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Congressional Budget Office (CBO)

U.S. posts $108 billion budget deficit in March

U.S. posts $108 billion budget deficit in March

WASHINGTON (Reuters) – The U.S. government posted a $108 billion budget deficit in March, more than double the amount from the same period last year, the Treasury Department said on Tuesday. The government had a deficit of $53 billion in March of 2015, according to the Treasury’s monthly budget statement. Analysts polled by Reuters had […]

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Congressional Budget Office – U.S. tax breaks to increase deficit for first time since 2009

Congressional Budget Office – U.S. tax breaks to increase deficit for first time since 2009

WASHINGTON (Reuters) – The U.S. budget deficit will grow sharply to $544 billion in 2016 after six years of declines, largely because of permanent tax breaks that Congress passed late last year, the Congressional Budget Office said on Tuesday. The new projection makes it harder for Republicans who control Congress to demonstrate election-year fiscal restraint. […]

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Washington Alert – Another Bank enters the Swiss Bank Program; CBO report on the budget; IRS issues reminder to non-credentialed tax preparers

Washington Alert – Another Bank enters the Swiss Bank Program; CBO report on the budget; IRS issues reminder to non-credentialed tax preparers

The Justice Department (DOJ) announced on Jan. 6 that Union Bancaire Privée, UBP SA (UBP) reached a resolution under the department’s Swiss Bank Program and agreed to pay a penalty of nearly $188 million. According to DOJ, the bank had a decades-long history of aiding and assisting U.S. clients in opening and maintaining undeclared accounts […]

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Washington Alert – CBO on Revenue Forecasts; TPC on Reforming the Child Care Credit; Webinar on S Corporation Shareholder Stock Basis; ACA Verification Service (AVS)

Washington Alert – CBO on Revenue Forecasts; TPC on Reforming the Child Care Credit; Webinar on S Corporation Shareholder Stock Basis; ACA Verification Service (AVS)

The Congressional Budget Office (CBO) recently released an assessment of the accuracy of its past revenue forecasts beginning with ’82. (CBO’s Revenue Forecasting Record) “On average, the agency’s projections have been a bit too high—more so for projections spanning six years than for those spanning two—owing mostly to the difficulty of predicting when economic downturns […]

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When Congress returns from vacation, budget fight looms

When Congress returns from vacation, budget fight looms

WASHINGTON (Reuters) – The U.S. Congress will soon embark on a high-stakes budget negotiation with President Barack Obama that, if productive, could give Republicans the increased military spending they want and Democrats the increased domestic spending they seek. Alternatively, the federal government could shut down. Scenarios in between these extremes are also possible, but congressional […]

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Washington Alert – Deficit of $368 billion; DOJ’s Swiss Bank Program adds 2 more banks; Tax Policy Center publishes paper on expiring tax provisions

Washington Alert – Deficit of $368 billion; DOJ’s Swiss Bank Program adds 2 more banks; Tax Policy Center publishes paper on expiring tax provisions

The federal government recorded an estimated budget deficit of $368 billion for the first eight months of fiscal year 2015, the Congressional Budget Office (CBO) said on June 5. (Monthly Budget Review for May 2015) This amount was $68 billion less than the actual deficit for the same period last year. Total receipts were up […]

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U.S. 2040 deficit to nearly double as percent of economy

U.S. 2040 deficit to nearly double as percent of economy

WASHINGTON (Reuters) – The U.S. budget deficit will more than double as a share of economic output by 2040 if current tax and spending laws remain unchanged, the Congressional Budget Office said on Tuesday. The CBO, releasing its annual long-term budget outlook, said however, that overall U.S. debt levels in 2040 will be slightly lower […]

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IRS says U.S. corporate tax audits down sharply after budget cuts

IRS says U.S. corporate tax audits down sharply after budget cuts

NEW YORK (Reuters) – Federal tax audits for U.S. businesses were down 6 percent in the last fiscal year, ended on Sept. 30, falling to their lowest level in eight years as the Internal Revenue Service faced budget cutbacks and a decline in enforcement staff, IRS Commissioner John Koskinen said in a statement on Monday. […]

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Here are 15 economic surprises for 2015 Business leaders predict what we’ll be talking about this time next year.

Here are 15 economic surprises for 2015 Business leaders predict what we’ll be talking about this time next year.

