tax Archive

Practitioners wary of IRS service lapses as tax season begins

TweetShareSharePin0 Shares CPA tax professionals greeted the launch of tax season with skepticism that the IRS will be able to contend with its continuing logistical challenges, with taxpayers and their preparers likely to experience more frustration and delays. In announcing Monday that it would begin to accept and process 2021 tax returns on Jan. 24,

Understanding How the United States Fails to Tax So Much Business Income

TweetShareSharePin0 Shares Over the past three decades, the United States has gone from taxing roughly half of closely held business (that is, firms other than corporations) and investment income to taxing less than a third, our new analysis has found.    Rather than using published IRS Statistics of Income (SOI) reports on aggregate incomes shown

Two More Weeks Until Tax Season

TweetShareSharePin0 Shares IRS: This year’s tax season will be… challenging.  Filing season officially opens Jan. 24 and taxpayers will have until April 18 to file. But be prepared to wait for your refund. IRS officials warn services could be delayed due to the ongoing pandemic and budget constraints. And the agency says electronic filing  with

Comparing Cross-Border Tax Systems in Europe, 2021

TweetShareSharePin0 Shares Today’s map looks at how European OECD countries rank on cross-border tax rules and is the last in our series examining each of the five components of our International Tax Competitiveness Index (ITCI). Cross-border tax rules define how income earned abroad and by foreign entities are taxed domestically, making them an important element of

2022 State Tax Changes Effective January 1, 2022

TweetShareSharePin0 Shares Key Findings Twenty-one states and the District of Columbia had significant tax changes take effect on January 1, 2022 Five states (Arizona, Arkansas, Louisiana, North Carolina, and Oklahoma) cut individual income taxes effective January 1. The District of Columbia was the only jurisdiction to increase income taxes. Four states (Arkansas, Louisiana, Nebraska, and

IRS to accept 2021 tax returns starting Jan. 24

TweetShareSharePin0 Shares The IRS will begin accepting and processing 2021 tax returns starting Jan. 24, the Service announced Monday. In News Release IR-2022-08, the IRS stated the date will allow it time to perform necessary programming and testing in advance of return filing, which it urged taxpayers and paid preparers to do electronically. “Filing electronically

New R&D credit documentation requirements clarified

TweetShareSharePin0 Shares The IRS provided guidance to taxpayers and internally on its new documentation requirements for administrative refund claims of the Sec. 41 business tax credit for increasing research activities (the R&D credit). The taxpayer guidance comes in the form of 16 frequently asked questions (FAQs) posted Wednesday on the IRS’s website. At the same

Goldring Is Back – With a Circuit Split

TweetShareSharePin0 Shares Last year, I wrote a couple of blog posts (here and here) about an order by the Eastern District of Louisiana: Goldring v. United States, 2020 U.S. Dist. LEXIS 177797, 2020 WL 5761119 (E.D. La. Sept. 28, 2020).  A significant amount was at issue, so the Goldrings appealed to the Fifth Circuit, which
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