TAXES Archive
TEFRA + LCU = Confusion, Part 2
April 28, 2021
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TweetShareSharePin0 Shares In Part Two of this three-part series, Bob Probasco examines the dissenting view in the recent General Mills case out of the Federal Circuit. Part One can be found here. Christine In Part 1, I described the decision by the Court of the Appeals for the Federal Circuit in General Mills, Inc. v.
TEFRA + LCU = Confusion, Part 1
April 27, 2021
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TweetShareSharePin0 Shares We welcome back guest blogger Bob Probasco for a three-part series inspired by the Federal Circuit’s recent 2-1 decision tossing General Mills’ refund claim as untimely under TEFRA, although the claim would have been timely under the standard timeframes of section 6511. Part 1 sets the stage and examines the majority’s reasoning. Christine
2021 child tax credit, EITC, and premium tax credit limits updated
April 26, 2021
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TweetShareSharePin0 Shares The IRS on Monday issued adjusted amounts for the child tax credit, the earned income tax credit (EITC), and the premium tax credit (PTC) for 2021, to reflect changes enacted in the American Rescue Plan Act of 2021, P.L. 117-2 (Rev. Proc. 2021-23). Only for tax years beginning in 2021, Section 9611 of
Who Will Complain About Pro-Taxpayer Ultra Vires Guidance?
April 26, 2021
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In today’s post guest contributor Monte Jackel, Of Counsel, Leo Berwick, discusses IRS guidance that may be too taxpayer friendly. Les On April 22, 2021, the IRS issued Revenue Procedure 2021-20. This guidance obsoletes Rev. Proc. 2020-51 to
Preparing Your Business for a Sales/Use Tax Audit
April 23, 2021
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TweetShareSharePin0 SharesHow to take the bite out of the audit sting It is no surprise that states audit their small business community as a productive way to increase revenue for their state coffers. Should you receive the dreaded notice of one of these audits, here are some ideas that can make this a more pleasant
Taxpayer Cannot Avoid Penalties Even When Using Longtime Preparer
April 23, 2021
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TweetShareSharePin0 Shares I do not prepare tax returns. But I feel for the long-suffering preparers who try their best to get the information from clients to prepare an accurate tax return. For people with a variety of sources of income, like self-employed consultants with multiple clients, the process is burdensome—at least when compared to employees who
Comparing the Trade-offs of Carbon Taxes and Corporate Income Taxes
April 23, 2021
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TweetShareSharePin0 Shares President Biden’s choice to fund new spending programs with increased corporate taxes comes with trade-offs for American output and incomes. Our new book, Options for Reforming America’s Tax Code 2.0, compares the corporate tax increase with 36 other ways lawmakers could raise revenue. Throughout the Options book it is apparent that some tax
Higher Taxes on Investors Or Less Spending on Infrastructure?
April 23, 2021
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TweetShareSharePin0 Shares How high will Biden raise capital gains taxes? Bloomberg Tax reported that the White House wants to raise taxes on investment income to 43.4 percent, sending the stock market into a tizzy. A year ago, Biden said he’d raise capital gains taxes to match his proposed new top rate on ordinary income of
Expenses paid with 2020 PPP loans can be deducted on 2021 tax returns
April 23, 2021
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TweetShareSharePin0 Shares The IRS announced a safe harbor for certain businesses that received first-round Paycheck Protection Program (PPP) loans but did not deduct any of the original eligible expenses because they relied on guidance issued before the enactment of the Consolidated Appropriations Act, 2021 (CAA), P.L. 116-260, in December 2020. In Notice 2020-32 and Rev.
Late Submitted Erroneous Reimbursement Match
April 22, 2021
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TweetShareSharePin0 Shares In United States v. Page, No. 3:20-cv-08072 (D. Ariz. April 16, 2021) the court holds that a big wrong reimbursement the Internal Revenue Service sent out to the taxpayer can not be recouped due to the fact that the Division of Justice submitted the wrong reimbursement fit far too late. The concern of
