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Tax provisions in the Build Back Better act

TweetShareSharePin0 Shares The House of Representatives on Friday morning passed H.R. 5376, the Build Back Better Act, by a vote of 220–213. The bill encompasses a wide range of budget and spending provisions and has been the focus of protracted negotiations for the past several weeks. For more on the nontax provisions of the bill,

Senators Question Company Offering Fee-Based Access to IRS Phone Lines

TweetShareSharePin0 Shares It is not news to our readers that the IRS struggles to answer the calls it receives. This frustrates taxpayers and practitioners alike. It interferes with the IRS’s ability to serve taxpayers and impedes taxpayers from understanding and meeting their responsibilities. To help address this problem, a private company, enQ, offers a fee-based service

Further guidance issued on tax treatment of PPP loan forgiveness

TweetShareSharePin0 Shares In three revenue procedures (Rev. Procs. 2021-48, 2021-49, and 2021-50) the IRS provided guidance Thursday on the treatment of amounts excluded from taxpayers’ gross income in connection with forgiveness of Paycheck Protection Program (PPP) loans. The AICPA had requested guidance in a March 15, 2021, letter to the IRS. While it is excluded

Returning to In Person Tax Court Proceedings

TweetShareSharePin0 Shares 0 Flares Filament.io Made with Flare More Info“> 0 Flares × We reported earlier that the Tax Court in August issued a press release saying it intended to return to in person proceedings, at least for some of the trials, in January, 2022.  That announcement

Who Gets Hit by the Book Minimum Tax?

TweetShareSharePin0 Shares The current version of the reconciliation bill—the Build Back Better Act—attempts to walk a fine (politically imposed) line: raising hundreds of billions of dollars from higher corporate taxes without raising the corporate tax rate. The centerpiece of this effort is the book minimum tax, a new alternative minimum tax applied to the financial

Comparing Income Tax Systems in Europe, 2021

TweetShareSharePin0 Shares Our recently published 2021 International Tax Competitiveness Index (ITCI) measures and compares how well OECD countries promote sustainable economic growth and investment through competitive and neutral tax systems. This week, we examine how European OECD countries rank on individual taxes, continuing our series on the ITCI’s component rankings. The ITCI’s individual tax component

New user verification for IRS online accounts to be required by mid-2022

TweetShareSharePin0 Shares News PROCEDURE & ADMINISTRATION By Paul Bonner Taxpayers and tax professionals with accounts for certain IRS online tools and portals will need to reverify their identity in a new account creation and sign-in process the IRS announced Wednesday (News Release IR-2021-228). The process, using a third-party technology provider, ID.me, is available for

Build Back Better Inflation Impact: Biden Tax Plan

TweetShareSharePin0 Shares Last week, the Bureau of Labor Statistics (BLS) announced that prices had risen 6.2 percent in the year up to October 2021, the fastest rate since 1990. The persistently high inflation in recent months has made some lawmakers question the need for additional deficit spending. In the short term, the Build Back Better
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