tax Archive
Revised voluntary disclosure form highlights cryptoassets
February 15, 2022
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TweetShareSharePin0 Shares An expanded reporting section and detailed instructions for reporting virtual currency are among the changes in a revised version of Form 14457, Voluntary Disclosure Practice Preclearance Request and Application, the IRS released Tuesday. Taxpayers file the form to make a preclearance request for the IRS to determine their eligibility to use the voluntary
Villanova Graduate Tax Program Looking To Hire A Professor of Practice/Faculty Director
February 15, 2022
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At the end of this academic year, my longtime colleague at Villanova Professor Joy Mullane will be returning to the faculty after a successful stint as Faculty Director of Villanova’s Graduate Tax Program. Villanova
Two Circuits Sustain Tax Court’s Inability to Grant Requested Relief
February 15, 2022
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TweetShareSharePin0 Shares Within the span of a few days the 2nd Circuit and the 4th Circuit each sustained a decision of the Tax Court that it lacked jurisdiction to grant the taxpayer the requested relief. The cases arise out of different sources of the Court’s jurisdiction and deal with different requests yet provide a common

State Income Tax Rates and Brackets, 2022
February 15, 2022
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TweetShareSharePin0 Shares Key Findings Individual income taxes are a major source of state government revenue, accounting for 36 percent of state tax collections in fiscal year 2020, the latest year for which data are available. Forty-two states levy individual income taxes. Forty-one tax wage and salary income, while one state—New Hampshire—exclusively taxes dividend and interest
The Train Tracks
February 14, 2022
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TweetShareSharePin0 Shares My three-year old grandson Sam is enamored with trains and train tracks. He loves to lay out the tracks and run Thomas and Thomas’ friends along the tracks. Unfortunately for Sam, his 14-month old sister has now learned to walk. She wants to do whatever Sam is doing, which includes playing with the

Sources of US Tax Revenue by Tax Type, 2022
February 14, 2022
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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
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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
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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
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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
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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