tax Archive

West Virginia Tax Relief Plan: Details & Analysis

TweetShareSharePin0 Shares West Virginia’s long road to tax relief was beginning to feel older than the trees, but after many years of efforts, the state’s lawmakers are finally taking home a win. Under an agreement reached over the weekend and pending final action in the House, lawmakers and Gov. Jim Justice (R) reached a deal

Failure to File Information Returns For Foreign Trust Keeps Statute Of Limitations Open For Individual’s Income Tax

TweetShareSharePin0 Shares Fairbank v Commissioner  is the latest in a long line of important cases originating from the IRS’s use of the John Doe Summons (JDS) process to gather information about US individuals who had money parked in overseas accounts. Fairbank involves Section 6501(c)(8). That section provides that an individual who fails to file information

Income Tax Rates in Europe

TweetShareSharePin0 Shares Most countries’ personal income taxes have a progressive structure, meaning that the tax rate paid by individuals increases as they earn higher wages. The highest tax rate individuals pay differs significantly across European OECD countries—as shown in today’s map. The top statutory personal income tax rate applies to the share of income that

District Court holds IRS owes tax preparers partial refund of PTIN fees

TweetShareSharePin0 Shares The IRS must determine the appropriate partial refund amount for tax return preparers who it overcharged for their preparer tax identification numbers (PTINs) from 2011 to 2017, a district court held in an opinion unsealed last week (Steele, No. 1:14-cv-1523-RCL (D.D.C. 1/23/23)). The district court’s decision, issued Jan. 23 and unsealed Feb. 21,

East Coast Bias

TweetShareSharePin0 Shares The case of Park v. United States, Dk. No. 3312-22S shows a bias in the Tax Court’s electronic filing system that disadvantages petitioners in time zones to the west of Washington, D.C. Think of the Park decision as the Tax Court’s equivalent of the View of the World from 9th Avenue.  It also

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