Menu

tax Archive

Thinking Out Loud About the Advanced Child Tax Credit – Part I

TweetShareSharePin0 Shares With the recent launch of a campaign to get people who are not usually networked with the federal tax system to sign up for the Advanced Child Tax Credit (AdvCTC), the Administration, Congress, and advocates are focusing on what a permanent AdvCTC would look like.  Some child welfare and anti-poverty advocates are promoting the concept of

2021 State Tax Changes, Effective July 1

TweetShareSharePin0 Shares Key Findings Thirteen states have notable tax changes taking effect July 1, 2021. Indiana has the lone corporate income tax rate change, with the rate decreasing from 5.25 to 4.9 percent. Montana will begin using a corporate income tax apportionment formula with a double-weighted sales factor. Idaho will offer a one-time individual income

Supreme Court declines to take up remote worker taxation case

TweetShareSharePin0 Shares The U.S. Supreme Court on Monday denied a request by New Hampshire to file a bill of complaint against Massachusetts in a case involving Massachusetts’s taxation of remote workers during the COVID-19 pandemic. The Supreme Court’s order indicated that Justice Clarence Thomas and Justice Samuel Alito would have granted the motion. New Hampshire

IRS warns of pandemic-related tax scams in ‘Dirty Dozen’ for 2021

TweetShareSharePin0 Shares Thieves stealing economic impact payments and unemployment benefit checks head the list of this year’s IRS “Dirty Dozen” of tax-related scams and schemes (IR-2021-135). The warning Monday about “pandemic-related scams” was the first of four installments this year in which the IRS highlights egregious tax-related crimes and misdeeds against which it is advising

TIGTA Report on Restitution

TweetShareSharePin0 Shares Last week I wrote about a recent Tax Court order regarding restitution.  In that case, the taxpayer fully paid the tax included in the restitution order.  At issue in the case were penalties the IRS proposed against the taxpayers.  I pointed out at the conclusion of that post the significant benefit to the

Imposing Penalties After Restitution Assessment

TweetShareSharePin0 Shares The recent case of Ervin v. Commissioner, T.C. Memo 2021-75 affirms the ability of the IRS to impose penalties after it makes a restitution assessment.  This case does not create precedent or cover new ground but does provide a reminder of how the restitution based assessments work.  We have previously written about restitution
You cannot copy content of this page
Social Media Auto Publish Powered By : XYZScripts.com