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Infrastructure bill would end ERC, increase cryptoasset reporting

TweetShareSharePin0 Shares The infrastructure bill approved by the Senate on Tuesday (H.R. 3684) would terminate the employee retention credit early and would require broker reporting of cryptoasset transfers. It also contains a few other tax provisions along with spending on a wide variety of infrastructure and other projects. H.R. 3684, known as the Infrastructure Investment

How Can Congress Protect Families Who Receive Excessive Child Tax Credit Payments?

TweetShareSharePin0 Shares Families began receiving monthly Child Tax Credit (CTC) payments on July 15. For many, those regular payments—currently permitted through the end of the year—will combat poverty and help families keep current on monthly bills without having to borrow. But because the CTC depends on income, number of children, and marital status, some changes

Splitting the Refund When One Spouse Files Bankruptcy

TweetShareSharePin0 Shares Three individuals who have all provided guest blogs for PT have co-authored a new ABA Tax Section Publication that could be important for those interested in tax controversy work:  Litigating a Case in Tax Court by Sean Murphy Akins, Kandyce Lyndsey Korotky, and David M. Sams.  Designed to cover every aspect of a

IRS updates car and truck depreciation limits

TweetShareSharePin0 Shares The IRS issued its annual inflation-adjusted update of depreciation limitations for passenger automobiles (including passenger vans and trucks) placed in service in 2021 (Rev. Proc. 2021-31). The revenue procedure similarly updates income inclusion amounts by lessees of passenger automobiles with respect to vehicles with lease terms beginning in 2021. These limits are updated

TIGTA Report Recommends Shortcutting Deficiency Procedures For Returns Claiming Casualty Loss Deductions

TweetShareSharePin0 Shares A recent TIGTA report discusses the processes the IRS uses to evaluate tax returns that reflect a claimed casualty loss deduction.  TIGTA criticizes the IRS for allowing casualty loss deductions that are not allowed under current law. It recommends that the IRS institute up front checks to prevent the processing of returns that may reflect an

In Whistleblower Case Tax Court Admonishes IRS For Failing to Follow Its Own Rules

TweetShareSharePin0 Shares Rogers v Commissioner is a Tax Court opinion that explores the IRS process for whistleblower claims and the impact of administrative law principles when the IRS fails to follow its own guidance. The case involves a series of allegations against nine family members and acquaintances who Rogers claimed had “conspired to commit grand theft through conversion

Wyden Takes Aim At US Pass-Through Income Tax Break

TweetShareSharePin0 Shares by Mike Godfrey, Tax-News.com, Washington 06 August 2021 Senate Finance Committee Chair Ron Wyden (D-OR) has introduced legislation to overhaul the 20 percent deduction for pass-through income introduced into US tax law in 2017. The deduction – also called the Section 199A deduction – allows individuals to deduct up to 20 percent

Notice provides information on claiming the employee retention credit for third and fourth quarters of 2021

TweetShareSharePin0 Shares The IRS issued Notice 2021-49 Wednesday that includes guidance on the extension and modification of the employee retention credit (ERC) under Sec. 3134, added by the American Rescue Plan Act (ARPA), P.L. 117-2. The notice amplifies Notices 2021-20 and 2021-23 (see also “IRS Issues Employee Retention Credit Guidance” and “How to Claim the

New Report Shows TCJA Reduced Tax Rates Across the Board

TweetShareSharePin0 Shares Wednesday, the Congressional Budget Office (CBO) published its annual analysis of the distribution of American household incomes and tax burdens, this time for 2018, the year after the Tax Cuts and Jobs Act (TCJA) was enacted. CBO data shows that the TCJA reduced federal tax rates for households across every income level while

A Better Fit for a Better Tax Code

TweetShareSharePin0 Shares Binyamin Applebaum of The New York Times recently authored an op-ed calling for the adoption of return-free filing. Under return-free filing, many taxpayers would receive an already-completed return that they could amend. It’s an appealing idea, but for it to deliver its promised benefits, the U.S. tax code would have to be much
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