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Tax Policy Center

Washington Alert – GAO on latest filing season at IRS; Sprint files suit against US Government over Ernst & Young misdeeds; Tax Policy Center revisits state and local tax deduction

Washington Alert – GAO on latest filing season at IRS; Sprint files suit against US Government over Ernst & Young misdeeds; Tax Policy Center revisits state and local tax deduction

The sheer scale of IRS’s operations during the filing season makes customer service one of the key challenges the agency faces on an annual basis, Jessica Lucas-Judy, acting director of strategic services at the Government Accountability Office (GAO), told the House Ways and Means Oversight Subcommittee on April 19. (GAO-16-578T) As described by Lucas-Judy, customer […]

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Washington Alert – IRS sends erroneous Identity Protection Personal Identification Number (IP PIN) letters; CBO publishes Frameworks for Distributional Analyses; IRS webinar on Tangible Property Regulations; Tax Policy Center on Should We Tax Unhealthy Foods and Drinks?

Washington Alert – IRS sends erroneous Identity Protection Personal Identification Number (IP PIN) letters; CBO publishes Frameworks for Distributional Analyses; IRS webinar on Tangible Property Regulations; Tax Policy Center on Should We Tax Unhealthy Foods and Drinks?

IRS has issued a statement that taxpayers are erroneously receiving Identity Protection Personal Identification Number (IP PIN) letters with an incorrect year listed. Taxpayers who receive such a letter, CP 01A Notice dated Jan. 4, 2016, may use the IP PIN listed on it on all individual tax returns filed in 2016. An IP PIN […]

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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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Washington Alert – IRS-CI Fiscal Year 2015 Annual Business Report; TIGTA report on IRS’s Identity Protection Specialized Unit (IPSU); Tax Policy Center report on “Major Tax Issues in 2016”

Washington Alert – IRS-CI Fiscal Year 2015 Annual Business Report; TIGTA report on IRS’s Identity Protection Specialized Unit (IPSU); Tax Policy Center report on “Major Tax Issues in 2016”

IRS Criminal Investigation (CI) launched 3,853 investigations, recommended prosecutions in 3,289 cases, and generated 3,208 informations/indictments in fiscal year 2015, the agency announced on Dec. 3. (IRS-CI Fiscal Year 2015 Annual Business Report) In a statement accompanying the release of the report, the head of CI praised the efforts of his personnel but also shined […]

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Washington Alert – TIGTA on IRS processing returns claiming PTC; Tax Policy Center – Why Individual Income Tax Revenues Grow Faster Than GDP; District Court orders IRS to comply with FOIA

Washington Alert – TIGTA on IRS processing returns claiming PTC; Tax Policy Center – Why Individual Income Tax Revenues Grow Faster Than GDP; District Court orders IRS to comply with FOIA

During the 2015 filing season, IRS’s processing of tax returns that reported or claimed premium tax credits (PTCs) was hampered by prolonged delays in receiving data from various Marketplaces (also known as Exchanges), the Treasury Inspector General for Tax Administration (TIGTA) said in an audit released on Sept. 1. (Audit Report No. 2015-43-057) As of March […]

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Washington Alert – CBO says FY 2015 Budget smaller; IRS sending letters delinquent taxpayers claiming ACA Premium Tax Credit; Tax Policy Center report on low- and moderate-income working families

Washington Alert – CBO says FY 2015 Budget smaller; IRS sending letters delinquent taxpayers claiming ACA Premium Tax Credit; Tax Policy Center report on low- and moderate-income working families

The fiscal year (FY) 2015 federal budget deficit “will be noticeably smaller” than what it projected in March due, in large measure, to unexpectedly high receipts, the Congressional Budget Office (CBO) said on Aug. 25. (An Update to the Budget and Economic Outlook: 2015-2025) The current FY will end with a budget deficit of $426 […]

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Washington Alert – EKS Bank now part of Swiss Bank Program; Webinar on Tangible Property Regs; Too much income tax withheld; IRS sending letters to federal tax return preparers with expired PTINs or who have personal non-compliance issues

Washington Alert –  EKS Bank now part of Swiss Bank Program; Webinar on Tangible Property Regs; Too much income tax withheld; IRS sending letters to federal tax return preparers with expired PTINs or who have personal non-compliance issues

The Justice Department (DOJ) announced on June 26 that Ersparniskasse Schaffhausen AG (EKS), a small regional bank wholly owned by a Swiss charitable foundation, has reached a resolution under the department’s Swiss Bank Program. The bank agreed to pay $2.1 million in penalties. To be eligible for the program, banks had to inform DOJ by […]

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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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Washington Alert – Restoration of Public Trust in IRS, Tax Policy Center Report, IRS Referral Process for Examinations

Washington Alert – Restoration of Public Trust in IRS, Tax Policy Center Report, IRS Referral Process for Examinations

The restoration of public trust in IRS, securing sufficient funding from Congress, and combating tax fraud and tax evasion are at the top of his list of priorities for the agency, John Koskinen, the new IRS commissioner, told reporters on Jan. 6. He will also focus on addressing the turmoil regarding the processing of applications […]

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Washington Alert – Bits ‘n Pieces – JCT, Tax Policy Center, Swiss Federal Tax Administration, IRS Funding

Washington Alert – Bits ‘n Pieces – JCT, Tax Policy Center, Swiss Federal Tax Administration, IRS Funding

The Joint Committee on Taxation (JCT) has published a document entitled “List of Expiring Federal Tax Provisions 2013-2024. (JCX-1-14) The document lists federal tax provisions, other than those providing time-limited transition relief after the repeal of an underlying rule, that expired or are currently scheduled to expire in 2013-2024. It includes references to the applicable […]

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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