TAXES Archive
Vaccine Lottery: Taxes on Lottery Winnings
June 9, 2021
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TweetShareSharePin0 Shares Krispy Kreme may have started the vaccine incentive ball rolling, but many states are putting big money into the effort with vaccine lotteries. Unlike a normal lottery, no one is paying for tickets—but the tax collector still gets paid when someone wins. With lots of restricted spending COVID-19 relief funds and a substantial
Biden Would Raise Taxes Substantially for High Income Households and Corporations, Cut Taxes for Families with Children, According to A New TPC Analysis
June 9, 2021
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TweetShareSharePin0 Shares Nearly all of President Biden’s proposed tax increases would be borne by the highest income 1 percent of households–those making about $800,000 or more—according to a new analysis by the Tax Policy Center. At the same time, Biden would cut taxes for many low- and moderate-income households and reduce them substantially for those
More On The Implications of CIC Services
June 9, 2021
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TweetShareSharePin0 Shares We are starting to see some fallout from last month’s CIC Services opinion. For example, Tax Notes’ Kristen Parillo discusses[$] Hancock Land Acquisitions v US , another microcaptive case. Parillo’s article explores the parties’ post CIC Services supplemental filings in a case where the taxpayer brought an action alleging that the IRS’s failure to refer its case
Limitation on Issues Taxpayer Can Raise in Passport Case
June 8, 2021
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TweetShareSharePin0 Shares The case of Shitrit v. Commissioner, T.C. Memo 2021-63 points out the limitations on raising issues other than the revocation of the passport when coming into the Tax Court under the jurisdiction of the passport provision. Petitioner here tries to persuade the Tax Court to order the issuance of a refund but gets
In Gilbert v US Ninth Circuit Weighs in on The Declaratory Judgment Act
June 7, 2021
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TweetShareSharePin22 Shares With my colleague Marilyn Ames we are revising our subchapter on the Anti-Injunction Act in Chapter 1 of Saltzman and Book IRS Practice and Procedure to take into account last month’s CIC Services decision. Embedded in our discussion of the AIA is a discussion of its cousin, the Declaratory Judgment Act. Under the
Are You Overpaying Taxes If You Use Tax Preparation Software?
June 5, 2021
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TweetShareSharePin22 SharesAre You Overpaying Taxes If You Use Tax Preparation Software? For many business owners the answer to this quandary is tax preparation software. Fill out a fairly simple interview, click “print” and out comes a completed return that will pass muster with the IRS. The answer to all your problems…or is it? Can One
IRC 7459(d) and the Impact of Dismissal
June 4, 2021
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TweetShareSharePin11 Shares On May 20, 2021, the Court of Federal Claims decided the case of Jolly v. United States, Dk. No. 20-412. Ms. Jolly pursued the case pro se. The court lists the opinion as not for publication. The case involves a refund suit covering four tax years. The court decided not to dismiss her
Some Corporations Pay Zero Federal Income Taxes
June 3, 2021
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TweetShareSharePin22 Shares President Biden has privately pitched dropping his proposed 28 percent corporate tax rate from an infrastructure package and funding it through his proposed minimum tax on corporate book income. However, the proposal for a minimum book tax misunderstands the important reasons why a corporation may not owe federal tax liability in a given
Biden Child Tax Credit Changes and More Head Sniffin’
June 3, 2021
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TweetShareSharePin0 Shares President Biden’s newly released budget and the Treasury Department’s “Green Book” of revenue proposals outlines a vision of more spending administered through the tax code. The proposals have revived the debate over the proper role of spending in the tax code, and relies on the Internal Revenue Service (IRS) to further expand beyond
DAWSON Update and Example of Tax Court Policing
June 3, 2021
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TweetShareSharePin0 Shares Carl Smith continues to probe the Tax Court docket sheet as he has done for many years but in his retired retirement, he finds working his way through DAWSON interesting as new features arrive unexpectedly to be discovered. The latest new feature Carl has found is one about which those of us who
