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Taxation

  • 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, 
  • IRS Begins Using Voice and Chat Bots to Answer Basic Taxpayer Questions

    By:
    Ruth Singleton
    |
    Mar 11, 2022
    The IRS announced that it has begun using voice bots on two toll-free numbers and chat bots on IRS.gov to answer taxpayers’ simple questions about payments or collections notices. Through these bot services, taxpayers can get the information they need quickly and avoid waiting. They  still have the option to speak with IRS telephone representatives if they need to. 
  • Latest Spending Bill Reduces IRS Budget Increase from 14 to 6 Percent

    By:
    Ruth Singleton
    |
    Mar 10, 2022
    The House of Representatives passed an omnibus spending bill on Wednesday that reduces an IRS budget increase from 14 to 6 percent,. Much of that increased funding will be directed at improving taxpayer service. The bill allocates up to $75 million to address the IRS’s backlog, including its paper inventory of amended returns, correspondence and adjustments to return filings.
  • IRS Updates FAQs on Child Tax Credits; Publication 972 Now Obsolete

    By:
    Ruth Singleton
    |
    Mar 9, 2022
    The IRS has revised its FAQs about the 2021 Child Tax Credit and Advance Child Tax Credit payments. These revisions are intended to help taxpayers claim these credits when they prepare and file their 2021 tax returns..