Missouri Tax Reform Could Give State Competitive Edge
April 20, 2022 No Comments
TweetShareSharePin0 Shares Tax reform has become a major focus for state legislatures this session, and Missouri lawmakers are tuned in to the action: after adjusting individual income tax triggers in 2021, the legislature is exploring further tax reform options. Senate Bill 739 would create an additional tax trigger mechanism for the individual income tax, while
Losing Interest: Delayed IRS Assessments
April 20, 2022 No Comments
TweetShareSharePin0 Shares Over the last two years I cannot count the number of times I’ve had to give extraordinarily unsatisfying advice to my clients. That advice being, “please wait.” Wait for the IRS to process your return. Wait for the refund to be issued. Wait for your Collection Due Process hearing. Of course, waiting can
Treasury equity action plan reports progress
TweetShareSharePin0 Shares While the individual income tax filing season ended Monday, Treasury and the IRS will continue gathering feedback as part of efforts over the past year and looking ahead to make the tax system more equitable and fair, according to Treasury’s Equity Action Plan: One Year Progress Report released last week. The report documents
Can Bankruptcy Trustee Be Held Liable for Trust Fund Recovery Penalty of Responsible Officer?
TweetShareSharePin0 Shares In In re Big Apple Energy, LLC, No. 8-18-75807 (Bankr. EDNY 2022), the owner of a business that failed to pay the taxes withheld from employees over to the IRS sought an order that the bankruptcy trustee was personally liable for the interest and penalties arising from the failure. In rejecting this claim,
EU VAT Reform: Benefits of Principled Tax Policy
TweetShareSharePin0 Shares “New own resources should fulfil the criteria of simplicity, transparency, predictability, and fairness.” One would think that the above recommendation came from a Tax Foundation report on principled EU own resources policy. While we would like to claim credit, the recommendation, rather, comes from the EU’s own 2016 Monti report and more recently,
Superfund taxpayers granted failure-to-deposit penalty relief
TweetShareSharePin0 Shares The IRS provided temporary relief from a penalty for failure to deposit Superfund excise taxes and affirmed the availability of a safe harbor for deposits. The relief in Notice 2022-15 released Friday applies to semimonthly deposits due in the third and fourth calendar quarters of 2022 and the first quarter of 2023. In
SALT cap challenge is denied Supreme Court review
TweetShareSharePin0 Shares The U.S. Supreme Court declined Monday to review an appellate case that upheld the $10,000 limit on the amount of state and local taxes (SALT) that can be claimed as a deduction on individual federal income tax returns. The Court’s order list included a denial of certiorari for New York v. Yellen, No.
The Limits of Community Property Relief When Spouses Split a Joint Business
TweetShareSharePin0 Shares We have not covered IRC 66(c) relief from community property taxation in detail on PT before. Keith wrote about the 2018 case of U.S. v. Kraus, where the grant of personal relief under IRC 66 failed to lift the federal tax lien or prevent foreclosure of the lien. (Similar hurdles exist with IRC
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
April 15, 2022 No Comments
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.