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Russia, Big Oil Draw Tax Scrutiny

TweetShareSharePin0 Shares No more US tax benefits for Russian oligarchs? Senate Finance Committee Chair Ron Wyden proposed eliminating tax benefits for sanctioned Russians doing business in the United States. His measure would eliminate US tax credits and deductions for taxes paid to Russia and cancel lower withholding tax rates on dividends and interest for Russians

Congress to hear from IRS commissioner on filing season

TweetShareSharePin0 Shares IRS Commissioner Charles Rettig will report on the current tax filing season to the House Ways and Means Committee’s Oversight Subcommittee next week, the subcommittee’s chair, Bill Pascrell Jr., D-N.J., announced Thursday. The hearing on March 17, starting at 10 a.m. ET, will be webcast live, available at the Ways and Means Committee’s

Jeopardy Assessment Case Originating in the Tax Court

TweetShareSharePin0 Shares Jeopardy assessment cases can end up in the Tax Court.  I have written on the long running jeopardy case of former Pennsylvania Senator Fumo’s on numerous occasions that you can find here with links to other posts going back almost nine years to the beginning of this blog site.  That case, however, took

A Spending Deal And More Gas Tax Holidays

TweetShareSharePin0 Shares Senate passes the funding deal. The Senate passed the $1.5 trillion spending package, avoiding a government shutdown. Included in the bill: A 6 percent budget increase for the IRS. Taxpayer services would receive $225 million, up 9 percent from last year. Congress left a wide range of tax policy changes out of the

IRS direct-hiring 5,000 in service centers

TweetShareSharePin0 Shares The IRS announced Thursday it intends to use its recently granted direct-hiring authority for 10,000 employees, starting with 5,000 positions in three service centers for which it will hold “hiring events” this month. To do so, the Service will hold in-person and virtual “hiring events,” in which it will review applicants’ résumés and

New, lower Form 1099-K threshold prompts cautions, criticisms

TweetShareSharePin0 Shares The new-for-2022 law change that sharply reduced the reporting threshold at which third-party payment settlement entities must issue a Form 1099-K, Payment Card and Third Party Network Transactions, drew a cautionary tax tip from the Taxpayer Advocate Service (TAS) and urging from the National Taxpayers Union Foundation (NTUF) for Congress to revoke or

Florida Gas Tax Holiday Has Negligible Benefits

TweetShareSharePin0 Shares With gas prices soaring in March, Florida is preparing to give drivers a gas tax holiday—in October. A cynic might wonder why the gas tax holiday aligns so closely with election season (lawmakers cite other reasons), but in many respects, the timing is the least of the issues with Florida’s pending suspension of

Nebraska Tax Reform Framework Would Improve Competitiveness

TweetShareSharePin0 Shares The Nebraska Revenue Committee recently heard LB1264, a bill to modernize Nebraska’s tax structure by reducing income tax rates, repealing the inheritance tax, modernizing the sales tax base, and eliminating most incentives. These reforms, promoted by various Nebraska stakeholders through the Blueprint Nebraska initiative, would substantially improve tax structure and competitiveness. Once fully
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