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Biden’s Tax Plan Could Impact Small Businesses

TweetShareSharePin0 Shares Although the Biden administration’s intention may be to target top firms and earners with its new corporate tax proposals, many small businesses could be impacted by what would be unwise policy considering the disproportionate harm done already by the COVID-19 pandemic. Contrary to the image some may hold of corporations, not all are

Policing the Settlement; Policing the Case

TweetShareSharePin0 Shares The Tax Court Needlessly Expends Considerable Judicial Resources Each Month Incorrectly Policing the Filing Deadline as a Jurisdictional Issue. Many taxpayers might be affected by a ruling that the Tax Court’s deficiency jurisdiction filing deadline is not jurisdictional (whether or not the filing deadline is also subject to equitable tolling). In the fiscal

Tax Burden on Capital Income: International Comparison

TweetShareSharePin0 Shares Key Findings The taxation of capital—at both the individual and the corporate level—is much debated and affects economic growth by lowering the incentives to save and invest. It is useful to compare capital income taxation across countries; this is not trivial. Countries have many different tax rates, exemptions, and special rules. We compute

2022 HSA, excepted-benefit HRA amounts increase slightly

TweetShareSharePin0 Shares In Rev. Proc. 2021-25, the IRS on Monday provided 2022 inflation-adjusted amounts pertaining to health savings accounts (HSAs) and the maximum amount that may be made newly available for certain health reimbursement arrangements (HRAs). HSA amounts The annual limitation on deductions under Sec. 223(b)(2)(A) for an HSA with self-only coverage is $3,650, an

Treasury State Tax Cuts Limitation Rule Raises New Questions

TweetShareSharePin0 Shares Today, the U.S. Treasury issued an interim final rule on the $350 billion in State and Local Fiscal Recovery Funds provided under the American Rescue Plan Act (ARPA). The proposed rule resolves several important questions but continues to involve the federal government in state finances at an extraordinary level. Most astonishingly, the rule

Details & Analysis of State Digital Tax Proposals

TweetShareSharePin0 Shares Key Findings Digital advertising, social media, and data tax proposals have been introduced in nine states following enactment of Maryland’s digital advertising tax, which has since been postponed a year due to administrative and legal challenges. Motivations for these taxes vary, from misperceptions that there is currently a tax loophole to a belief

One More Week Until Tax Day…

TweetShareSharePin0 Shares There’s a paper jam at the IRS. The Treasury Inspector General for Tax Administration (TIGTA), in a recent interim report on the 2021 tax filing season, finds that a “lack of functioning printers and copiers contribute to the inability to reduce backlogs” at the IRS. TIGTA found that  42 percent of printers and

Tax Relief, Tax Scrutiny | Tax Policy Center

TweetShareSharePin0 Shares Will taxing capital gains at death hurt farmers? Democratic lawmakers representing rural districts want assurances that owners of family farms and small businesses will be protected from President Biden’s proposal to tax at death capital gains exceeding $1 million.  June will be appropriations month in the House. Appropriations Committee Chair Rosa DeLauro says
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