Menu

tax Archive

Tax Court Announcement re Premature Assessments

TweetShareSharePin11 Shares The Tax Court has finally publicly acknowledged the problem it is having processing new petitions.  On Friday, July 23, 2021, it issued the following notice: The United States Tax Court has received a significantly higher number of petitions this year. The total number filed in a typical year is between 23,000 and 26,000.

Lobbyists Push and Pull on Proposed Tax Increases

TweetShareSharePin0 Shares Big Pharma: Don’t raise taxes on makers of COVID-19 vaccines. Pharmaceutical companies are telling Congress that the global minimum corporate tax could raise their taxes by hundreds of millions of dollars every year. They say the financial hit is unfair, given how fast they developed and produced vaccines against COVID-19. Will the message

Reducing the Tax Gap and Simplifying the Tax Code

TweetShareSharePin0 Shares Key Findings The tax gap is the gap between what taxpayers owe the U.S. government, and what the government actually collects from taxpayers. Tax compliance efforts ensure that tax law applies evenly to all taxpayers. At the same time, we would like to avoid placing undue compliance burdens on taxpayers. Reducing the tax

COBRA premium assistance credit clarified further

TweetShareSharePin0 Shares News EMPLOYEE BENEFITS & PENSIONS By Dave Strausfeld, J.D. In 11 questions and answers, the IRS on Monday gave additional guidance to employers, health insurers, and plan administrators on how to provide laid-off employees temporary assistance paying for COBRA continuation coverage and claim a corresponding tax credit (Notice 2021-46). In May, the

Tax revenues in Asia and the Pacific hit by pre-COVID economic slowdown

TweetShareSharePin0 Shares The Organisation for Economic Co-operation and Development (OECD) recently published a report on tax revenue statistics in selected Asian and Pacific countries. The report, covering 24 tax jurisdictions, provides tax revenue data from 1990 to 2019 and includes a section on nontax revenue data for selected Asian and Pacific economies. Additionally, a special feature co-authored

DC Income Tax Hike Helps Maryland and Virginia, Not DC

TweetShareSharePin0 Shares The District of Columbia weathered the pandemic with stable tax collections, down less than 1 percent in FY 2020 while recovering above pre-pandemic levels in FY 2021. Yet, even as lawmakers in eleven states have cut income taxes this year, the D.C. Council has responded to surpluses and growth by voting to include

Unsigned and Electronically Signed Refund Claims

TweetShareSharePin0 Shares Last year I blogged on the case of Gregory v. United States, 149 Fed. Cl. 719 (2020), in which the Court of Federal Claims denied a refund claim because the taxpayers did not sign the amended return.  It turns out the Gregory case is part of a larger group of cases involving the

Tax Complexity for Multinationals is Growing: Survey

TweetShareSharePin0 Shares Initial data from a global survey on tax complexity shows that the overall level of tax complexity for multinational businesses has substantially increased between 2018 and 2020—much like it did between 2016 and 2018. These are the initial results from the third edition of the Tax Complexity Index—a project carried out jointly by

North Carolina Income Tax Reform & Proposals

TweetShareSharePin0 Shares Eleven states have enacted laws this year to reduce income tax rates, in most cases paired with other structurally sound tax reforms. If North Carolina state senators get their way, their state will be the twelfth—and perhaps the most significant to date. On June 10, 2021, the North Carolina Senate passed House Bill
You cannot copy content of this page
Social Media Auto Publish Powered By : XYZScripts.com