tax Archive
Transcript Delivery System down for some Form 941 transcripts
September 14, 2021
No Comments
TweetShareSharePin0 Shares
News PROCEDURE & ADMINISTRATION By Alistair M. Nevius, J.D. The IRS has reported a Transcript Delivery System (TDS) programming issue that affects business taxpayers who reported information related to COVID-19 employment tax relief on Form 941, Employer’s Quarterly Federal Tax Return. The IRS says that, as a result, account transcripts requested for

Top Combined Capital Gains Tax Rates Would Average 36.8 Percent Under House Dems’ Plan
September 14, 2021
No Comments
TweetShareSharePin0 Shares House Democrats’ reconciliation legislation proposes raising the long-term capital gains tax rate to 25 percent and applying a new 3 percentage point surcharge on all income above $5 million of modified adjusted gross income. When including the net investment income tax of 3.8 percent under current law, the top marginal capital gains tax

Families Planned to Use Child Tax Credit to Pay Bills but Some Were Confused About Eligibility
September 14, 2021
No Comments
TweetShareSharePin0 Shares Starting in July, many parents began receiving monthly payments of the Child Tax Credit (CTC). A new IPSOS survey as well as Urban Institute interviews suggest these regular payments will help families make ends meet. Families report they’ll use the credit to catch up with past due bills and pay regular expenses such
Proving the Liability – The Presumption of Regularity
September 14, 2021
No Comments
TweetShareSharePin0 Shares I am not sure, but I don’t think we have written about a case from Guam since Les cited one in a post during our first month of existence as a blog. The case of Government of Guam v. Guerrero, No. 19-16793 (9th Cir. 2021) gives us a chance to make up for
Budget Bill Markup Continues | Tax Policy Center
September 14, 2021
No Comments
TweetShareSharePin0 Shares Moving a tax bill. The House Ways & Means Committee will continue work on its provisions of the Build Back Better Act. The panel begins Day 3 of its markup today and will continue tomorrow, including the now released legislative amendment that details the House Democrats’ tax plan. The big score. The Joint

Neal’s Tax Bill Is Big And Bold, With Hits and Misses
September 14, 2021
No Comments
TweetShareSharePin0 Shares The most important thing to know about the tax bill proposed by House Ways & Means Committee Richard Neal (D-MA) is that it’s big. Really big. The congressional Joint Committee on taxation estimates the massive plan would raise taxes on corporations and high-income households by roughly $2.1 trillion over 10 years, use about

House Tobacco Proposals Defy Biden’s Tax Pledge
September 13, 2021
No Comments
TweetShareSharePin0 Shares House Democrats’ newly released $3.5 trillion tax legislation includes a tax increase on tobacco, nicotine, and vapor products levied on tobacco manufacturers. But ultimately it would fall heavily on tobacco consumers—many of the group that earns less than $400,000 that President Biden pledged would not see a tax increase. According to the Joint
Ways and Means releases list of tax provisions for budget bill
September 13, 2021
No Comments
TweetShareSharePin0 Shares The House Ways and Means Committee on Monday released legislative text for proposed tax changes to be incorporated in the budget reconciliation bill known as the “Build America Back Better” act. The committee plans to mark up the bill on Tuesday and Wednesday. The proposal would raise tax rates for corporations and individuals
Credit Carry Forward as Timely Refund Claim
September 13, 2021
No Comments
TweetShareSharePin0 Shares In Libitzky v. United States, No. 3:18-cv-00792 (N. D. Cal. 2021) the district court dismisses cross motions for summary judgment in a refund suit and pushes the case forward for a determination by a jury. The parties agree that the Libitzkys overpaid their 2011 liability by almost $700,000. They disagree on the issue

Tax on Stock Buybacks a Misguided Way to Encourage Investment
September 10, 2021
No Comments
TweetShareSharePin0 Shares Stock buybacks have gained a bad rap in recent years as policymakers have blamed them for a range of economic ills, from encouraging a focus on short-term profits to reduced investment. Now, Senators Ron Wyden (D-OR) and Sherrod Brown (D-OH) have targeted buybacks for a 2 percent excise tax in the reconciliation package.