IRS Is Ending The Taxpayer Advocacy Panel. Here’s What We Know.
The IRS is ending the Taxpayer Advocacy Panel in its current form and replacing it with a new approach to gathering taxpayer feedback.
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Taxes From A To Z 2020: M Is For Mark-To-Market Taxation
It’s my annual Taxes from A to Z series! If you’re wondering how to figure basis for cryptocurrency or whether you can claim home office expenses during COVID, you won’t want to miss a single letter. M is for Mark-To-Market. One of the big buzz phrases from 2019 was “mark-to-market” taxation. That implies that it’s…
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4/20 Is High Time To Think About Marijuana & Taxes
Today is 4/20, or National Weed Day. A few years ago, the counterculture holiday would have confounded from some and amused others. Now, 4/20, the day which celebrates marijuana, is so mainstream that it’s trending on Twitter (82k tweets already marking “#420day” so far this morning). Marijuana doesn’t have the same taboo as it once did, mostly thanks…
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Study Suggests That Raising E-Cigarette Taxes Could Encourage Traditional Smoking
Sin taxes are excise taxes imposed on goods or behaviors – like booze and cigarettes – that lawmakers deem harmful. In addition to raising revenue, the idea is that bumping taxes high enough should trigger a slowdown in the behavior. But what happens if taxpayers simply exchange the “sinful” behavior – not for a “better”…
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Here’s What A Payroll Tax Cut Might Look Like
As concerns circulate about a potential recession, President Donald Trump insists that the economy remains healthy. Despite those assertions, there have been rumblings that White House officials are exploring the possibility of a temporary payroll tax cut to put more money in the hands of consumers. According to reports, economists inside the White House have drafted…
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Family Loses Court Case After Refusing To Pay Tax Because It Was ‘Against God’s Will’
There is no passage in the Bible that states, “Thou shalt not pay tax.” That was the finding in an Australian court case that garnered worldwide interest because of the nature of the defense: the family refused to pay tax, claiming that it was “against God’s will.” However, Associate Justice Stephen Holt ruled against them, ordering…
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Congressional Considers Extending Tax Filing Season
Remember that earlier chatter suggesting that Congress should extend the tax filing season? There’s now a serious proposal to do just that. Representatives Sean Casten (D-IL) and Lauren Underwood (D-IL) have introduced the Taxpayer Extension Act, which would give American taxpayers an additional five weeks to file their individual tax returns for 2018. That would push the deadline from…
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Report Suggests Taxpayers Should Have More Time To File In 2019
It’s not your imagination: It really is a different kind of tax season. It’s so different that the National Taxpayers Union Foundation (NTUF), a nonpartisan research and educational organization, is calling on Congress to extend the filing season. Why the pitch? The NTUF argues that the timing of the shutdown—the longest ever in U.S. history—created a…
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Taxpayer Advocate Reports On 20 Most Serious Problems Facing Taxpayers
Each year, the National Taxpayer Advocate (NTA) makes an annual report to Congress. The report is required by law under Section 7803(c)(2)(B)(ii) of the Internal Revenue Code which mandates that the NTA identify at least 20 of the most serious problems encountered by taxpayers and make administrative and legislative recommendations. The most serious problems, as identified by…
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A Look At How Much Influence Presidents Have On Your Taxes
“Read my lips: no new taxes.” Those few words, uttered by then-American presidential candidate George H. W. Bush at the 1988 Republican National Convention on August 18, became a hallmark of Bush’s presidency. When taxes did go up – a move made by Congress – voters were angry and blamed the President. But how much influence…
