Taxpayer Advocate Service – NTA Blog: Math Error Notices: What You Need to Know and What the IRS Needs to Do to Improve Notices (April 19, 2022)

The Taxpayer Advocate Service has published an article titled “NTA Blog: Math Error Notices: What You Need to Know and What the IRS Needs to Do to Improve Notices”. The article begins as follows: Millions of taxpayers have received math error notices adjusting their returns, including the amount of recovery rebate credit (RRC), child tax … Continue reading Taxpayer Advocate Service – NTA Blog: Math Error Notices: What You Need to Know and What the IRS Needs to Do to Improve Notices (April 19, 2022)

ProPublica: “If You’re Getting a W-2, You’re a Sucker” (April 15, 2022)

Paul Kiel has published his article, “If You’re Getting a W-2, You’re a Sucker”. The abstract is as follows: Nikki Spretnak loved being an IRS agent. Being able to examine the books of different businesses gave her an intimate view of the economy. But over the years, she became more and more conscious of a chasm … Continue reading ProPublica: “If You’re Getting a W-2, You’re a Sucker” (April 15, 2022)

Forbes: How IRS Can Tax ‘Gifts’ and Impose Big Penalties (April 18, 2022)

Forbes has published an article, “How IRS Can Tax ‘Gifts’ and Impose Big Penalties”, which discusses the importance of reporting gifts to avoid costly tax penalties. The article begins as follows:  Are gifts income the IRS can tax? Fortunately, no, but the line between what is income and what is a gift is sometimes fuzzy. … Continue reading Forbes: How IRS Can Tax ‘Gifts’ and Impose Big Penalties (April 18, 2022)

AICPA Tax Insider (April 14, 2022): Proposed regulations revise premium tax credit’s affordability test, IRS commissioner to senators: ‘Our efforts are working’; and More!

Proposed regulations revise premium tax credit's affordability testThe regulations proposed last week relating to the premium tax credit would reinterpret how affordability of employer health care coverage is determined with respect to family members of an employee to whom the coverage is offered. IRS commissioner to senators: 'Our efforts are working'Charles Rettig briefed members of … Continue reading AICPA Tax Insider (April 14, 2022): Proposed regulations revise premium tax credit’s affordability test, IRS commissioner to senators: ‘Our efforts are working’; and More!

Forbes: Don’t Tax The Wealth Of The Rich, Tax What They Borrow (April 16, 2022)

Forbes has published an article, “Don’t Tax The Wealth Of The Rich, Tax What They Borrow”, which discusses a more efficient method of taxing the wealthy. The article begins as follows:  ProPublica recently reported on a “trove of IRS data” that showed “the incomes and tax rates of the 400 Americans with the highest incomes from … Continue reading Forbes: Don’t Tax The Wealth Of The Rich, Tax What They Borrow (April 16, 2022)

Daniel J. Hemel: How Treasury and the IRS Have Allowed High-Net-Worth Taxpayers to Exploit Stepped-Up Basis on Intergenerational Wealth Transfers, and How They Can Stop It: Answers to Question for the Record (January 17, 2022)

Daniel J. Hemel, of University of Chicago - Law School, has made available for download her article, “How Treasury and the IRS Have Allowed High-Net-Worth Taxpayers to Exploit Stepped-Up Basis on Intergenerational Wealth Transfers, and How They Can Stop It: Answers to Question for the Record". The abstract is as follows: This document, prepared as … Continue reading Daniel J. Hemel: How Treasury and the IRS Have Allowed High-Net-Worth Taxpayers to Exploit Stepped-Up Basis on Intergenerational Wealth Transfers, and How They Can Stop It: Answers to Question for the Record (January 17, 2022)

TaxProf Blog: Lesson From The Tax Court: “What’s Excluded From The §132 Exclusion?” (April 18, 2022)

Bryan Camp has published his article, "Lesson From The Tax Court: What’s Excluded From The §132 Exclusion?", which discusses exactly what is excluded from the The §132 Exclusion. The article begins as follows: Tax Day is here! And what better way to observe the day than a lesson on §132, a lesson that evokes the ghost … Continue reading TaxProf Blog: Lesson From The Tax Court: “What’s Excluded From The §132 Exclusion?” (April 18, 2022)

Louis Vlahos: Attention Congress: Focus On the Estate Tax Regime; Leave the Income Tax Alone (April 8, 2022)

Louis Vlahos, of Rivkin Radler LLP, has made available for download his article, “Attention Congress: Focus On the Estate Tax Regime; Leave the Income Tax Alone”, published in JDSUPRA. The abstract is as follows: The White House last week released the President’s Budget for the Fiscal Year 2023.[ii] The Budget is ambitious, but its “investments,” we … Continue reading Louis Vlahos: Attention Congress: Focus On the Estate Tax Regime; Leave the Income Tax Alone (April 8, 2022)

Procedurally Taxing: State Level Taxpayer Rights: A Survey of State Tax Administration (April 4, 2022)

A guest blogger has made available for download their article, "State Level Taxpayer Rights: A Survey of State Tax" published on Procedurally Taxing blog. The article begins as follows: Under a grant from the Rockefeller Foundation, the Center for Taxpayer Rights has developed a survey of state tax administration practices and procedures to better understand … Continue reading Procedurally Taxing: State Level Taxpayer Rights: A Survey of State Tax Administration (April 4, 2022)

KPMG: Tax Proposals for Exempt Organizations in Biden Administration’s Budget for FY 2023 (April 4, 2022)

