Paul L. Caron
Dean
Pepperdine Caruso
School of Law
Gov’t Reports
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GAO Releases Report on Securities Basis Reporting
The Government Accountability Office yesterday released Tax Compliance: Challenges to Corporate Tax Enforcement and Options to Improve Securities Basis Reporting (GAO-06-851T): 1-Page Highlights Report
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Joint Tax Committee Releases Report on IRS Disclosures of Taxpayer Information, 2005
The Joint Committee on Taxation yesterday released Disclosure Report for Public Inspection Pursuant to Internal Revenue Code Section 6103(p)(3)(C) for Calendar Year 2005 (JCX-30-06). Here is the Introduction: Section 6103(p)(3)(C) of the Internal Revenue Code provides that the Secretary of the Treasury shall, within 90 days after the close of each calendar year, furnish to…
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Joint Tax Committee Releases Several Reports
The Joint Committee on Taxation has released several reports: Description of the Chairman’s Modification to S. 1321, The Telephone Excise Tax Repeal Act of 2005, and S. 832, The Taxpayer Protection and Assistance Act Of 2005 (JCX-28-06) and the estimated revenue effects (JCX-29-06) Present Law and Analysis Relating to the Tax Treatment of Health Savings…
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New Government Reports on Tax Policy and Puerto Rico
The Government Accountability Office has released Puerto Rico: Fiscal Relations with the Federal Government and Economic Trends during the Phaseout of the Possessions Tax Credit (GAO-06-541) (225 pages): This report provides information on the Puerto Rican economy, including corporate activity, during the phaseout of the possessions tax credit, as well as descriptions of the application…
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Joint Tax Committee Releases Technical Explanation and Revenue Effects of H.R. 5638
The Joint Committee on Taxation has released, in connection with H.R. 5638, The Permanent Estate Tax Relief Act Of 2006: Technical Explanation (JCX-20-06) Estimated Revenue Effects (JCX-21-06)
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Joint Committee Releases Report on The Development of Macroeconomic Models for Use in Tax Policy Analysis
The Joint Committee on Taxation has released Exploring Issues In The Development of Macroeconomic Models for Use in Tax Policy Analysis (JCX-19-06): The Brookings Institution and the Heritage Foundation invited the staff of the Joint Committee on Taxation to participate in a seminar on June 16, 2006, titled “A Seminar on Dynamic Analysis and a…
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GAO Releases Reports and Testimony on The Capital Gains Tax Gap
The Government Accountability Office yesterday released Capital Gains Tax Gap: Requiring Brokers to Report Securities Cost Basis Would Improve Compliance if Related Challenges Are Addressed (GAO-06-603) and Tax Compliance: Challenges to Corporate Tax Enforcement and Options to Improve Securities Basis Reporting (GAO-06-851T).
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JEC Releases Reconsidering the True Revenue Yield of the Estate Tax
The Joint Economic Committee has released Reconsidering the True Revenue Yield of the Estate Tax (109-38): A primary objection to reducing or eliminating the federal estate tax is the projected revenue loss. Although the $28 billion that the estate tax is expected to raise in 2006 is hardly insignificant, it represents just 1.2 percent of…
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CBO Releases Cost Estimates of H.R. 4297, Tax Increase Prevention and Reconciliation Act of 2005
The Congressional Budget Office has released Cost Estimate of H.R. 4297, Tax Increase Prevention and Reconciliation Act of 2005. The CBO estimates that the legislation will reduce federal revenues by $70.0 billion over the 2006-2010 period.
