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Taxation

  • Report: 57 Percent of American Households Paid No Income Tax in 2021

    By:
    Ruth Singleton
    |
    Mar 25, 2022
    A report by the Tax Policy Center has found that 57 percent of U.S. households paid no income tax last year because of COVID-19-related job losses, relief funds, tax credits and stimulus payments. The percentage rose from 44 percent pre-pandemic.  

  • TIGTA Report: IRS Should Make Changes to Remedy Inadequate Assistance to Taxpayers Over Tax Accounts

    By:
    Ruth Singleton
    |
    Mar 24, 2022
    The Treasury Inspector General for Tax Administration (TIGTA) recently issued a report following an audit initiated because of a backlog of over-aged Accounts Management inventory, which  has been an ongoing challenge for the IRS. Among its recommendations, TIGTA  urged the IRS to redirect tax account correspondence from its tax processing centers to its accounts management campus supports sites in order to expedite service to taxpayers. 

  • IRS Commissioner Says 2022 Filing Season Had Strong Start, Despite Backlogs from Last Year

    By:
    Ruth Singleton
    |
    Mar 18, 2022
    In testimony before the House Ways and Means Committee Thursday, IRS Commissioner Charles P. Rettig, while acknowledging continuing backlogs of paper returns from last year, said that the 2022 filing season has gotten off to a strong start with regard to tax return processing and the operation of its information technology (IT) systems. “Through March 11, the IRS received more than 63 million individual federal tax returns and issued more than 45 million refunds totaling more than $151 billion,” he said. “Refund returns continue to be processed on a priority basis ahead of returns with a balance due or full payment of the underlying liabilities.” 

  • Two Surveys Find Corporate Tax Departments Concerned About Legislative Changes Ahead

    By:
    Ruth Singleton
    |
    Mar 17, 2022
    Two recent surveys of corporate tax executives found that their departments are significantly concerned about potential legislative tax changes on the federal level. Many are also planning on automating their processes to promote efficiency, as well as to make up for a shortfall in talent.

  • Report: Backlogs Likely to Continue, As IRS Attained Under 67 Percent of Its Hiring Goal Last Year

    By:
    Ruth Singleton
    |
    Mar 16, 2022
    The Treasury Inspector General for Tax Administration (TIGTA) has released a report projecting that IRS backlogs will continue into the 2022 filing season. It found that backlogs from the 2020 filing season slowed down the agency during the 2021 filing season, as the IRS achieved just under 67 percent of its hiring goal for submission processing last year. 

  • New York State Legislators Consider Suspending Gas Tax

    By:
    Ruth Singleton
    |
    Mar 15, 2022
    Members of the New York State Legislature are in negotiations to temporarily suspend the state’s gas tax. Republicans originally pushed for the suspension, and it is now garnering support among Democrats.

  • Sen. Wyden Seeks to End Tax Breaks for Companies Doing Business in Russia, Belarus

    By:
    Ruth Singleton
    |
    Mar 14, 2022
    Sen. Ron Wyden (D-Ore.), the chair of the Senate Finance Committee, announced on Friday that he is working on policies that would eliminate tax breaks for U.S.-based companies doing business in Russia and Belarus, as well as for Russian and Belarusian individuals and entities that earn income in the United States, 
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