tax Archive
‘Limited group’ getting erroneous Letters 6419
January 28, 2022
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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
January 28, 2022
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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
Where Have Tax Court Deficiency Cases Come from in the Past Decade?
January 28, 2022
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TweetShareSharePin0 Shares There could be multiple reasons for that, not all of which have anything to do with the effectiveness of Appeals. Low income taxpayers may be less likely to settle cases because they don’t know how to use the system to its fullest and also don’t know whether something is a good settlement or

The Profound Philosophical Disagreement Over The Refundable Child Tax Credit
January 28, 2022
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TweetShareSharePin0 Shares Often, tax policy debates can be settled by splitting the difference. You like a tax rate of 28 percent. I prefer 20 percent. Let’s settle on 24 percent and call it a day. But a key disagreement over the future of the Child Tax Credit (CTC) is about far more than a number.

Tax Justice Network Portuguese podcast: Herois invisíveis, o desafio global #33
January 27, 2022
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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
January 27, 2022
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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
IRS Announces Stoppage of Notice to Paper Filers Who Remitted Payment and Tax Court Announces Continued Zooming
January 27, 2022
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We blogged on January 6 about the IRS practice of sending notices to individuals seeking to get them to file their 2020 return when the IRS had literally taken their check out of the
New Rules in Effect for Refund Claims For Section 41 Research Credits Raise A Number of Procedural Issues
January 27, 2022
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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
January 26, 2022
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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
January 26, 2022
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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