TaxConnections


 

TAS Report To Congress: How Do Attitudes Towards Paying Taxes Vary Among Different Types Of Taxpayers?

NinaOlson2019

As part of the TAS Report to Congress the study addresses two research questions regarding taxpayers attitudes. The first question: “How do attitudes towards paying taxes vary among different types of taxpayers?” For this question, the focus is on a comparison of self-employed taxpayers (audited and unaudited) and wage earners (who did or did not experience either IRS ID theft processing procedures or who experienced the IRS questioning the legitimacy of their refund return).

The second research question is: Do attitudes among audited self-employed taxpayers vary in accordance with the type of audit and the outcome of the examination?” As wage income is usually subject to third-party reporting, wage earners tend to have relatively few opportunities for tax noncompliance in comparison with self-employed taxpayers (Kleven et al., 2011). However, it is unlikely that opportunity alone drives tax compliance behavior. Personal beliefs, social norms, and past experiences with the IRS shape taxpayer attitudes. Personal experiences might be particularly relevant for taxpayers who have been victims of tax fraud involving ID theft or who have been suspected of tax fraud. Solving these cases frequently delays legitimate refund claims substantially, which imposes financial hardship on taxpayers, potentially erodes trust in the IRS, and might adversely impact voluntary compliance. Against this background, analyzing the attitudes of different occupational groups will contribute to an understanding of the determinants of tax noncompliance.

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Regulated Utility Companies And Tax Cuts And Jobs Act

Regulated Utility Companies And Tax Cuts And Jobs Act

One of the biggest benefits of the Tax Cuts and Jobs Act is the savings to customers of utility companies. According to research conducted by Americans for Tax Reform these are the rate savings for utilities this year. This is a great reminder we have savings to be thankful for this year.

Arizona Public Service (Phoenix, Arizona) 

The utility requested a $119 million bill reduction for customers due to tax reform.  APS has requested the Arizona Corporation Commission approve a $119 million bill reduction for customers, based on federal corporate tax cuts, effective February 1, 2018.

If approved, the $119 million decrease will offset the $95 million revenue increase that resulted from APS’s last rate review. The savings of $0.004258/kWh will be passed directly to customers through the Tax Expense Adjuster Mechanism (TEAM), a new adjuster mechanism that was included in the company’s rate review, and customer savings will vary with actual energy usage. APS customers would receive the credit on their monthly bill. – Jan. 9, 2018 Arizona Public Service press release.

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Can You Negotiate A Tax Lien Withdrawal?

Venar Ayar Liens

A federal tax lien withdrawal removes the Notice of Federal Tax Lien (NFTL) from the public records. You can request a tax lien withdrawal once you’ve paid off your tax debt or as part of your installment agreement negotiations.

When To Ask For A Tax Lien Withdrawal

You can ask for a tax lien withdrawal in the following situations:

  • The NFTL was filed prematurely or improperly.
  • You’ve paid off your tax debt, your tax lien has been released, and you’ve been in tax compliance for the past three years.
  • You’ve entered into an installment agreement that meets certain conditions.
  • You negotiate the lien withdrawal. This could require showing the IRS that the lien withdrawal will allow you to pay more towards your tax debt.
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Lead Tax Executive Opportunity – Regulated Utility Company

Senior Tax Director Opportunity - New Jersey

TaxConnections Inc. has been retained to conduct a search for a Senior Director of Tax for a publicly listed company in New Jersey.

We would genuinely appreciate your taking the time to review this opportunity and kindly refer it to anyone you feel may be interested in learning more. Our client requires a tax executive with experience in a regulated industry to lead the tax team. The incumbent is retiring and will assist the new Senior Director of tax in any easy transition.

Key Responsibilities:

  • Leads departmental research initiatives and interprets tax law; defines and implements corporate tax strategies, policies and standard operating procedures to ensure on-going compliance with statutory tax laws; manages exposure to risk; maximizes and leverages tax benefits and minimizes the company’s overall tax liability within a regulatory industry and rate case construct.
  • Anticipates and plans for developing and upcoming tax issues and communicates them effectively to senior executives.
  • Ensures that the performance of the tax reporting and compliance staff results in the prompt and accurate processing and filing of the relevant tax returns and manage payment of the relevant taxes to the relevant tax authorities on time.
  • Reviews extraordinary tax audit, sox compliance and litigation issues.
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International/Transfer Pricing Tax Partner – Midwest Law Firm

International And Transfer Pricing Tax Partner - Law Firm

TaxConnections has been retained by a leading multinational law firm to locate a Tax Partner to lead the Midwest region in serving  international and transfer pricing clients. This market facing role is due to the continued expansion of the international and transfer pricing practice. The Tax Partner will team with a group of talented economists who are already in place to grow the Midwest tax practice. The law firm currently has about 80 tax lawyers worldwide and this successful practice is expected to double in size.

The Tax Partner will assist multinational clients to design, develop, implement, document and defend international and transfer pricing strategies. They will provide clients guidance in analyzing factual material, communicate the benefits of the transfer pricing methodologies both to government representatives and the courts and negotiate advance pricing agreements on a worldwide basis.