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Treasury’s Office of Tax Analysis Provides Dynamic Analysis of Tax Reform Options
The Office of Tax Analysis of the Treasury Department has released Summary of the Dynamic Analysis of the Tax Reform Options Prepared for the President’s Advisory Panel on Federal Tax Reform. The co-authors are: Robert Carroll Deputy Assistant Secretary for Tax Analysis, U.S. Treasury Department) John Diamond (Kelly Fellow in Tax Policy, The James A.…
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OECD Releases Report on Global Tax Cooperation
The Organisation for Economic Co-operation and Development today published Tax Co-operation: Towards a Level Playing Field – 2006 Assessment by the Global Forum on Taxation: In today’s increasingly borderless world, countries are working more closely together to prevent abuses of the global financial system in a wide range of areas, including taxation. The…
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50-State Business Filing Data: LLCs Skyrocket, Corporations Stagnate
Larry Ribstein has posted some fascinating state-by-state business filing data from the International Association of Commercial Administrators. Of the 35 states with filing data for the past four years, 32 reported increases in LLC filings and 21 reported decreases in corporation filings. In the six largest states. the growth in LLC filings from 2002 to…
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GAO Releases Report on IRS Offers in Compromise
The Government Accountability Office today released IRS Offers in Compromise: Performance Has Been Mixed; Better Management Information and Simplification Could Improve the Program (GAO-06-525). Here are the Results in Brief: OIC Program performance has been mixed. Timeliness improved for taxpayers making one offer to 5.8 months in 2005 but stayed constant, at an average of…
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GAO Releases Improvements Needed in IRS’s Internal Controls
The Government Accountability Office yesterday released Management Report: Improvements Needed in IRS’s Internal Controls (5/12/06): The purpose of this report is to discuss issues identified during our audit of IRS’s financial statements as of, and for the fiscal year ending September 30, 2005, regarding internal controls that could be improved for which we do not…
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Joint Economic Committee Releases Tax Cuts Make Tax System More Progressive
The Joint Economic Committee yesterday released Federal Income Tax System Is Highly Progressive After Recent Tax Cuts (#109-36):
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CRS Releases Tax-Exempt Organizations: Political Activity Restrictions and Disclosure Requirements
The Congressional Research Service has released Tax-Exempt Organizations: Political Activity Restrictions and Disclosure Requirements (RL-33377) (31 pages). Here is the abstract: Recently, significant attention has been paid to the political activities of tax exempt organizations. In particular, the activities of IRC § 501(c)(3) charitable organizations, § 501(c)(4) social welfare organizations, § 501(c)(5) labor unions, §…
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Joint Economic Committee Releases Costs and Consequences of the Federal Estate Tax
The Joint Economic Committee yesterday released Costs and Consequences of the Federal Estate Tax: A Joint Economic Committee Study: This study examines the arguments for and against the federal estate tax, finding that benefits of the tax are often overstated, and in any case are far smaller than the documented costs. In light of this…
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Congressional Research Service Releases New Tax Reports
Our sister Law Librarian Blog has collected abstracts of the following new Congressional Research Service tax reports: Major Tax Issues in the 109th Congress Proposed Federal Income Tax Exclusion for Civilians Serving in Combat Zones Taxes and Fiscal Year 2006 Budget Reconciliation: A Brief Summary Tax Preferences for Sport Utility Vehuckes (SUVs): Current Law and…
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Joint Tax Committee Releases Estimates of Federal Tax Expenditures for 2006-2010
The Joint Committee on Taxation today released Estimates of Federal Tax Expenditures for Fiscal Years 2006-2010 (JCS-2-06): Part I of this report contains a discussion of the concept of tax expenditures. Part II is a discussion of the measurement of tax expenditures. Estimates of tax expenditures for fiscal years 2006-2010 are presented in Table 1…
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Joint Economic Committee Releases Mutual Fund Shareholders’ Taxes Jump
The Joint Economic Committee yesterday released Mutual Fund Shareholders’ Taxes Jump: A surge in capital gain distributions in 2005 contributed to a large increase in taxes paid by mutual fund shareholders in the most recent filing season, Chairman Jim Saxton said today. Saxton based his remarks about this growing tax burden on a new study…
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GAO Releases IRS’s Appeals’ Feedback Project
The Government Accountability Office yesterday released Tax Administration: Opportunities to Improve Compliance Decisions and Service to Taxpayers through Enhancements to Appeals’ Feedback Project (GAO-06-396) (4/18/06). See also the 1-page Highlights, which contains this neat chart of the IRS’s appeals system:
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Census Bureau Releases State-by-State Per Capita Tax Burden
The U.S. Census Bureau has released States Ranked by Total Taxes and Per Capita Amount: 2005. Here are the Top 10 and Bottom 10 states as ranked by per capita tax burden: 1. Vermont $3,600.16 2. Hawaii $3,477.93 3. Wyoming $3,417.77 4. Connecticut $3,300.49 5. Delaware $3,228.79 6. Minnesota $3,093.93 7. Massachusetts $2,815.23 8. Alaska…
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GAO Releases 2006 Filing Season and Fiscal Year 2007 Budget Request
The Government Accountability Office yesterday released Internal Revenue Service: Assessment of the Interim Results of the 2006 Filing Season and Fiscal Year 2007 Budget Request (GAO-06-615T) (49 pages). Here is the abstract: The Internal Revenue Service’s (IRS) filing season performance affects tens of millions of taxpayers who expect timely refunds and accurate answers to their…
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GAO Study: Tax Return Preparers Make “Serious Errors”
The Government Accountability Office today released Paid Tax Return Preparers: In a Limited Study, Chain Preparers Made Serious Errors (GAO-06-563T) (37 pages). From the 1-page highlights: In GAO visits to commercial preparers, paid preparers often prepared returns that were incorrect, with tax consequences that were sometimes significant. Their work resulted in unwarranted extra refunds of…
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New Jersey Tax Cesspool: School Administrators Feed at Public Trough in State with Nation’s Highest Property Taxes
The New Jersey State Commission of Investigation has released a remarkable report: Taxpayers Beware: What You Don’t Know Can Cost You — An Inquiry Into Questionable and Hidden Compensation for Public School Administrators. According to the press release: The State Commission of Investigation (SCI) today issued the final report of a systemic investigation into questionable…