KPMG has made available for download there article, "Tax Proposals for Exempt Organizations in Biden Administration's Budget for FY 2023", which discusses two proposals related to tax-exempt organizations. The abstract is as follows: The U.S. Treasury Department on March 28, 2022, released details of tax proposals in the administration’s budget recommendations for FY 2023 in … Continue reading KPMG: Tax Proposals for Exempt Organizations in Biden Administration’s Budget for FY 2023 (April 4, 2022)

TaxProf Blog – Bryan Camp: Lesson From The Tax Court: Penalty Approval In Conservation Easement Cases (April 4, 2022)

Bryan Camp has published an article on the TaxProf Blog, titled "Lesson From The Tax Court: Penalty Approval In Conservation Easement Cases" which discusses Pickens Decorative Stone LLC v. Commissioner, T.C. Memo. 2022-22 (Mar. 17) (Judge Lauber). The article begins as follows: The §6751(b) supervisory approval requirement for penalties has been a thorn in the side of both the IRS … Continue reading TaxProf Blog – Bryan Camp: Lesson From The Tax Court: Penalty Approval In Conservation Easement Cases (April 4, 2022)

KPMG: Actionable or Aspirational?: What to Make of the New Green Book (March 31, 2022)

KPMG has made available for download their article, “Actionable or Aspirational?: What to Make of the New Green Book”, which discusses new tax proposals in the Treasury's FY2023 Green Book. The abstract is as follows: This week Treasury issued a new set of tax proposals in its FY2023 Green Book. This year’s version builds on … Continue reading KPMG: Actionable or Aspirational?: What to Make of the New Green Book (March 31, 2022)

Deloitte: Tax News & Views (April 1, 2022)

Deloitte has published their Tax News & Views which discusses the the Securing a Strong Retirement Act of 2022 that cleared the House on March 29. The abstract is as follows: The House voted 414-5 on March 29 to approve bipartisan retirement security legislation aimed at making it easier for businesses to offer tax-qualified retirement … Continue reading Deloitte: Tax News & Views (April 1, 2022)

Forbes: Secure 2.0 Retirement Bill Mandates Roths And More (March 31, 2022)

Forbes has published an article, “Secure 2.0 Retirement Bill Mandates Roths And More”, which discusses the numerous provisions of the big retirement bill that the House passed this week, known as Secure 2.0. The article begins as follows:  The big retirement bill that the House passed this week, known as Secure 2.0, has several provisions … Continue reading Forbes: Secure 2.0 Retirement Bill Mandates Roths And More (March 31, 2022)

AICPA Tax Insider (March 31, 2022): Biden proposes higher corporate tax rate, 20% billionaire minimum tax; Various exempt organization notices paused; and More!

Biden proposes higher corporate tax rate, 20% billionaire minimum taxFiscal 2023 tax provisions also would increase IRS funding, encourage domestic business investments, and repeal many fossil fuel tax preferences. Various exempt organization notices pausedCiting processing delays, the IRS suspends 10 late-filing notices to tax-exempt organizations. Individual taxpayers must answer cryptoasset question, IRS notesFront and center … Continue reading AICPA Tax Insider (March 31, 2022): Biden proposes higher corporate tax rate, 20% billionaire minimum tax; Various exempt organization notices paused; and More!

The Tax Adviser: ‘SECURE 2.0’ would further expand retirement saving options (March 30, 2022)

The Tax Adviser has published an article, “'SECURE 2.0’ would further expand retirement savings options,” which discusses the 'SECURE 2.0' act and the bill's provisions that are intended to expand coverage and increase retirement savings. The article begins as follows: An eventual extension to 75 as the age by which retirees must withdraw required minimum … Continue reading The Tax Adviser: ‘SECURE 2.0’ would further expand retirement saving options (March 30, 2022)

BDO USA: State Pass-through Entity Tax Elections: Weighing the Pros and Cons (March 2022)

BDO USA has published an article, “State Pass-through Entity Tax Elections: Weighing the Pros and Cons”, published on BDO USA. The abstract is as follows: More than 20 states now allow pass-through entities (PTEs) to elect to be taxed at the entity level to help their residents avoid the $10,000 limit on federal itemized deductions … Continue reading BDO USA: State Pass-through Entity Tax Elections: Weighing the Pros and Cons (March 2022)

NTA Blog: TAS Tax Tip: When to check yes or no for the virtual currency question (March 29, 2022)

The National Taxpayer Advocate has made available for download their article, “TAS Tax Tip: When to check yes or no for the virtual currency question”, published on The National Taxpayer Blog. The abstract is as follows: Even though the IRS introduced a check box related to virtual currency on Form 1040 individual tax returns a few years … Continue reading NTA Blog: TAS Tax Tip: When to check yes or no for the virtual currency question (March 29, 2022)

Keith Fogg (Procedurally Taxing): Challenging Levy Compliance (March 30, 2022)

Keith Fogg, director of the Federal Tax Clinic at Harvard Law School’s Legal Services Center, has made available for download his article “Challenging Levy Compliance”, published on the Procedurally Taxing blog. The abstract is as follows: The IRS regularly issues levies to banks and to employers.  Taxpayers subject to the levy have almost no way … Continue reading Keith Fogg (Procedurally Taxing): Challenging Levy Compliance (March 30, 2022)

IPB Tax: “Billionaire Tax” Faces Uncertain Prospects (March 29, 2022)

Ivins Philips Barker has made available for download their article, “"Billionaire Tax" Faces Uncertain Prospects”, which discusses principal proposals potentially affecting high net worth individuals from the Treasury Department's General Explanations of the Administration’s Fiscal Year 2023 Revenue Proposals . The abstract is as follows: The Treasury Department released its General Explanations of the Administration’s Fiscal … Continue reading IPB Tax: “Billionaire Tax” Faces Uncertain Prospects (March 29, 2022)