The Hill: Biden tax-hike proposals face bumpy road ahead (January 17, 2021)

The Hill has published an article by Naomi Jagoda, "Biden tax-hike proposals face bumpy road ahead," which discusses the potential difficulties Democrats will face in passing tax-increase legislation that appeases both the moderate and progressive sides of the party. The article begins as follows: President-elect Joe Biden and congressional Democrats have signaled plans to raise taxes on … Continue reading The Hill: Biden tax-hike proposals face bumpy road ahead (January 17, 2021)

KPMG: COVID Relief Extended for Qualified Opportunity Funds and Investors (Jan. 20, 2021)

On January 19, 2021, the IRS released Notice 2021-10, which expands and extends previous relief granted in response to the ongoing COVID-19 pandemic. While the pandemic has disrupted aspects of Qualified Opportunity Zone (QOZ) planning and development, Qualified Opportunity Funds (QOFs) and potential QOF investors were able to rely on much-needed relief for the 2020 … Continue reading KPMG: COVID Relief Extended for Qualified Opportunity Funds and Investors (Jan. 20, 2021)

Bloomberg News: The Rich Are Minting Money in the Pandemic Like Never Before (January 17, 2021)

Davide Scigliuzzo of Bloomberg News has made available for download his article, “The Rich Are Minting Money in the Pandemic Like Never Before.” The article begins as follows: Americans have become, by some measures, richer during the pandemic than ever before.It’s a difficult thing to fathom, what with the economic collapse and the surge in the ranks of the jobless, the … Continue reading Bloomberg News: The Rich Are Minting Money in the Pandemic Like Never Before (January 17, 2021)

Bloomberg Tax: New IRS Tool Allows Tax Pros to Submit Authorizations Online (January 25, 2021)

Allyson Versprille, of Bloomberg Tax, has recently made available her article that discusses the new online portal that the IRS has created in order to help tax professionals get client signatures and submit forms like Form 2848, all online. With this new IRS tool, tax professionals can fill out Form 2848, Power of Attorney and … Continue reading Bloomberg Tax: New IRS Tool Allows Tax Pros to Submit Authorizations Online (January 25, 2021)

Richard L. Kaplan: Estate Planning for Retirement Benefits after the SECURE Act (January 7, 2021)

Richard L. Kaplan, of University of Illinois College of Law, has made available for download his article, "Estate Planning for Retirement Benefits after the SECURE Act," published in University of Illinois College of Law Legal Studies Research Paper No. 21-03. The abstract is as followed: This brief essay examines one of the most significant intersections … Continue reading Richard L. Kaplan: Estate Planning for Retirement Benefits after the SECURE Act (January 7, 2021)

All taxpayers now eligible for Identity Protection PINs

The Internal Revenue Service today expanded the Identity Protection PIN Opt-In Program to all taxpayers who can verify their identities. The Identity Protection PIN (IP PIN) is a six-digit code known only to the taxpayer and to the IRS. It helps prevent identity thieves from filing fraudulent tax returns using a taxpayers' personally identifiable information. … Continue reading All taxpayers now eligible for Identity Protection PINs

IRS ready for the upcoming tax season; last-minute changes to tax laws included in IRS forms and instructions

The Internal Revenue Service today assured taxpayers and tax professionals that updates to key federal tax forms and instructions are complete and will be available when Americans begin filing their tax returns. Most individual taxpayers file IRS Form 1040 or Form 1040-SR PDF once they receive Forms W-2 and other earnings information from their employers and payers. IRS has incorporated … Continue reading IRS ready for the upcoming tax season; last-minute changes to tax laws included in IRS forms and instructions

T.D. 9946: Final Regulations Addressing the Deductibility of Fines and Penalties Issued (Jan. 13, 2021)

The IRS has released final regulations that address the changes made to Code Sec. 162(f) by the Tax Cuts and Jobs Act. These regulations finalize the proposed regulations released last May. The final regulations also provide guidance relating to the information reporting requirements for fines and penalties under Code Sec. 6050X. To see T.D. 9946 … Continue reading T.D. 9946: Final Regulations Addressing the Deductibility of Fines and Penalties Issued (Jan. 13, 2021)

AICPA Tax Insider (October 29, 2020): Offer-in-compromise Scams Expected to Increase; 2021 Inflation Adjustments and Tax Tables Issued; Inflation-adjusted Income Ranges for 2021 IRA and 401(k) Plans; and More!

Offer-in-compromise scams expected to increaseBy Dave Strausfeld, J.D.What can be done about predatory firms that make exaggerated promises of being able to settle tax debt? A recession provides fertile ground for their scams. 2021 inflation adjustments and tax tables issuedThe IRS issued the 2021 inflation adjustment amounts and tax tables for use in preparing 2021 … Continue reading AICPA Tax Insider (October 29, 2020): Offer-in-compromise Scams Expected to Increase; 2021 Inflation Adjustments and Tax Tables Issued; Inflation-adjusted Income Ranges for 2021 IRA and 401(k) Plans; and More!

