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TAXES Archive

Ukraine Aid, School Taxes, and Federal Prison

TweetShareSharePin0 Shares Ukraine aid passes Senate. The $40 billion emergency aid package cleared the Senate just in time. The Pentagon had nearly exhausted its funding to send weapons to Ukraine. Eleven Republicans opposed the measure. The House passed the bill last week. It includes no offsets. Schumer and Manchin talking spending and taxes…again. Senate Democratic

Tax equity research lacks demographic data, GAO reports

TweetShareSharePin0 Shares Disparities by race, ethnicity, and sex exist among taxpayers in their eligibility for and amount of family-oriented tax credits and certain other tax attributes, the U.S. Government Accountability Office (GAO) found in a study. Those findings were only estimates, however, the GAO cautioned, extrapolated and simulated from U.S. Census data. And the report

Can Intentionally Filing an Improper Information Return Justify a Claim for Damages Under Section 7434?…Continued!

TweetShareSharePin0 Shares We welcome back guest blogger Omeed Firouzi, who works as a staff attorney at the Taxpayer Support Clinic at Philadelphia Legal Assistance, for a discussion of the latest case involving an information return with improper information.  The question of how far the statute goes in order to protect recipients continues to play out

UNDERPAID TAX…YIKES!!

TweetShareSharePin0 Shares I am so "lucky" to be one of the 1 in 6 people to have received one of these…not..they make the cock up and we end up with the bill… I am sooo tempted to say stick it where the sun don’t shine…but I’m sure where the Tax Man is concerned it might

House subcommittee queries audit rates, IRS resources

TweetShareSharePin0 Shares Causes and cures for persistent high rates of improper payments of the earned income tax credit (EITC) and consequent high audit rates by the IRS of taxpayers claiming the credit were among topics discussed Wednesday by members of the Oversight Subcommittee of the House Ways & Means Committee. The session, “On Taxpayer Fairness

Update on Premature Assessments

TweetShareSharePin0 Shares 0 Flares Filament.io Made with Flare More Info“> 0 Flares × At the recent ABA Tax Section meeting the Tax Court announced that it had eliminated its backlog of cases which should stop the premature assessment problem it has created during the past two years

IRS audit rates decreased most for wealthy, GAO finds

TweetShareSharePin0 Shares IRS examinations of individual income tax returns declined between 2010 and 2019 across the board, but the trend was most pronounced for taxpayers with incomes of $200,000 or more, the U.S. Government Accountability Office (GAO) reported Tuesday. The report, Trends of IRS Audit Rates and Results for Individual Taxpayers by Income (Rep’t No.
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