tax Archive

VAT Gap – Value-Added Tax Expansion and Labor Tax Cuts
January 10, 2023
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TweetShareSharePin0 Shares Key Findings The value-added tax (VAT) is a major source of revenue for EU countries and is one of the EU’s own resources. For Member States, it represents on average 17.8 percent of their total tax revenue. For the EU, VAT revenue represented roughly 7.5 percent of its total revenue in 2021. While
The Low-Income Taxpayer and Form 1099-K
January 10, 2023
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TweetShareSharePin0 Shares Today we welcome first-time guest blogger Nicole Appleberry. Professor Appleberry directs the Tax Clinic at the University of Michigan Law School, and she is also of Counsel with Ferguson, Widmayer & Clark PC. In this post she explains how the Forms 1099-K reporting requirements impact low-income taxpayers, and she brings us up to

Unemployment compensation exclusion corrections led to 12 million refunds
January 9, 2023
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TweetShareSharePin0 Shares The IRS said Friday in a news release that it has completed the final corrections for taxpayers who had overpaid their taxes due to the inclusion of an unemployment compensation exclusion in the American Rescue Plan Act of 2021 (ARPA), P.L. 117-2, after the taxpayers had filed their tax returns. ARPA, which was
Math Error and Limited Taxpayer Remedies
January 9, 2023
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TweetShareSharePin0 Shares Last year I gave two talks about math errors, one for an ABA Tax Section meeting and the other for the annual conference the IRS sponsors for tax clinics. I also worked on a refresh of the math error subchapter in Saltzman and Book, IRS Practice & Procedure. In doing this work last
IRS Requests Comments on Forms 3520 and 3520-A
January 6, 2023
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We welcome back guest blogger Daniel N. Price. Dan worked in the Office of Chief Counsel of the Internal Revenue Service for almost two decades and is now starting in the private sector in

14,000 taxpayers improperly subject to private collection agencies
January 5, 2023
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TweetShareSharePin0 Shares The Treasury Inspector General for Tax Administration (TIGTA) called on the IRS to withdraw over 14,000 low-income taxpayers from being subject to private collection agencies (PCAs), a recommendation the IRS disputed. “If the IRS does not recall the 14,141 low-income taxpayers from PCA inventory, it is potentially burdening these taxpayers by PCA attempts
Polselli Summons Case Heads To Supreme Court
January 5, 2023
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TweetShareSharePin0 Shares Last January in Circuit Split on Notice Rules For Summonses to Aid Collection I discussed how the Sixth Circuit case Polselli v United States resulted in a split in the circuits on a fundamental issue in IRS summons practice: does the IRS have to give notice when it issues a summons in the aid of

Which Tax Filers Do Lawmakers Want To Help?
January 5, 2023
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TweetShareSharePin0 Shares Tune in at Noon today for TPC’s Prescription with Jacob Bastian on the Child Tax Credit. The Rutgers economist’s research concludes that the child tax credit can significantly reduce poverty without reducing incentives to work. Not all agree with his conclusions. He’ll discuss them today at Noon. Register and tune in here. Why

Call For Portland Tax Abatement to Turn Abandoned Offices Into Housing
January 5, 2023
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TweetShareSharePin0 Shares Some Portland residents have begun calling for the city to implement a tax abatement for real estate developers interested in converting abandoned offices into housing. Credit: Didier Marti/Getty Images The landscape of the American workforce has changed dramatically since the start of the COVID-19 pandemic in early 2020. An increasing number of companies

Key tax and retirement provisions in the Secure 2.0 Act
January 4, 2023
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TweetShareSharePin0 Shares The Consolidated Appropriations Act, 2023, P.L. 117-328, enacted on Dec. 29 included (as its Division T) the Secure 2.0 Act, which contains several retirement and tax provisions. The Secure 2.0 provisions mostly focus on expanding coverage, increasing retirement savings, and simplifying and clarifying retirement plan rules, but there are other changes included as