Timothy Fitzgerald, Kevin Hassett, Cody Kallan, and Casey B. Mulligan: An Analysis of Vice President Biden’s Economic Agenda: The Long Run Impacts of its Regulation, Taxes, and Spending (October 21, 2020)

Timothy Fitzgerald, Kevin Hassett, Cody Kallan, and Casey B. Mulligan, of Texas Tech University; Independent, University of Wisconsin - Madison, and University of Chicago; National Bureau of Economic Research (NBER), have made available for download their article, "An Analysis of Vice President Biden's Economic Agenda: The Long Run Impacts of its Regulation, Taxes, and Spending," … Continue reading Timothy Fitzgerald, Kevin Hassett, Cody Kallan, and Casey B. Mulligan: An Analysis of Vice President Biden’s Economic Agenda: The Long Run Impacts of its Regulation, Taxes, and Spending (October 21, 2020)

Karen Czapanskiy: Tax Policy, Structured Settlements and Factoring: Making Exploitation Easy and Profitable (October 23, 2020)

Karen Czapanskiy, of University of Maryland - Francis King Carey School of Law, has made available for download her article, "Tax Policy, Structured Settlements and Factoring: Making Exploitation Easy and Profitable," published in 93 University of Detroit Mercy Law Review 455 (2020) and U of Maryland Legal Studies Research Paper No. 2020-19. The abstract is … Continue reading Karen Czapanskiy: Tax Policy, Structured Settlements and Factoring: Making Exploitation Easy and Profitable (October 23, 2020)

Forbes: Rocker Gene Simmons Kisses Off California Taxes, Should You Too? (November 1, 2020)

Forbes has published an article, "Rocker Gene Simmons Kisses Off California Taxes, Should You Too?" which discusses California's high tax rates and how to prevent audit risk after leaving residency in-state. The article begins as follows: California’s 13.3% tax rate is enough to make almost anyone sick, including rock stars. Kiss rocker Gene Simmons announced he wanted to leave … Continue reading Forbes: Rocker Gene Simmons Kisses Off California Taxes, Should You Too? (November 1, 2020)

Deloitte: Tax policy implications of a Joe Biden presidency (Nov. 8, 2020)

Joe Biden appears to be headed to the White House and will assume responsibility for the nation’s fiscal policy beginning in January of 2021. His tax agenda calls for, among other things, increasing rates on large corporations and upper-income individuals and limiting or eliminating some of the incentives currently available to these taxpayers. "A change … Continue reading Deloitte: Tax policy implications of a Joe Biden presidency (Nov. 8, 2020)

Forbes: Why Businesses Should Keep An Eye On State Tax Policies Before And After Presidential Election (October 15, 2020)

Forbes has published an article, "Why Businesses Should Keep An Eye On State Tax Policies Before And After Presidential Election," which discusses the how states and localities facing budget deficit can impact tax policies during the presidential election period. The summary is as follows: As a result of the COVID-19 crisis, many states and localities … Continue reading Forbes: Why Businesses Should Keep An Eye On State Tax Policies Before And After Presidential Election (October 15, 2020)

Forbes: Tax Court Will Go Dark For December (October 13, 2020)

Forbes has published an article, "Tax Court Will Go Dark For December," which discusses the potential effects of the Tax Court's impending month of silence as it prepares to implement the DAWSON case management system. The article begins as follows: I just picked up on an extraordinary piece of news that has been around for nearly a week with … Continue reading Forbes: Tax Court Will Go Dark For December (October 13, 2020)

Forbes: How To Make $1 Million Dollars And (Legally) Pay Zero Taxes (October 13, 2020)

Forbes has published an article, "How To Make $1 Million Dollars And (Legally) Pay Zero Taxes," which discusses the ways that wealthy taxpayers can legally mitigate their tax liability. The summary is as follows: Though many are trying to put a political spin on Trump’s low tax bill, the issue really transcends politics. The reality is paying … Continue reading Forbes: How To Make $1 Million Dollars And (Legally) Pay Zero Taxes (October 13, 2020)

Forbes: Pay With Your Smartphone: IRS Adds QR Codes To Tax Bills (October 11, 2020)

Forbes has published an article, “Pay With Your Smartphone: IRS Adds QR Codes To Tax Bills,” which discusses how and why The Internal Revenue Service (IRS) added barcode technologyto its tax notices.. The article begins as follows: Starting this month, the IRS will add QR codes to certain tax notices. QR stands for quick response, since … Continue reading Forbes: Pay With Your Smartphone: IRS Adds QR Codes To Tax Bills (October 11, 2020)

John A. Townsend: Federal Tax Procedure (2020 Practitioner Ed.) (August 1, 2020)

John A. Townsend, of the University of Houston School of Law, has made available for download his article, "Federal Tax Procedure (2020 Practitioner Ed.)," published in his SSRN page. The abstract is as followed: Federal Tax Procedure is a book originally prepared for a course on Tax Procedure taught by Adjunct Professor Townsend at the University of Houston … Continue reading John A. Townsend: Federal Tax Procedure (2020 Practitioner Ed.) (August 1, 2020)

Matthias Kasper and James Alm: Audits, Audit Effectiveness, and Post-audit Tax Compliance (September 18, 2020)

Matthias Kasper and James Alm, of University of Vienna; Tulane University and Tulane University, respectively, have made available for download their article, "Audits, Audit Effectiveness, and Post-audit Tax Compliance," published in the WU International Taxation Research Paper Series No. 2020-12. The abstract is as followed: This study uses a laboratory experiment to investigate the effect of tax audits on post-audit … Continue reading Matthias Kasper and James Alm: Audits, Audit Effectiveness, and Post-audit Tax Compliance (September 18, 2020)

Skadden, Arps, Slate, Meagher & Flom LLP: A Closer Look at Biden’s Tax Proposals (September 24, 2020)

Amy Heller, Victor Hollender, Shalom Huber, Andrew O'Gwynn, Regina Olshan, Paul Schockett, Eric Sensenbrenner, and Moshe Spinowitz, of Skadden, Arps, Slate, Meagher & Flom LLP, have made available for download their article, “A Closer Look at Biden’s Tax Proposals,” published in JDSUPRA. The article, co-authored by Law Clerk Cameron Williamson, contains the following abstract: Former Vice President Joseph Biden has proposed … Continue reading Skadden, Arps, Slate, Meagher & Flom LLP: A Closer Look at Biden’s Tax Proposals (September 24, 2020)