tax Archive
Will the Commissioner agree that a filing extension is necessary so that all eligible children can claim the enhanced Child Tax Credit?
July 19, 2022
No Comments
TweetShareSharePin0 Shares We welcome guest bloggers Luz Arevalo and Angela Divaris from Greater Boston Legal Services. GBLS is part of a coalition of nonprofit organizations who seek to maximize access to the expanded child tax credit for 2021. Angela and Luz highlight the problem of otherwise-eligible CTC claimants without a US taxpayer identification number who
Joe Manchin Pulled The Plug On Tax Increases. What Happens Next?
July 19, 2022
No Comments
TweetShareSharePin0 Shares Joe Manchin Pulled The Plug On Tax Increases. What Happens Next? Conservative Democrat Joe Manchin (D-WV) may have effectively sealed the fate of President Biden’s tax agenda when he said he now opposes any tax increases, new social spending, or climate change initiatives. Manchin may have doomed those tax changes not only for
Senate Democrats Scramble, Harvard Fights A Tax Increase
July 19, 2022
No Comments
TweetShareSharePin0 Shares What will Senate Democrats do now? They will meet today for what is likely to be a contentious lunch to sort out an agenda now that Sen. Joe Manchin appears to have doomed the party’s once-ambitious social spending, climate, and tax plan. Some lawmakers want to pass a bill to allow Medicare to
State and Local Sales Tax Rates, Midyear 2022
July 19, 2022
No Comments
TweetShareSharePin0 Shares Key Findings Forty-five states and the District of Columbia collect statewide sales taxes. Local sales taxes are collected in 38 states. In some cases, they can rival or even exceed state rates. The five states with the highest average combined state and local sales tax rates are Louisiana (9.55 percent), Tennessee (9.547 percent),
VA Attorney Faces Federal Charges In “Elaborate Tax Scheme”
July 19, 2022
No Comments
TweetShareSharePin0 Shares A Newport News, VA attorney is now facing federal charges in a multi-million dollar tax scheme for which her husband has already been sentenced. Local Virginia news station WTKR 3 reported that the husband, Beyung S. Kim, 62, was sentenced in August 2021 for his role in an “elaborate tax scheme” that wrongly awarded
No Reasonable Cause For Failing To Include $238,000 From Information Return Sent To Old Address
July 18, 2022
No Comments
TweetShareSharePin0 Shares Back in 2013, I wrote about Andersen v Comm’r, a summary opinion where a taxpayer failed to include $28,000 of W-2 income but was not subject to a 20% civil penalty for substantially understating income. In Andersen, the Tax Court held that there was reasonable cause for the omission and the taxpayer acted
Biden OECD Tax Proposals Would Hurt FDI
July 18, 2022
No Comments
TweetShareSharePin0 Shares The Biden administration has proposed several changes to the U.S. international tax system that would raise taxes on multinational enterprises (MNEs). Similarly, the OECD’s tax proposals would raise taxes on MNEs. Together, the proposals would affect patterns of international investment and potentially decrease the volume of foreign direct investment (FDI). Under the tax
Top 5 Tax Questions In the United States Answered
July 18, 2022
No Comments
TweetShareSharePin0 Shares Tax law is complicated, at best, and an impossible puzzle that can’t be cracked at worst. Even if you have a relatively solid understanding of how to file your federal tax return in the United States each year, you might find yourself with questions from time to time. That’s where this guide comes
Pandemic-paused IRS return preparer visits could resume by video
July 15, 2022
No Comments
TweetShareSharePin0 Shares The U.S. Government Accountability Office (GAO) recommended in a report Thursday, and the IRS agreed, that the Service should test the feasibility of holding videoconference visits with tax return preparers it flags as posing a high risk for submitting erroneous refundable credit claims, to replace in-person visits the Service has suspended since 2020.
Filing a Notice of Federal Tax Lien For Personal Property
July 15, 2022
No Comments
TweetShareSharePin0 Shares Today PT contributor Bob Probasco brings us a recent case that demonstrates the value of verifying that the IRS followed proper procedures in filing a Notice of Federal Tax Lien. A recent decision by a bankruptcy court, In re: Vanessa Catherine Stephenson, (docket no. 21-22684 in the Western District of Tennessee), is a