As reported in the OC Register: Think back a year ago. Did anybody see consumers rewarded with cheap money and cheap gasoline – along with a healthy economy – nicely wrapped under the 2014 economic Christmas tree? It’s a good lesson that it’s one thing to predict economic trends – the high-probability business patterns we […]

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Budget Drops 3 Percent To $250.9 Million For 2015

Budget Drops 3 Percent To $250.9 Million For 2015

The PCAOB approved a budget of $250.9 million for 2015, a 3 percent decrease that the audit regulatory board’s leadership said reflected as better use of funds and limited staffing. The board also approved its 2014-2018 strategic plan which lays out the direction for its programs and operations. The PCAOB unanimously approved a $7.5 million […]

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U.S. fiscal 2014 budget deficit falls to $486 billion, CBO says

U.S. fiscal 2014 budget deficit falls to $486 billion, CBO says

WASHINGTON (Reuters) – The U.S. budget deficit fell by nearly a third during fiscal 2014 to $486 billion as federal revenues grew far faster than spending, the Congressional Budget Office said on Wednesday. Releasing preliminary estimates of final budget data for the year ended Sept. 30, the CBO said receipts grew nearly 9 percent from […]

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Updated CBO projections show lower costs of ACA insurance coverage provisions

Updated CBO projections show lower costs of ACA insurance coverage provisions

Click here for Congressional Budget Office, Updated Estimates of the Effects of the Insurance Coverage Provisions of the Affordable Care Act (April 2014). The Congressional Budget Office (CBO) and Joint Committee on Taxation (JCT) have issued updated estimates of the budgetary effects of the provisions of the Affordable Care Act (ACA) relating to insurance coverage. […]

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U.S. could lose $3 billion as budget forces fewer tax audits per IRS Commissioner

U.S. could lose $3 billion as budget forces fewer tax audits per IRS Commissioner

WASHINGTON (Reuters) – The U.S. federal government could lose almost $3 billion in revenue during the current fiscal year because budget cuts are forcing the tax-collecting Internal Revenue Service to audit fewer people, the agency’s chief said on Wednesday. Testifying before a congressional panel, IRS Commissioner John Koskinen said the IRS will audit 100,000 fewer […]

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Washington Alert – JCT document on Budget, CBO discusses policy options for increasing federal revenues, and IRS instructional YouTube videos

Washington Alert –  JCT document on Budget, CBO discusses policy options for increasing federal revenues, and IRS instructional YouTube videos

The Joint Committee on Taxation (JCT) on Dec. 20 published a document entitled “Description of Certain Revenue Provisions Contained in the President’s Fiscal Year 2014 Budget Proposal.” (JCS-4-13) The document provides both a description and analysis of certain revenue provisions modifying the Code. “Because many of the provisions in the 2014 budget proposal are substantially […]

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Washington Alert – CBO Report on Budget, U.S. and Italy reach accord, IRS Phone Forum on Ethics, IRS Fact Sheets on Identity Theft and Refund Fraud

Washington Alert  – CBO Report on Budget, U.S. and Italy reach accord, IRS Phone Forum on Ethics, IRS Fact Sheets on Identity Theft and Refund Fraud

The federal government recorded an estimated budget deficit of $182 billion for the first quarter of fiscal year 2014, the Congressional Budget Office said in its latest report on the subject. (Monthly Budget Review for December 2013) This was $111 billion less than the budget deficit for the same period in FY 2013, with revenues […]

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Congresional Budget Office report on reducing budget deficits includes many revenue increase options

Congresional Budget Office report on reducing budget deficits includes many revenue increase options

The Congressional Budget Office (CBO) has issued a report that projects the magnitude of future federal budget deficits and contains 103 options for reducing those deficits, including several options that involve revenue increases.  Click here for the text of CBO’s “Options for Reducing the Deficit: 2014 to 2023 (November 2013).” Background.  The budget deficit in […]

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Meet Paul Raymond

Meet Paul Raymond

Mr. Raymond is a sought after speaker in tax controversy law by many attorney, accountant, and business groups and at the request of the Internal Revenue Service, has presented programs at the IRS Nationwide Tax Forum, attended by tax professionals throughout the United States.

Additionally, he continues to be an active member in the Section of Taxation, American Bar Association, where he was the Past Chair of the Employment Taxes Committee.

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Member CA Bar Member Orange County Bar US Tax Court Attorney