tax Archive
General Discharge Denial in Chapter 7 Based on Taxes
March 21, 2022
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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
March 21, 2022
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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
Making the IRS Answer to Taxpayer Inquiries…By Making the IRS Reasonably Inquire (Part Two)
March 18, 2022
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TweetShareSharePin0 Shares Lately I’ve been obsessing over how to remedy “bad answers” from the IRS). In my last post, I detailed how IRS counsel’s failure to “reasonably inquire” under Rule 33 before filing a “bad answer” may make them more susceptible to awards of litigation costs under IRC § 7430. Of course, litigation costs come
IRS will clear backlog by year’s end
March 17, 2022
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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
March 17, 2022
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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
March 17, 2022
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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
Making the IRS Answer to Taxpayer Inquiries…By Making the IRS Reasonably Inquire
March 17, 2022
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TweetShareSharePin0 Shares In my last post, I piqued your interest by mentioning ways to remedy “bad answers” from the IRS – the sorts of answers where IRS Counsel blandly denies every factual allegation for lack of sufficient information. Then, I proceeded to discuss instances where the IRS either doesn’t answer at all or doesn’t answer
Rate Hikes, Rate Reductions… | Tax Policy Center
March 17, 2022
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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
March 16, 2022
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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
Making the IRS Answer to Taxpayers…By Making the IRS Answer
March 16, 2022
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TweetShareSharePin0 Shares Teachers will sometimes say there is no such thing as a bad (or “stupid”) question. I’d say the jury is out on that one. Everyone, however, can agree that there is such a thing as a bad answer (see Keith’s recent post here). My next few posts will detail a particular kind of
