Tag: ‘tax compliance’

Charting a Course for Tax Reform: Might Feel Familiar, Won’t Be Easy

By :: March 12th, 2015

On the Hill: Taxpayer protection sought, tax reform input needed. The Senate Finance Committee holds a hearing today on protecting taxpayers from scams during the current tax filing season. Yesterday, panel Chairman Orrin Hatch and Ranking Member Ron Wyden announced their effort to solicit ideas on how best to reform the tax code to be […]

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Taxed Reactions and Revenue Rules

By :: February 4th, 2015

House GOP on the President’s tax proposals: “Meh.” House Ways and Means Chair Paul Ryan told Treasury Secretary Jack Lew yesterday that “You have gradually, grudgingly taken a few steps in my opinion in the right direction… It’s progress… Not a lot. But we’ll take it.” Ryan and his colleagues wanted the President to do […]

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Another FATCA Break, Sales Tax Increases Support Health and Safety, and Slow-Walking the EXPIRE Act

By :: June 5th, 2014

IRS Boss Koskinen hints at more relief for US citizens with cash stashed overseas: Speaking to the OECD’s International Tax Conference in Washington, Koskinen said the service may give a bit more of a break to some who remain out of compliance with FATCA:  “Our goal is to ensure we have struck the right balance […]

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Chairman Camp Agrees: Too Many Choices Burden our Tax System

By :: January 28th, 2013

Last week’s draft plan by House Ways & Means Committee Chair Dave Camp (R-MI) to reform the taxation of financial products includes two key changes that would simplify rules, reduce manipulation, minimize compliance burdens, and improve tax administration. The first would require investors to use the “mark-to-market” method of accounting for all derivatives, other than […]

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Can Behavioral Science Improve Tax Compliance?

By :: July 9th, 2012

In Sunday’s New York Times, Richard Thaler laments that “as a general rule, the United States government is run by lawyers who occasionally take advice from economists.” That makes for better policy than a tyranny of lawyers alone. But it certainly isn’t enough. Policy is ultimately about changing the way people behave. And to do […]

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

By :: May 1st, 2012

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 […]

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The Turbo Tax Paradox

By :: April 17th, 2012

Like many of you, I just finished my 2011 tax return. Counting worksheets, it was 59 pages long. It occurs to me that our current insanely complex tax rules are made possible by technology. Yes, computer software makes filing easier (both for professionals and civilians). But that may be the problem. The relative ease of filing, […]

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