ARPA)’s restrictions on state fiscal autonomy were unconstitutional and enjoined (blocked) the enforcement of those provisions against both states. Specifically, Judge Gregory Van Tatenhove held that the ARPA provision, which limited states’ authority

Which Global Minimum Tax Will We Get?

TweetShareSharePin0 Shares Over the course of the last year, it has become clear that Democratic lawmakers want to change U.S. international tax rules. However, as proposals have surfaced in recent weeks, there are clear divides among various proposals. While President Biden has led a renewed effort on global negotiations over minimum taxation, his own proposals

District Court Reverses Outlying Bankruptcy Court Decision Regarding Discharge of Taxes Following SFR Assessment

TweetShareSharePin0 Shares The case of IRS, et al v. Starling, No. 7:20-cv-07478 (S.D.N.Y. 2021) reverses the bankruptcy case discussed here.  The bankruptcy court followed the authority created in the 8th Circuit almost two decades ago.  The 8th Circuit’s position is distinctly in the minority regarding how to treat a taxpayer who fails to timely file

Another Streamlined Filing Case Turns to Criminal Tax Evasion

TweetShareSharePin0 Shares Another Streamlined Filing Compliance Case Turns Criminal Another Streamlined Filing Compliance Case Turns Criminal Another Streamlined Filing Compliance Case Turns Criminal: At Golding & Golding, our Board-Certified Tax Law Specialist team specializes exclusively in offshore tax and account disclosures. We have represented thousands of Taxpayers across the globe with Streamlined Filing and other
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