Posts Tagged ‘tax administration’

Reporting, Responding, and Partnerships

Congress is in recess through the mid-term elections. The Daily Deduction will post each Monday until then.  Stranger than fiction: The IRS, “structuring,” and asset seizures. A business’ cash deposits, if under $10,000, do not trigger a government reporting requirement. But that could look like “structuring” to the IRS: Keeping cash deposits low specifically to […]

Tax Freedom, Tax Avoidance

On the Hill, a vote on internet tax freedom. The House Judiciary Committee expects to mark up a bill to prevent states and cities from taxing internet access tomorrow. The “Permanent Internet Tax Freedom Act” has bipartisan support in both the House and Senate. State and local internet taxes have been prohibited since 1998, but […]

Tax Extenders, Administration and Reform Are On Deck; State Revenues Are Up

This week: The House will vote on tax extenders. In his June policy memo to House Republicans, Majority Leader Eric Cantor notes that there will be votes on three tax extender bills this week. The bills would make permanent (1) small business expensing of up to $500,000 in qualifying equipment per year, adjusted for inflation […]

Can Filing Taxes Connect Low-Income Families to Bank Services and Save the Government Money?

Is there a way for low- and moderate-income households who do not have bank accounts to receive tax refunds electronically? A new Urban Institute study found these households may be willing to participate in a program that delivers their refunds directly to a prepaid card account. We evaluated a Treasury Department pilot program called the […]

Five Challenges for the IRS’s New Capital Gains Reporting Rules

Sellers of stocks and other assets have always had to calculate their cost basis (generally, what they paid for the investment) in order to figure their taxable capital gains. In the past, this was often a hit-or-miss experience that required lots of tedious research (occasionally with help from brokers) and more than a bit of […]