Tax News & Views Super Tax Revenue Roundup

February 5, 2021

States Positioned for a Super Bowl Win with New Taxes on Sports Betting – Ulrik Boesen, Tax Policy Blog. “Although this week’s Super Bowl festivities may be muted, with far fewer parties and celebrations, states with legalized sports betting may have something to cheer: a tax revenue bump thanks to the accompanying excise taxes.”

A Warp Speed Technology Plan For President Biden That Will Make American Companies Cheer – Steve Andriole, Forbes. “The US ranks 25th in the world in R&D tax credits. The federal government needs to dramatically increase R&D tax credits to get the country in the top 5.”

“So what will happen in the Biden Administration?  Ideally, R&D (and other) credits are separated from overall tax policy and not negotiated as a “trade-off” among unrelated issues.  Since tax credits are, well, credits, such proposals should receive bipartisan support; and who wants to campaign for office as an enemy of innovation?”

Who Could Receive a Third Stimulus Check? What Biden and the GOP Are Proposing – Richard Rubin, WSJ($). “Republicans have called for a more-targeted approach to a third round of stimulus checks, while Democrats have argued that broad distribution is necessary to cover gaps in other federal programs. Here is a look at the proposals, which differ both on the size of the payment and in who is eligible.”

IRS still processing almost 7 million 2019 tax year returns – Kay Bell, Don’t Mess With Taxes. “As of Christmas Day 2020, the Internal Revenue Service had 6.9 million individual tax returns in the processing pipeline, according to the latest update on the IRS' special web page where it's been tracking operations in this time of coronavirus.”


Teleworking: A Fixture For The Future? A Look At The Impact On Tax – Roxanne Bland, Forbes. “Some have observed that telework has been normalized in these times and predict that it will play an integral role in future employee work patterns. In turn, this new reality could have significant consequences for state individual income tax withholding and nexus laws.”

Connecticut Bill Looks to Prevent Double Taxation of Remote Workers - Lauren Loricchip, Tax Notes. “Connecticut lawmakers have introduced a proposal intended to prevent the double taxation of residents who normally work in New York but are teleworking because of the COVID-19 pandemic.”


Judge extends order requiring advance notice to Trump in tax returns case – Naomi Jagoda, The Hill. “A federal judge on Wednesday extended an order that requires the Treasury Department to give former President Trump's personal lawyers 72 hours notice before providing Trump's tax returns to House Democrats.”

“The extension of the notice requirement comes after the Biden administration said in a court filing on Wednesday that it needs more time to determine its position in the lawsuit over the House Ways and Means Committee's request for Trump's tax returns. The administration has not yet taken a position about whether it will comply with the request.”


‘Willful’ FBAR penalties upheld - Aria M. Pirrone, CPA, LL.M., and Joseph Trainor, CPA, Ph.D., CFE, Journal of Accountancy. “The Fourth Circuit affirmed penalties for a husband and wife's failure to file Financial Crimes Enforcement Network (FinCEN) Form 114, Report of Foreign Bank and Financial Accounts (FBAR), that the court held was objectively reckless despite the couple's claim they were unaware of the FBAR filing requirement.”

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