tax Archive
Build Back Better Book Minimum Tax
November 17, 2021
No Comments
TweetShareSharePin0 Shares The Build Back Better Act (BBBA) would raise taxes to pay for social spending programs. But the design of some of the tax increases may end up hurting private pensions, among other problems. By relying on measures of income reported on company financial statements, i.e., book income, the proposed corporate alternative minimum tax
Major Change to Offer in Compromise Policy
November 17, 2021
No Comments
TweetShareSharePin0 Shares The only bad thing about the change in IRS policy in Offers in Compromise (OIC) is that it comes too late for me to change a forthcoming law review article on offset. The inability to update the article which is headed to press matters little. The new policy regarding offset in OICs represents
IRS commissioner: We’re hiring
November 16, 2021
No Comments
TweetShareSharePin0 Shares Projected to lose 52,000 employees in the next six years, the IRS is seeking new personnel, Commissioner Charles Rettig told CPAs Tuesday. Rettig’s keynote address to the AICPA & CIMA National Tax Conference in Washington, D.C., touched on challenges the Service still faces in basic operations after he temporarily closed down most in-person
Meal portion of per diem allowance can be treated as attributed to a restaurant
November 16, 2021
No Comments
TweetShareSharePin0 Shares
News EXPENSES & DEDUCTIONS By Paul Bonner The 100% deduction allowable as a business expense in 2021 and 2022 for food or beverages provided by a restaurant applies to the meal portion of a per diem rate or allowance, the IRS clarified Tuesday in Notice 2021-63. Under Sec. 274(n)(1) and Regs. Sec.
2022 Norway Budget Tax Proposals
November 16, 2021
No Comments
TweetShareSharePin0 Shares Norway’s new center-left government that took power on October 14 has set out its 2022 budget proposals, amending the 2022 budget proposal announced last month by the outgoing conservative government. The new budget comes with several tax cuts and a handful of tax hikes. While the new proposal cuts indirect taxes by $270
Infrastructure Bill Creates Tolling of Time for Filing a Petition with the Tax Court
November 16, 2021
No Comments
TweetShareSharePin0 Shares 0 Flares
Filament.io
Made with Flare More Info“>
0 Flares
×
We welcome back guest blogger Steve Milgrom. Steve is the litigation coordinator at the low income taxpayer clinic located at the Legal Aid Society of San Diego. Today, he provides an overview of the
Waiting For CBO’s Score… | Tax Policy Center
November 16, 2021
No Comments
TweetShareSharePin0 Shares CBO promises a full score of Build Back Better by Friday. The Congressional Budget Office said yesterday it plans to release a full cost estimate of the House Democrats’ Build Back Better Act by the end of the week by the end of this week. House moderates say they’ll vote for the big
Losses to OECD tax havens could vaccinate global population three times over, study reveals
November 16, 2021
No Comments
TweetShareSharePin0 Shares Poorer countries hit hardest by global tax abuse at the hands of rich countries Countries are losing a total of $483 billion in tax a year to global tax abuse committed by multinational corporations and wealthy individuals – enough to fully vaccinate the global population against Covid-19 more than three times over.1 The
Republican Cannabis Bill Would Tax by Category: States Reform Act
November 15, 2021
No Comments
TweetShareSharePin0 Shares Today, Representative Nancy Mace (R-SC) released the States Reform Act, which would deschedule, regulate, and tax cannabis products with a novel federal excise tax design—based on quantities and predefined categories, not dissimilar from how the federal government taxes alcohol and tobacco. Rep. Mace’s bill would impose a tax of 3 percent on the
New FAQs cover interplay of unemployment income exclusion and credits
November 15, 2021
No Comments
TweetShareSharePin0 Shares Taxpayers whose 2020 income tax returns were revised by the IRS to exclude unemployment benefits from gross income may be eligible for the additional child tax credit or earned income tax credit as a result, the IRS advised in two frequently asked questions (FAQs) it added Friday to its 2020 Unemployment Compensation Exclusion
