tax Archive

Sources of US Tax Revenue by Tax Type, 2022
February 14, 2022
No Comments
TweetShareSharePin0 Shares Policy and economic differences among OECD countries have created variances in how they raise tax revenue, with the United States deviating substantially from the OECD average on some sources of revenue. Different taxes create different economic impacts, so policymakers should always consider how tax revenue is raised and not just how much is

Crypto Tax Challenges Just Keep Growing
February 11, 2022
No Comments
TweetShareSharePin0 Shares IRS Commissioner Charles Rettig raised some eyebrows when he singled out the growing popularity of cryptocurrency as a big factor behind the sizeable tax gap—the difference between what the IRS collects versus what taxpayers legally owe. Last year, Congress took modest bipartisan action to address some crypto tax compliance issues in the Infrastructure
CFC in Dixon Holds Improperly-Signed Timely Forms 1040-X Cannot Be Informal Refund Claims
February 11, 2022
No Comments
TweetShareSharePin0 Shares We have reported before on a series of refund suits pending in cases brought by accountant John Castro on behalf of his clients. The most recent post is on the recent Fed. Cir. opinion in Brown (on which Keith blogged here). The Brown opinion actually came down before the opinion discussed in this
IRS Abandons More Tax Notices For This Year; States Continue Cutting Taxes
February 11, 2022
No Comments
TweetShareSharePin0 Shares IRS suspends more notices to taxpayers. The agency has stopped sending notices for automated collections, past balances due, and returns it says it did not receive. The agency made the decision as it continues to work through a backlog of several million 2020 and even 2019 individual and business returns. What’s in a
IRS identifies paused taxpayer notices
February 10, 2022
No Comments
TweetShareSharePin0 Shares The IRS announced Wednesday in a news release the letters and notices it will not send taxpayers as it works through its backlog of unprocessed prior-year returns. In a Jan. 27 announcement, the Service said it was suspending certain automated letters and notices without identifying them specifically, saying only that they included, for
Causing Less Work for Themselves and Others
February 10, 2022
No Comments
TweetShareSharePin0 Shares 0 Flares
Filament.io
Made with Flare More Info“>
0 Flares
×
Yesterday, the IRS announced that it was suspending a number of notices while it continues to work through its backlog of cases. Included in the suspended notices are the first three notices in the
Two Recent Circuit Level Decisions Appear to Dispute View That the Refund Claim Filing Requirement is Jurisdictional (Part 2)
February 10, 2022
No Comments
TweetShareSharePin0 Shares This is part two of a two-part post on jurisdiction issues arising from the filing of a claim for refund and the subsequent litigation. The prior post focused on the case of Morton v. United States and this post will focus on Brown v. United States. Carl Smith contributed to the commentary in

Massachusetts Gross Receipts Tax Proposal
February 9, 2022
No Comments
TweetShareSharePin0 Shares The economic harms of the gross receipts tax (GRT) were well understood by the early 20th century. Not only is the tax inequitable, but it is also inefficient and distortionary. That is why most states abandoned GRTs in the early 1900s, as states developed the capacity to administer less harmful taxes. Unfortunately, some

State Tax Cuts Can Be a Post-Pandemic Success Story—If They Fit the Moment
February 9, 2022
No Comments
TweetShareSharePin0 Shares A few weeks into their 2022 legislative sessions, the question in most state capitols across the country—from Connecticut to Utah—is not whether to cut taxes but how. The how is critical. As I explain in a new report, income tax rate cuts and refundable tax credits provide different benefits to different people. In

Remembering Don Lubick | Tax Policy Center
February 9, 2022
No Comments
TweetShareSharePin0 Shares Don Lubick, who passed away yesterday at age 95, was an extraordinary public servant who was among the last living links to the beginnings of modern tax policy. I do not believe anyone served longer in senior Treasury tax policy positions than Don. Remarkably, he began his government career in the Kennedy Administration