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Taxation

  • Favored Tax Provisions May Be Left Out of Congressional Budget Bill

    By:
    S.J. Steinhardt
    |
    Dec 19, 2022

    Hope is dwindling that Congress will reach a budget deal that gives both Democrats and Republicans important policy victories.

  • IRS Expected to Improve IT Services Over Next Few Years

    By:
    S.J. Steinhardt
    |
    Dec 14, 2022
    The $80 billion in funding to the IRS provided by the Inflation Reduction Act is expected to be used to improve many of the tax collection agency’s services, including information technology (IT).
  • Association for Tax Pros Calls on IRS To Fix Phone Service

    By:
    S.J. Steinhardt
    |
    Dec 7, 2022
    Tax professionals and taxpayers currently find themselves in “a dire situation” regarding the “nearly non-existent phone service at the IRS,” particularly the agency’s Practitioner Priority Service (PPS), Megan Killian, the executive vice president of the National Association of Enrolled Agents (NAEA) wrote in a letter to IRS Acting Commissioner Douglas O’Donnell.
  • Despite Assurances About Limited Use of New IRS Funding, Concerns Over Audits Persist

    By:
    S.J. Steinhardt
    |
    Sep 15, 2022
    The $80 billion in additional funding allotted to the IRS by the Inflation Reduction Act aims to provide better customer service and enforcement, among other things. But some  finance professionals and politicians are concerned about the possibility of increased audits.
  • Sinema Now Supports Climate and Tax Bill, But With Removal of Provision Closing Carried Interest Loophole

    By:
    Ruth Singleton
    |
    Aug 5, 2022
    Sen. Kyrsten Sinema (D-Ariz.) announced on Thursday that she will support the climate and tax legislation known as the Inflation Reduction Act of 2022. Last week, Sen. Joe Manchin (D-W.Va.) announced his support of the bill, and she had been the last Democratic holdout in the Senate. Sinema’s support of the bill was based on Senate Democrats agreeing to her demand to drop a provision that would have closed the carried interest loophole, which benefits hedge fund and private equity executives, and to change the structure of a 15 percent minimum tax on corporations. Her agreement to the bill means that it can move forward through the Senate in the next few days. 
  • IRS Alerts Tax Pros: Be Aware of Signs of Identity Theft

    By:
    Ruth Singleton
    |
    Aug 2, 2022

    The IRS has issued a warning to tax professionals to be on the lookout for several tell-tale signs of identity theft. 

  • A Deeper Look at the Major Tax Provisions of the 2022 Inflation Reduction Act

    By:
    Ruth Singleton
    |
    Aug 1, 2022
    Late last week, Sen. Joe Manchin (D-W.Va.) announced that he would support a climate and tax bill known as the Inflation Reduction Act of 2022, which includes several provisions of the Build Back Better legislation that failed to pass the Senate last year. The new bill includes significant tax changes, although a more stringent international tax regime and a controversial “millionaire’s tax” are not included in the final version.