tax Archive

Ranking Property Taxes by State | Property Tax Ranking

TweetShareSharePin0 Shares Today’s map shows states’ rankings on the property tax component of our 2022 State Business Tax Climate Index. The Index’s property tax component evaluates state and local taxes on real and personal property, net worth, and asset transfers. The property tax component accounts for 14.4 percent of each state’s overall Index score. Property taxes matter to businesses for several reasons. First, businesses

What to Do After Receiving a Notice of Claim Disallowance

TweetShareSharePin0 Shares The National Taxpayer Advocate wrote a blog post last month highlighting a potential trap for the unwary who receive a notice of claim disallowance and think that they have worked out or are working out a resolution.  In oversized bolded letters, she stated: The NTA made this statement because IRC 6214(a)(2) “prohibits the

IRS should work to expand e-filing

TweetShareSharePin0 Shares Ongoing processing backlogs of paper-filed returns point to the IRS’s need for a systemwide strategy to increase electronic return filing, the Treasury Inspector General for Tax Administration (TIGTA) said in an audit report. While e-filing of individual returns has swelled to 93.4%, leaving 10.6 million filed on paper in calendar 2020, e-filed business

Rethinking the Incidence of the Corporate Income Tax

TweetShareSharePin0 Shares Debates about corporate income tax cuts follow a familiar script. Republicans claim that rank-and-file workers benefit. Democrats argue that affluent shareholders reap the gains. In a new project, we find that workers do benefit, but it is the most affluent employees – managers and executives – who receive the lion’s share of benefits, not rank-and-file staff. Let’s back up, though.

Wyoming Business Tax Competitiveness | Tax Foundation

TweetShareSharePin0 Shares Wyoming is, without question, a low tax state, with the nation’s second-lowest overall tax burdens on residents[1] and highly competitive taxes for many businesses. Residents benefit from the high exportability of state taxes, particularly those on extractive industries. Taxes on oil, gas, coal, and other industries are borne by investors and consumers across

Automated Filing, Tax Relief, And Sanctions

TweetShareSharePin0 Shares Study: IRS could prepare up to 48 percent of all tax returns. A new National Bureau of Economic Research paper finds the IRS could accurately pre-populate between 41 to 48 percent of individual income tax returns, between 62 and 73 million returns, using current-year information returns and the prior-year 1040. Researchers from Treasury,

Staffing shortages, backlog hampered IRS in 2022 filing season, TIGTA says

TweetShareSharePin0 Shares Continued personnel shortages and a growing backlog of some returns significantly impeded the IRS’s performance during the 2022 income tax filing season that ended last month, the Treasury Inspector General for Tax Administration (TIGTA) reported in a preliminary audit. The report, Interim Results of the 2022 Filing Season (Rep’t No. 2022-40-035), dated May
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