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Vice President Tax – Midwest Life Insurance Company

Senior Vice President Tax For Life Insurance Company

The Vice President Tax is the head of tax for all the companies that operate under this privately held parent. The Vice President Tax will be responsible for overseeing and managing the tax function and all relationships with external and internal business partners and identify areas of risk and opportunity for the company including:

  • Manage the co-sourcing agreement with the Companies’ external tax accounting firm for the preparation of the statutory and GAAP income tax provision and accrual, and the tax return preparation and compliance matters for income, premium, property and sales/us
  • Manages all Companies’ tax audits and examinations and negotiates settlement of disputed issues with the Internal Revenue Service and other regulatory bodies.
  • Represents the Companies at the highest levels of appeal in negotiations regarding tax deficiencies.
  • Controls tax planning responsibilities for all Companies including short and long-range planning to reduce tax expenses to the legal minimum.

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Senior Tax Manager/Partnerships – Northern California

Senior Tax Manager Partnerships In Northern California

The Senior Tax Manager role requires partnership, S corp and individual tax consulting experience and the skills to effectively diagnose clients’ needs in order to develop and implement solutions. Primary responsibilities involve providing tax compliance, tax accounting, tax research and planning on partnerships, s corps and individual tax return for sophisticated clientele. We will build upon your technical strengths in order to expand your expertise in partnership, s corp and individual taxation. Our firm builds well-rounded tax experts to serve a myriad of client needs which leads to continued professional growth. Our culture is to develop trusted tax advisors with sound judgement with the highest ethical standards in the profession. The Senior Tax Manager/Partnerships will be responsible for a range of projects including:

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Sweetheart Tax Return – Happy Valentines Day!

Sweetheart Tax Return - TaxConnections

TaxConnections Members Can Download A Higher Resolution Copy Of This Fun Tax Form When You Login As A Member. Login And Go To Content Download In The Foot Of Any TaxConnections Page.

Click Here For Best View.

We welcome all your comments on Valentines Day!

 

Top 10 Things You Need To Know About The Federal Opportunity Zone Program

Blake Christian - Top Ten Things You Need To Know

This post discusses the top ten things you need to know about the Federal Opportunity Zone Program.

1. Which Gains Are Eligible? – The Deferred Tax Gain can be related to a wide variety of capital assets sold by the investor, ranging from: the sale or disposition of land, developed real estate, stock or bond portfolios, artwork, collectibles, Bitcoin or other cryptocurrencies, as well as other tangible and intangible assets.  The Deferred Tax Gain must be reinvested into a Qualified Opportunity Zone Fund (QOF) within 180 days of recognizing the tax gain on sale (note there are beneficial timing rules for gains reportable from a partnership). Timely reinvestment will generally allow deferred gain reporting until the earlier of December 31, 2026, or the date the QOF is sold.

2. Qualified Opportunity Fund Requirement -Taxpayers wishing to participate in the QOZ program must do so through a QOF.  The statute provides a fairly straightforward process to meet the QOF requirements.  The entity must be either: i) a C Corporation, ii) an S Corporation or iii) a Partnership (including an LLC electing to be taxed as a partnership).  A QOF can represent a single investor or multiple investors.
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Tax Reform Has Substantially Altered The Tax Benefits Of Home Ownership

Charles Woodson - Home Ownership And Tax Reform

As part of the recent tax reform, the Tax Cuts and Jobs Act of 2017, the deduction for home mortgage interest and property taxes has undergone substantial alterations. These changes will impact most homeowners who itemize their deductions each year.

Mortgage Interest – Prior to the tax reform, a taxpayer could deduct the interest he or she paid on up to $1 million of acquisition debt and $100,000 of equity debt secured by the taxpayer’s primary home and/or designated second home. This interest was claimed as an itemized deduction on Schedule A of the homeowner’s tax return. This tax deduction was often cited as one of the reasons to purchase a home, rather than renting a place to live.

Qualified home acquisition debt is debt incurred to purchase, construct, or substantially improve a taxpayer’s primary home or second home and is secured by the home.

Home equity debt is debt that is not acquisition debt and that is secured by the taxpayer’s primary home or second home, but only the interest paid on up to $100,000 of equity debt had been deductible as home mortgage interest. In the past, homeowners have used home equity as a piggy bank to purchase a new car, finance a vacation, or pay off credit card debt or other personal loans – all situations in which the interest on a consumer loan obtained for these purposes wouldn’t have been deductible.

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What To Do If You Cannot Make An IRS Minimum Monthly Installment Payment

Venar Ayar- What To Do If You Cannot Pay IRS Monthly Installment Payments

If you find yourself unable to make the minimum monthly installment payment, you can negotiate a monthly payment amount that fits your budget by completing Form 433-F and working with the IRS employee assigned to your case. However, you’ll need to show that your financial situation justifies a payment below the typical IRS standards.

Installment Agreement Requests

The IRS prefers taxpayers to pay a certain amount towards their tax debt each month. The minimum payment amount is generally calculated by diving your balance by 72.

If you can afford to pay this amount, you may qualify for a streamlined installment agreement request, and you may not have to complete a Collection Information Statement.

If you can’t pay this much each month, you can still get an IRS installment agreement. By completing the Collection Information Statement, you can show the IRS why you’ll need a lower monthly payment amount to keep up with your other expenses.

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Worldwide Tax Revenue Authorities Contact Information: TaxConnections Complimentary Resource Guide

Kat Jennings - Worldwide Tax Revenue

As part of the many resources available through TaxConnections, we have created a list of 250+ Global Tax Authority Country Representatives contact information including names, emails and revenue authority sites. This valuable research is ideal for tax professionals who want to save time locating global tax revenue authorities contact information.

Make a request to receive a complimentary pdf copy at this link:

https://www.taxconnections.com/global-tax-authority-country-representatives .

TaxConnections Members  can view the monthly updates in their Virtual Tax Office Resource Library that is provided with each tax professional subscription membership.

 

 

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