tax Archive
FAQ guidance on income change reporting for advance child tax credit
November 9, 2021
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TweetShareSharePin0 Shares The IRS on Tuesday issued Fact Sheet 2021-13 updating its frequently asked questions (FAQs) concerning the child tax credit (CTC) and advance payments, telling taxpayers how to estimate and update their projected 2021 MAGI on the online Child Tax Credit Update Portal and explaining how modified adjusted gross income (MAGI) affects eligibility for,
Tax treatment of COVID-19 homeowner relief payments clarified
November 9, 2021
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TweetShareSharePin0 Shares Homeowners who receive or benefit from payments from a federal homeowner assistance fund were given an optional IRS safe harbor Monday for computing their itemized deductions for mortgage interest and real property taxes. The guidance, in Rev. Proc. 2021-47, is intended to allow taxpayers to compute their itemized deductions for mortgage interest and
Passport Revocation Cases Part 1
November 9, 2021
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TweetShareSharePin0 Shares We are in the process of the three times a year exercise of updating the Saltzman and Book treatise “IRS Practice and Procedure.” As we have mentioned previously, the blog started primarily because we must stay on top of procedural cases in order to update the treatise. Sometimes the blogging of cases informs

Germany Tax System: Competitiveness Rankings
November 9, 2021
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TweetShareSharePin0 Shares On the heels of Halloween, leaders of the world’s 20 biggest economies endorsed a global minimum tax of 15 percent on large multinational corporations. The minimum tax, signed in Rome and announced by the Organisation for Economic Co-operation and Development (OECD), is intended to curb profit shifting and limit tax rate competition between

2022 Spain Budget Taxes | Center for Global Tax Policy
November 8, 2021
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TweetShareSharePin0 Shares Spain’s lower chamber has given a green light to the 2022 budget proposal, which comes with a new minimum corporate tax rate of 15 percent for large companies with annual revenue over €20 million (US $23 million), while banks and energy firms must pay a minimum of 18 percent. The goal is to
Interest on Overpayments in the Absence of a Filing Obligation
November 8, 2021
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TweetShareSharePin0 Shares More often that I would like to admit when reviewing developments for the update to Saltzman and Book IRS Practice & Procedure I come across an issue that I had not thought about at all. In this round, with my colleague Marilyn Ames taking the lead we have been working on discussing a

Cigarette Tax Scorecard shows modest progress globally
November 8, 2021
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TweetShareSharePin0 Shares The second edition of the Tobacconomics Cigarette Tax Scorecard is out today and shows that governments have made insufficient progress in addressing the world’s leading cause of preventable death, despite established evidence that the most effective tool—tobacco taxation—would reduce smoking and increase tax revenues. By using new data from the WHO Report on

Oklahoma Tax Reform Options Guide
November 8, 2021
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TweetShareSharePin0 Shares Executive Summary Overview Oklahoma policymakers have been focused on tax reform for many years, always keeping an eye on the state’s neighbor to the south. Legislators succeeded in reducing rates for both individual and corporate income taxes, but Oklahoma is far from alone in this pursuit. In an increasingly mobile economy, states are
Infrastructure bill tax provisions include ERC termination
November 6, 2021
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TweetShareSharePin0 Shares The employee retention credit will be terminated early and broker reporting of cryptoasset transfers will be required as a result of legislation (H.R. 3684) that passed the House of Representatives late Friday and is headed to President Joe Biden’s desk to be signed into law. Known as the Infrastructure Investment and Jobs Act,
Does Death of a Whistleblower Mean Death of the Claim?
November 5, 2021
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TweetShareSharePin0 Shares Miami Legal Services is looking to add an attorney to their tax clinic. Here is a link to the job announcement. Keith In Insinga v. Commissioner, 157 T.C. No. 8 (2021) the Tax Court holds that the claim for payment a whistleblower has for providing information to the IRS does not die with