tax Archive
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
IRS makes retirement account inflation adjustments for 2022
November 4, 2021
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News EMPLOYEE BENEFITS & PENSIONS By Paul Bonner This IRS issued Notice 2021-61 Thursday updating for 2022 dollar-amount ceilings and thresholds for a wide range of qualified retirement plans and accounts, including traditional individual retirement arrangements (IRAs) and Roth IRAs. The notice also has the 2022 limits on elective deferrals for plans
IRS Succeeds in Jurisdictional Argument – With a Twist
November 4, 2021
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TweetShareSharePin0 Shares For years the IRS has argued against the application of the Supreme Court’s jurisprudence regarding time periods for filing cases. It has consistently taken the position that time periods for filing are jurisdictional in order to keep taxpayers to whom it gave the wrong dates for filing, who never received notices, who were
Carried interest reporting FAQs and guidance posted
November 4, 2021
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TweetShareSharePin0 Shares In News Release IR-2021-215 and a webpage answering frequently asked questions (FAQs), the IRS provided guidance Wednesday on filing and reporting by passthrough entities and holders of applicable partnership interests (APIs) held in connection with performance of services under Sec. 1061, known as carried interests. The FAQs provide further guidance on final regulations
It’s Long Overdue for Public Finance Scholars to Study Racism in the Tax Code
November 4, 2021
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TweetShareSharePin0 Shares The murder of George Floyd, in May 2020, sparked a national reckoning and renewed attention to issues of racial equity and justice. This long-overdue awakening led me to read extensively about racism and to think about interactions between race and tax policy. In a new paper, “Public Finance and Racism” I explore some
