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Happy Tax Day | Tax Policy Center

TweetShareSharePin0 Shares The Bidens released their 2021 tax returns. The President and Vice President released their 2021 tax returns last week. President Biden and Jill Biden earned $610,702 in 2021 and paid an effective federal income tax rate of 24.6 percent. Vice President Kamala Harris and husband Doug Emhoff paid an effective rate of 31.6

Dial, redial, repeat

TweetShareSharePin0 Shares We welcome back guest blogger Barbara Heggie. Barb is the supervising attorney for the Low-Income Taxpayer Project of 603 Legal Aid in Concord, New Hampshire.  Her clinic serves taxpayers through the Granite State and is the only LITC in the state.  Today, she describes a recent experience in trying to assist a client. 

IRS’s FATCA enforcement fell short, TIGTA says

TweetShareSharePin0 Shares When Congress passed the Foreign Account Tax Compliance Act (FATCA) (as part of the Hiring Incentives to Restore Employment Act, P.L. 111-147) in 2010, the Joint Committee on Taxation estimated it would bring in $8.7 billion in revenues in the next 10 years. To that end, the IRS drafted an ambitious, agencywide FATCA

More Schedule K-2 and K-3 FAQs posted

TweetShareSharePin0 Shares News PARTNERS & PARTNERSHIPS By Paul Bonner The IRS has added eight new questions and answers to its website’s frequently asked questions (FAQs) on Schedules K-2 and K-3, clarifying that affected partnerships and S corporations need complete only the forms’ relevant portions and addressing an array of special circumstances. The new material

APA and FBAR Skirmishes Continue in Schwarzbaum v US

TweetShareSharePin0 Shares A couple of months ago in 11th Circuit Remands Willful FBAR Penalty Case Back to IRS Due to APA Violation I blogged about Schwarzbaum v United States, where the Eleventh Circuit held that Schwarzbaum willfully violated his FBAR reporting obligations for three years but that the IRS miscalculated the FBAR penalties. As I discussed,

The Surprising Regressivity of Grocery Tax Exemptions

TweetShareSharePin0 Shares Key Findings Exempting groceries from the sales tax base reduces economic efficiency without achieving its objective of enhancing tax progressivity. The poorest decile of households experiences 9 percent more sales tax liability with a grocery tax exemption than they would if groceries were taxed and the general rate were reduced commensurately. Grocery tax
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