tax Archive

Budget Games, A Big Gun Tax Has Loopholes

TweetShareSharePin0 Shares About the EARN Act. The Enhancing American Retirement Now (EARN) Act, passed by the Senate Finance Committee last week, allows older savers to deposit an extra $10,000 a year into their retirement accounts. Plan participants can contribute the extra money in Roth IRAs, where deposits are taxed but withdrawals are not. For congressional

The APA Is Not A Hammer

TweetShareSharePin0 Shares Professor Bryan Camp follows up from his post yesterday, as he explores the history of the APA and tax regulations to support his view that all tax regulations are not legislative rules under the APA. For Professor Hickman’s post, see It’s Time To Let Go: Treasury Regulations Are Not Interpretative Rules. While this

State and Local Tax Decisions Abound

TweetShareSharePin0 Shares No gas tax holidays in Oregon or Washington, but maybe one in Pennsylvania.  Governors Kate Brown of Oregon and Jay Inslee of Washington will not pause local and state fuel taxes. However, Pennsylvania’s Senate Democrats did call for a three-month gas tax holiday. President Biden asked states to suspend their fuel taxes to

IRS extends e-filing to more 1040-series amended returns

TweetShareSharePin0 Shares Taxpayers are now able to file amended returns electronically in more of the Form 1040 series, the IRS announced Thursday in a news release. The newly e-filable forms include Form 1040-NR, U.S. Nonresident Alien Income Tax Return, which is filed by nonresident aliens who must report and pay tax on U.S.-connected income. Also

Treasury Regulations Can Certainly Be Interpretive Rules

TweetShareSharePin0 Shares Professor Bryan Camp, the George Mahon Professor of Law at Texas Tech School of Law, offers his perspective on the recent posts from Jack Townsend and Kristin Hickman that have addressed the controversial and difficult issue concerning the proper classification of tax regulations under the APA. For Jack’s original post, see here. For Kristin’s

Advancing Tax Breaks For Retirement Savings, A Sputtering Gas Tax Holiday

TweetShareSharePin0 Shares Senate Finance Committee unanimously approves retirement savings bill. The catch-all bipartisan measure includes almost three dozen proposals affecting both retirement savings and account withdrawals. The Enhancing American Retirement Now (EARN) Act encourages employers to offer retirement savings plans, expands the savers credit, increases “catch-up” contributions for older workers and delays to age 75

National Taxpayer Advocate report targets IRS service

TweetShareSharePin0 Shares While the IRS was able to promptly process 85% of returns in the 2022 filing season and expedite its resolution of some of the most common taxpayer errors, the Service’s backlog of paper-filed returns bogged down further, National Taxpayer Advocate Erin Collins said in a report. Collins’s annual midyear report, Objectives Report to

Pennsylvania Inflation & Tax Reform Solutions

TweetShareSharePin0 Shares Note: The following is Tax Foundation testimony regarding how Pennsylvania can mitigate challenges of inflation through structural tax reforms. It was presented, by request, to the Pennsylvania House Majority Policy Committee on June 21, 2022. Good morning, Chairman Causer and Members of the Committee, My name is Timothy Vermeer, and I am a

You cannot copy content of this page

Social Media Auto Publish Powered By :