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Taxation

  • Prospect for Passage of Several Tax-Related Bills This Year Remains Uncertain

    By:
    Ruth Singleton
    |
    Jun 22, 2022
    As 2022 approaches its midpoint, there remains great uncertainty about the prospects for the passage of Build Back Better and other tax-related legislation before the year ends. The Build Back Better legislation, originally an ambitious package meant to significantly bolster the social safety net,  has now shrunk from $3.5 trillion to under $2 trillion. If it is to pass through budget reconciliation, it must move by Sept. 30, when the current budget resolution expires. 
  • GAO Report: In Wake of ‘Wayfair,’ Differing State Requirements for Sales Tax Collection Present Challenges for Businesses

    By:
    Ruth Singleton
    |
    Jun 15, 2022
    A report issued Tuesday by the Government Accountability Office (GAO) found that after the 2018 Supreme Court decision in South Dakota v. Wayfair, enabling states to require out-of-state businesses to collect sales taxes even in the absence of a physical presence in the state, the 45 states that collect sales tax adopted requirements for remote sales tax collection that differ by economic thresholds, registration requirements and other factors. These differing tax collection requirements present challenges and costs for businesses.

  • IRS 2021 Whistleblower Report Reveals Increase in Claim Numbers But Decrease in Collections and Awards

    By:
    Ruth Singleton
    |
    Jun 14, 2022
    The IRS issued the fiscal year 2021 report for its Whistleblower Office last week, revealing mixed results for whistleblower cases. On the one hand, John Hinman, director of the office, wrote in the report’s introduction that “whistleblower claim numbers assigned in FY 2021 grew by 55 percent year over year, the second highest level of new claim numbers in the history of the program and claim closures also increased by 13 percent.”
  • As Gas Prices Soar, IRS Will Raise Deductible Mileage Rate by 4 Cents on July 1

    By:
    Ruth Singleton
    |
    Jun 10, 2022
    In response to the rising cost of gas, the IRS announced that it will increase the optional standard mileage rates for the deductible costs of business travel by 4 cents, to 62.5 cents per mile. The change will become effective July 1. 
  • Global Corporate Minimum Tax Deal Faces Lone E.U. Holdout and Looming U.S. Midterms

    By:
    Ruth Singleton
    |
    Jun 9, 2022

    It was nearly a year ago that the White House announced that 130 countries expressed support for a 15 percent global minimum corporate tax at a meeting of the Organization for Economic Cooperation and Development (OECD). Now Poland is the lone holdout to the European Union unanimously adopting the agreement, after Sweden, Estonia and Malta withdrew their objections in April. In the United States, the agreement would need to be ratified by Congress, either as legislation or as a treaty.

  • IRS Data Book for FY 2021 Reveals Collection of $4.1 Trillion in Taxes

    By:
    Ruth Singleton
    |
    May 31, 2022
    The IRS has issued its Data Book for fiscal year 2021 (Oct. 1, 2020-Sept. 30, 2021), revealing that the agency collected $4.1 trillion in taxes, compared to $3.5 trillion in FY 2020.
  • IRS Updates ‘Where’s My Refund?’ Tool to Include Two Previous Years

    By:
    Ruth Singleton
    |
    May 26, 2022
    The IRS has announced that its “Where’s My Refund?” tool now allows taxpayers to check the status of their two previous years' refunds, in addition to their refunds from the current tax year. Taxpayers can choose any of the three most recent tax years to check their refund status. They'll need their Social Security number or individual taxpayer identification number (ITIN), their filing status and their expected refund amount from the original filed tax return for the tax year they're checking.