tax Archive

TweetShareSharePin0 Shares Last week I wrote about a recent Tax Court order regarding restitution.  In that case, the taxpayer fully paid the tax included in the restitution order.  At issue in the case were penalties the IRS proposed against the taxpayers.  I pointed out at the conclusion of that post the significant benefit to the

TweetShareSharePin0 Shares The recent case of Ervin v. Commissioner, T.C. Memo 2021-75 affirms the ability of the IRS to impose penalties after it makes a restitution assessment.  This case does not create precedent or cover new ground but does provide a reminder of how the restitution based assessments work.  We have previously written about restitution

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. A principal política econômica hoje é a política de vacinas. E é possível vacinar 80% da população mundial num espaço curto de

TweetShareSharePin0 Shares A key theme of our Options for Reforming America’s Tax Code 2.0 is that tax policy is a matter of trade-offs. For example, expanding the generosity of tax credits for lower-income individuals can help make the tax code more progressive, but it also reduces federal revenue. Pairing a credit expansion with a tax

TweetShareSharePin0 Shares Loss carryover provisions allow businesses to either deduct current year losses against future profits (carryforwards) or current year losses against past profits (carrybacks). Many companies have investment projects with different risk profiles and operate in industries that fluctuate greatly with the business cycle. Carryover provisions help businesses “smooth” their risk and income, making

TweetShareSharePin0 Shares South Korea Cracks Down on Cryptocurrency Tax Evasion & Dodgers South Korea Cracks Down on Cryptocurrency Tax Evasion South Korea Cracks Down on Cryptocurrency Tax Dodgers: Not all countries have welcomed cryptocurrency with open arms – including Korea. Many countries are worried about tax fraud and evasion. In the US, there have several

TweetShareSharePin0 Shares Whether you’re a self-appointed connoisseur or an occasional sipper of chardonnay, you may not have thought about the taxes that go into your wine purchase. But now you can quench your newfound thirst for excise tax info with this week’s map, which compares wine taxes among the 50 states, expressed in dollars per gallon. States