TAXES Archive
Build Back Better 2.0 Still Raises Taxes For High Income Households And Reduces Them For Others
November 11, 2021
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TweetShareSharePin0 Shares In a new analysis, the Tax Policy Center estimates that the major tax changes in the latest version of President Biden’s Build Back Better plan would cut taxes on average for nearly all income groups in 2022. The exception: Those in the top 1 percent, who will make about $885,000 or more. They’d
Effect of Bankruptcy Confirmation on Tax Liability
November 11, 2021
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TweetShareSharePin0 Shares In Wathen v. Commissioner, TC Memo 2021-100 the taxpayer argued that the confirmation of his chapter 13 plan precluded the IRS from subsequently pursuing a deficiency case for periods not included in the plan. Petitioner represented himself in this case which brings its own limitations on the understanding of procedure. This was his
Tax Time
November 11, 2021
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TweetShareSharePin0 Shares Waverley Main Floor, February 2010 Posted by TBPL on 2010-02-10 13:50:46 Tagged: , tax , time TweetShareSharePin0 Shares
IRS issues inflation adjustments for 2022 returns
November 10, 2021
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News PROCEDURE & ADMINISTRATION By Paul Bonner The IRS issued Rev. Proc. 2021-45 Wednesday, adjusting for inflation a wide array of amounts applicable to the 2022 tax year for use with individual, business, and estate and trust returns and related tax issues. Amounts under 62 Code sections are updated. The IRS also
Tax Time
November 10, 2021
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TweetShareSharePin0 Shares Waverley Main Floor, February 2010 Posted by TBPL on 2010-02-10 13:51:21 Tagged: , tax , time TweetShareSharePin0 Shares
Passport Revocation Cases Part 2
November 10, 2021
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TweetShareSharePin0 Shares Yesterday, I discussed two recent passport revocation cases, United States v. Hupp and Franklin v. United States. Today, I look at Tenth Circuit and Tax Court cases involving similar issues decided earlier this year. Rowen The Tax Court decision in Rowen v. Commissioner, 156 T.C. No. 8 (2021) addresses the constitutionality of the
Taxing times
November 10, 2021
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TweetShareSharePin0 Shares Filling out my income tax forms with help from Stella Posted by christians photos on 2009-03-02 23:27:53 Tagged: , Apartment , tax TweetShareSharePin0 Shares
FAQ guidance on income change reporting for advance child tax credit
November 9, 2021
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TweetShareSharePin0 Shares The IRS on Tuesday issued Fact Sheet 2021-13 updating its frequently asked questions (FAQs) concerning the child tax credit (CTC) and advance payments, telling taxpayers how to estimate and update their projected 2021 MAGI on the online Child Tax Credit Update Portal and explaining how modified adjusted gross income (MAGI) affects eligibility for,
Tax treatment of COVID-19 homeowner relief payments clarified
November 9, 2021
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TweetShareSharePin0 Shares Homeowners who receive or benefit from payments from a federal homeowner assistance fund were given an optional IRS safe harbor Monday for computing their itemized deductions for mortgage interest and real property taxes. The guidance, in Rev. Proc. 2021-47, is intended to allow taxpayers to compute their itemized deductions for mortgage interest and
Passport Revocation Cases Part 1
November 9, 2021
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TweetShareSharePin0 Shares We are in the process of the three times a year exercise of updating the Saltzman and Book treatise “IRS Practice and Procedure.” As we have mentioned previously, the blog started primarily because we must stay on top of procedural cases in order to update the treatise. Sometimes the blogging of cases informs
