TAX CODE HAS NOT CAUSED CORPORATE CHANGE

Tax code has not caused corporate change. One of the provisions of a change to the tax code, was to increase taxes on the Executive Compensation of Corporate Officers. It was intended by Congress to rein in excessive compensation packages that can cause problems in the marketplace. Prior to the change, Corporations were allowed to […]

LATE PETITION DOES NOT BAR TAX COURT CASE

Late petition does not bar Tax Court case. In our ongoing coverage of cases related to Tax Court, we analyze an Eighth Circuit case. The U.S. supreme Court found that the time limit to file a petition with the Tax Court was not a condition of the Tax Court’s jurisdiction but rather a non-jurisdictional rule […]

SUPPLY CHAINS AND TAX PROFESSIONALS

Supply chains and tax professionals. Now that the Covid pandemic is at a stage where most agree its not going anyway, many disruptions in the economy have happened and will continue to happen. One has to do with the supply chain. With so many companies involved in the supply chain, and its importance to the […]

IRS PROVIDES GUIDANCE FOR PUERTO RICO

IRS provides guidance for Puerto Rico. In IRS bulletin IR-2022-105, the Internal Revenue Service provided guidance for certain individuals in Puerto Rico on how to file and claim the Child Tax Credit payments that they are entitled to receive under the American Rescue Plan Act. “It’s important for residents of Puerto Rico to know that […]

CRYPTOCURRENCY REPORTING TO THE IRS

Cryptocurrency reporting to the IRS. Due mainly to the Covid pandemic and the need for massive government intervention and spending programs, the U.S. government, Congress and the Biden Administration are looking for additional revenue sources. Tax increases per say are unpopular, but the next best thing for those looking to plug the gaps in the […]

CONGRESS TO HEAR FROM IRS COMMISSIONER

Congress to hear from IRS Commissioner. IRS Commissioner Charles Rettig will report on the current tax filing season to the House Ways and Means Committee’s Oversight Subcommittee next week, the committee’s chair, Bill Pascrell Jr, D-N.J. said. The hearing will be webcast live and available at the Ways and Means Committee’s website. The Oversight Subcommittee […]

AICPA TESTIFIES TO CONGRESS ON IRS SERVICE

AICPA testifies to congress on IRS service. “There’s still time to salvage this year’s tax filing season, or at least some of it if that makes a difference, if the IRS adopts recommended taxpayer Tax help measures”, said Jan Lewis, CPA, the chair of the AICPA’s Tax Executive Committee, told the U.S. Senate Committee Finance […]

AMERICAN RESCUE PLAN BOOST REFUNDS

American rescue plan boost refunds. IRS urges Americans to file, even if they haven’t for years. The Internal Revenue Service urged Americans to file a 2021 federal income tax return so they can take advantage of key tax benefits in the American Rescue Plan and other legislation recently passed by Congress. Individuals and families can […]

INFRASTRUCTURE TALKS AT IMPASSE

Infrastructure talks at impasse. With Democrats and Republicans at odds over the details of the infrastructure bill, it seems that both parties have dissension within their ranks as well, making agreement even more difficult. There is broad agreement among Democrats that the corporate tax rate is too low. The rate was slashed from 35 percent […]

EARNED INCOME CREDIT SHOULD BE USED

Earned income credit should be used. The earned income credit is designed to act as a cash infusion to low income families. In fact, some experts have called it “One of the largest and most studied antipoverty programs in the United States.” Yet far too many taxpayers aren’t aware of the IRS credit, according to […]