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‘Limited group’ getting erroneous Letters 6419

TweetShareSharePin0 Shares The IRS tamped down suggestions there may be widespread inaccuracies in Letters 6419, which report to taxpayers the total amount of advance child tax credit payments they received during 2021. Nevertheless, the Service said in a fact sheet issued Friday (FS-2022-5) that if Letter 6419 reports a different total than expected, taxpayers should

US Global Minimum Tax Build Back Better Considerations

TweetShareSharePin0 Shares The Build Back Better legislative package includes both tax hikes and tax cuts, which contain two contrasting tax policy narratives. Tax hikes include corporate tax increases on foreign income and a new 15 percent domestic minimum tax, and green energy tax incentives provide a tax cut. Policymakers also sought to protect some pre-existing tax

Tax Justice Network Portuguese podcast: Herois invisíveis, o desafio global #33

TweetShareSharePin0 Shares Welcome to our monthly podcast in Portuguese, É da sua conta (it’s your business) produced by Grazielle David, Daniela Stefano and Luciano Máximo. All our podcasts are unique productions in five different languages – English, Spanish, Arabic, French, Portuguese. They’re all available here. Here’s the latest episode: Abusos fiscais ocorrem em todos os países, sejam eles de alta ou baixa renda. Mas as desigualdades em

AICPA notes IRS announcement on notices, asks Service to do more

TweetShareSharePin0 Shares The AICPA said Thursday it appreciates the IRS’s announcement it will halt some notices to taxpayers but said the IRS can do more to reduce erroneous automated notices and unnecessary taxpayer contact. In addition, the Tax Professionals United for Taxpayer Relief Coalition, which includes the AICPA, said Thursday it appreciates the IRS’s announcement

New Rules in Effect for Refund Claims For Section 41 Research Credits Raise A Number of Procedural Issues

TweetShareSharePin0 Shares A few months ago the IRS released an internal field advice memorandum (FAA 20214101F) that outlined the information that must be included in a valid Section 41 refund claim. The Field Advice added specific rules for these claims, including extensive documentation requirements that practitioners have noted will lead to significant costs. Failing to

2022, Hopes and Fears: the Tax Justice Network podcast

TweetShareSharePin0 Shares In this special edition and first Taxcast of 2022, host Naomi Fowler talks with tax justice and anti-corruption campaigners and experts in Europe, Africa, the US and Latin America. What are our hopes and fears for 2022? And what should we be looking out for? Featuring: The transcript of the show is available here (some

How nonfilers can claim 2021 tax credits

TweetShareSharePin0 Shares In Rev. Proc. 2022-12, the IRS has prescribed procedures for individuals who are not otherwise required to file a federal income tax return for 2021 to do so to claim, if eligible, the child tax credit (CTC), the recovery rebate credit (RRC), and/or the earned income tax credit (EITC). Most taxpayers are not
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