tax Archive

TweetShareSharePin0 Shares Every year, nonprofit hospitals receive millions of dollars in tax breaks in exchange for the care and medical support they provide to their local communities. However, according to a new Wall Street Journal report, these facilities are not actually as charitable as they are supposed to be. In fact, nonprofit hospitals — which

TweetShareSharePin0 Shares An “under-the-radar” move in Maine will save senior citizens millions of dollars in property taxes. According to a report out of Augusta from the Bangor Daily News: A sweeping new program that aims to freeze property taxes for Maine seniors faces big questions from the local officials who will have to implement it

TweetShareSharePin0 Shares Corporations are willing to pay a tax penalty for high executive compensation. The Wall Street Journal found (paywall) big corporations seem willing to pay a tax price to keep highly compensated executives happy. It found that 36 companies in the S&P 500 paid a combined $2.1 billion in taxes on nondeductible compensation over

TweetShareSharePin0 Shares It is pretty much a rite of passage for my students to file at least one Offer in Compromise for their clients. A lot of those Offers are presently accumulating dust in Brookhaven, New York. The length of inaction, as well as the precedential Tax Court case Brown v. Commissioner, has had me

TweetShareSharePin0 Shares Improving the taxpayer experience while surmounting operational difficulties that include a shrinking workforce are among goals the IRS has set for itself in the next five fiscal years. The 26-page IRS Strategic Plan FY 2022–2026 (Publication 3744) was released Wednesday, outlining strategic goals broadly for service, enforcement, people, and transformation. IRS Commissioner Chuck

TweetShareSharePin0 Shares Student debt forgiveness has been at the forefront of recent federal policy discussions, with President Biden exploring using executive action to cancel up to $10,000 in student loan debt per borrower. Under current law, the tax code handles debt forgiveness differently depending on the borrower’s repayment plan—canceling student loan debt would have new,

TweetShareSharePin0 Shares President Biden may declare a climate emergency, but what about clean energy tax credits? Biden may declare a national climate emergency today, which could allow him to take some steps to reduce carbon emissions through executive actions. But he can’t unilaterally expand tax subsidies or tax carbon emissions. Senate Finance Committee Chairman Ron