A10093, Middle Class Tax Relief, introduced in New York on April 29, 2022, provides tax relief by removing overtime pay and tips from AGI. Overtime is working beyond 40 hours per week and likely means hourly workers rather than
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Prop regs fix a PTC issue 7 years later
Increasing teacher’s deduction for classroom supplies masks problem rather than fixes it
Law and Tech Modernization Needed to Get Tax Refunds To Taxpayers
In recent years, a few weeks before April 15, the IRS issues a press release such as these two:2021: IRS has refunds totaling $1.3 billion for people who have not filed a 2017 federal income tax return (IR-2021-75 (4/5/21))2022:
Who is in charge? Dealing with conflicting guidance
In March 2022, the Joint Committee on Taxation released a Bluebook on tax legislation enacted in the 116th Congress (JCS-1-22, 3/8/22). On page 315 of this report, there is what I find to be a troubling statement and
Odd Tax Proposal Harms Tax Gap and Tax Transparency
H.R. 6937, Shifting Limits on Thresholds (SLOT) Act, is a bipartisan proposal to increase the information reporting threshold for slot machine winnings from $1,200 to $5,000 and adjust it for inflation. The sponsors note that the threshold has been
Gasoline Excise Tax Is Not Too High
1040 Virtual Currency Confusion from Two Years Ago Is Still Confusing
Happy Valentine’s Day!Just posting a reminder today of an IRS website added two years ago on February 14, 2020 about virtual currency. Here is the link and here is the entire text:”The IRS recognizes that the language on our page
Dealing with 1099 Errors – Input Desired
Tax season has started and by now (February 6) we should have our 1099s and W-2s and perhaps a few other reporting forms. We need to review them for accuracy, even forms from the IRS, such as Letter 6419 on