tax Archive

AICPA again asks IRS to delay K-2/K-3 reporting

TweetShareSharePin0 Shares The AICPA and 52 state and area CPA societies submitted further comments and concerns to the IRS and Treasury on Friday urging a delay until next year of required reporting by partnerships and S corporations of items of international tax relevance on new Schedules K-2, Partners’ Distributive Share Items — International, and K-3,

The Taxpayer First Act’s Legacy: What Comes Next

TweetShareSharePin0 Shares For the last few years, I’ve asked my students whether they’ve heard of the “Tax Cuts and Jobs Act” before. Many raise their hand. Because I’m insufferable, my first order of business is to tell them that there is really no such thing as the “Tax Cuts and Jobs Act” (or TCJA). What

How Did We Get Here? 2-D Barcoding and the Paper Return Backlog – A Missed Opportunity

TweetShareSharePin0 Shares In her February 17, 2022 testimony before the Senate Finance Committee, the National Taxpayer Advocate reported that as of February 5, 2022, the IRS had 23.5 million returns and correspondence in its inventory requiring manual processing.  This number includes 17.6 million original and amended individual and business returns, down from the 35.5 million

Proposed regulations update RMDs for SECURE Act changes

TweetShareSharePin0 Shares The IRS and Treasury released proposed regulations Wednesday (REG-105954-20) that would update existing rules for required minimum distributions (RMDs) from qualified retirement plans and annuity contracts and related matters, largely to conform with a number of statutory changes. The most prominent and recent of these changes were made by the Setting Every Community

How Did We Get Here? A New Series …

TweetShareSharePin0 Shares These days, the news has been filled with stories about the disastrous state of the IRS this filing season and how this is attributable, in part if not in entirety, to underfunding of the IRS over the last decade.  Now, I agree the IRS needs more funding to accomplish its dual mission of

UN calls on Netherlands to account for tax policy impact on child rights

TweetShareSharePin0 Shares Progress can seem slow where the battle for rights and accountability is concerned. But, for some years now, tax justice advocates have been pushing to advance formal legal recognition that abusive tax practices harm citizens and entrench inequalities by holding governments to account before international human rights bodies. This week marks one of

IRS offers alternative to facial recognition

TweetShareSharePin0 Shares Taxpayers signing up for and using IRS online services are now able to authenticate their identities with a new alternative to uploading a “selfie” photo, and if they do use facial recognition or have done so in the past, their photos will be deleted, the IRS announced Monday. The option follows up on

Suspending the Gas Tax Is a Mistake

TweetShareSharePin0 Shares Rising inflation has become a dominant issue for policymakers in the past year, with the most recent report finding inflation has risen 7.5 percent over the past 12 months. Some lawmakers have proposed suspending the gas tax to reduce inflation. Rising gas prices are certainly one piece of the inflation puzzle—but suspending the

The Tax Gap’s Many Shades Of Gray

TweetShareSharePin0 Shares The “tax gap”—the difference between taxes owed to the government and taxes actually collected—often is equated with evasion. But the tax gap is more than the willful disregard of the law. Rather, it appears in many shades of gray. In a new report, we, together with University of Chicago law professor Daniel Hemel,
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