tax Archive

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

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

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

TweetShareSharePin0 Shares In response to two recent mass shootings, Representative Don Beyer (R-VA) introduced a bill that would impose a 1,000 percent excise tax on certain guns. The Washington Post reports that Beyer hopes to include it in a larger budget reconciliation bill, which would allow it to pass the Senate with a simple majority.

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

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

TweetShareSharePin0 Shares The synthetic control method (SCM) is a relatively new and valuable tool that makes it possible to measure state or local policy against a theoretical baseline, when a real basis for comparison doesn’t exist. Because the technique is constantly evolving, we wrote “An Update on the Synthetic Control Method as a Tool to