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IRS issues inflation adjustments for 2022 returns

TweetShareSharePin0 Shares News PROCEDURE & ADMINISTRATION By Paul Bonner The IRS issued Rev. Proc. 2021-45 Wednesday, adjusting for inflation a wide array of amounts applicable to the 2022 tax year for use with individual, business, and estate and trust returns and related tax issues. Amounts under 62 Code sections are updated. The IRS also

Indonesia Tobacco Tax Design: Indonesia Cigarette Tax

TweetShareSharePin0 Shares Indonesia, the world’s second-largest cigarette market, has a uniquely complex system when it comes to taxing its tobacco consumption, which is almost exclusively cigarettes (98 percent). The country’s cigarette taxes are divided into no less than 10 rate tiers based on product type, volume, and price. These tiers are meant to protect smaller

Maryland Digital Advertising Tax Regulations: Tax Foundation Comments

TweetShareSharePin0 Shares Note: The following comments were submitted to the Maryland’s Comptroller’s office on November 8th, 2021 regarding the regulation of Maryland’s Digital Advertising Tax. The Maryland digital advertising tax, applied to gross revenue derived from digital advertising services, has a rate escalating from 2.5 percent to 10 percent of the advertising platform’s assessable base

Passport Revocation Cases Part 2

TweetShareSharePin0 Shares Yesterday, I discussed two recent passport revocation cases, United States v. Hupp and Franklin v. United States. Today, I look at Tenth Circuit and Tax Court cases involving similar issues decided earlier this year. Rowen The Tax Court decision in Rowen v. Commissioner, 156 T.C. No. 8 (2021) addresses the constitutionality of the

Imposing Standards: Lessons from tax history about the ‘global tax deal’

TweetShareSharePin0 Shares The OECD’s triumphal announcement of the Inclusive Framework tax reforms last month was followed in close succession by the larger G77 group of countries tabling a proposal in United Nations negotiations for a genuinely inclusive intergovernmental tax body under UN auspices. Martin Hearson is a research fellow at the ICTD who has studied

Tax treatment of COVID-19 homeowner relief payments clarified

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

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

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
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