tax Archive

Senate passes CHIPS Act with semiconductor tax credit

TweetShareSharePin0 Shares The U.S. Senate on Wednesday passed a bill to encourage greater domestic production of microchips and other semiconductor materials and devices, in part through a new investment tax credit. The Creating Helpful Incentives to Produce Semiconductors (CHIPS) for America Act of 2022 (Senate Substitute Amendment 5135 to H.R. 4346) includes the credit in

How Much Do Tax-Exempt Organizations Benefit from Tax Exemption on Their Income?

TweetShareSharePin0 Shares A relatively small number of non-profit organizations where revenues exceed expenses save as much as $21 billion in taxes annually, new research by Nathan Born (a graduate student at Wharton) and I found. Non-profit hospitals enjoyed nearly two-thirds of that tax savings. Income earned by tax-exempt organizations, like 501(c)3 charities, generally is excluded

IRS Stuck with Concession

TweetShareSharePin0 Shares The case of Estate of Demuth, Jr. v. Commissioner, TC Memo 2022-72 discusses the issue of the impact of a concession by the IRS when the court finds that the conceded item would be taxable but for the concession.  The Tax Court finds the concession binding and allows a reduction of the taxable

Corporate Tax Cuts Effects: Research & Analysis

TweetShareSharePin0 Shares When thinking about tax policy, economists typically distinguish between the short run and long run. While there might be temporary boosts to the economy in the short term from a tax cut due to increased incomes, changes in tax policy alter the incentives to work, save, and invest, which can produce benefits to

Letter to IRS from AICPA

TweetShareSharePin0 Shares The American Institute of Certified Public Accountants (AICPA) wrote a letter to Commissioner Rettig and Assistant Secretary for Tax Policy Lily Batchelder on July 11, 2022, making several requests related to the difficulties at the IRS resulting from the pandemic which has translated into difficulties for taxpayers and their representatives.  The letter makes

Charity Care and Tax Cut Promises

TweetShareSharePin0 Shares How much charity care do nonprofit hospitals provide? A Wall Street Journal analysis (paywall) finds that nonprofit hospitals, registered as charitable organizations because they are charted to support their communities, wrote off 2.3 percent of their patient revenue as “charity care.” But their for-profit competitors wrote off 3.4 percent. The analysis excludes other

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