The Congressional Research Service has released The Budget Reconciliation Process:  House and Senate Procedures (RL33030) (Aug. 10, 2005), a very useful 114-page report.  Here is the Summary: The budget reconciliation process is an optional procedure that operates as an adjunct to the budget resolution process established by the Congressional Budget Act of 1974. The chief…

Continue reading

The Joint Committee on Taxation has issued issued Description of the "Tax Technical Corrections Act Of 2005" (JCX-55-05).  Here is the Introduction: This document, prepared by the staff of the Joint Committee on Taxation, provides a description of the “Tax Technical Corrections Act of 2005.” The bill was introduced on July 21, 2005, as H.R.…

Continue reading

The Government Accountability Office has released Tax Administration: IRS Can Improve Its Productivity Measures by Using Alternative Methods (GAO-05-671) (28 pages).  From the 1-page highlights: GAO recommends that the Commissioner of Internal Revenue put in place a plan for introducing wider use of alternative methods of measuring productivity, such as those illustrated in this report,…

Continue reading

The Congressional Budget Office has issued Taxing the Untaxed Business Sector (23 pages).  From the Preface: Unlike the income of privately owned for-profit companies, income earned by nonprofit organizations, cooperatives, and business enterprises run by state or local governments is generally not subject to federal income taxes—either at the corporate or at the individual level.…

Continue reading

The Statistics of Income Division has released tables containing 2002 statistics for charities: 501(c)(3) Organizations:       Form 990 – Balance Sheet and Income Statement Items            Classified by: Size of Total Assets            Reporting Years: 2002     2001     2000     1999     1998     1997     1996 …

Continue reading

The Congressional Budget Office has published Differences in Wage and Salary Income Included in Various Tax Bases.  Here is part of the Preface: Wages and salaries constitute the largest single component of the federal tax base and are subject to both the individual income tax and payroll taxes (for Social Security and Medicare). The wage…

Continue reading

The IRS has released (IR-2005-70) the new Statistics of Income Bulletin (Spring 2005), which includes four articles and a data release: High-Income Tax Returns, 2002: The Tax Reform Act of 1976 requires annual publication of data on individual income tax returns reporting income of $200,000 or more, including the number of such returns reporting no…

Continue reading

The Joint Committee on Taxation has issued issued Estimated Revenue Effects Of Title XV. Of H.R. 6, The "Energy Policy Tax Incentives Act Of 2005," As Passed By The Senate On June 28, 2005 (JCX-51-05)           

Continue reading

The Panel on the Nonprofit Sector has released its final report with 120 recommendations for charitable organizations, Congress, and the IRS to strengthen the nonprofit sector’s transparency, governance, and accountability. Sign the report Participate in national conference call (Friday, 3:00 pm  – 4:00 pm)

Continue reading

The Panel on the Nonprofit Sector will release its final report with comprehensive recommendations for strengthening the governance, transparency, and ethical conduct of charitable organizations at a 1:00 pm press conference today with Senator Charles Grassley.  The press conference will be held in Room 608 of the Dirksen Senate Office Building.  To attend, email here.…

Continue reading

The Government Accountability Office has released Thousands of Civilian Agency Contractors Abuse the Federal Tax System with Little Consequence (GAO-05-637) (91 pages) (6/16).  From the 1-page highlights: FMS and IRS records showed that about 33,000 civilian agency contractors owed over $3 billion in unpaid federal taxes as of September 30, 2004.  All 50 civilian agency…

Continue reading

The Joint Committee on Taxation yesterday issued General Explanation Of Tax Legislation Enacted In The 108th Congress (JCS-5-05) (591 pages).  The report provides an explanation of the twenty-one pieces of tax legislations enacted by the 108th Congress, including: Job and Growth Tax Relief Reconciliation Act of 2003 (Pub. L. No. 108-23) (pages 4-27) Military Family…

Continue reading

The Congressional Research Service has released Economic Issues Surrounding the Estate and Gift Tax:  A Brief Summary (RS20609), also available on the Tax Analysts web site as Doc 2005-11653, 2005 TNT 102-48.  Here is the Summary: Supporters of the estate and gift tax argue that it provides progressivity in the federal tax system, provides a…

Continue reading

The Joint Economic Committee on Thursday released Reforming the U.S. Corporate Tax System to Increase Tax Competitiveness (20 pages).  Here is the Executive Summary: The U.S. corporate tax system is a patchwork of overly complex, inefficient and unfair provisions that impose large costs on corporate business. U.S. corporations seeking to minimize the costs imposed by…

Continue reading

The Joint Economic Committee has released How Effective was The Jobs and Growth Tax Relief Reconciliation Act of 2003?  Here is the opening: The Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA) was designed to encourage balanced economic growth. In addition to stimulating consumer spending and short-term economic growth, the JGTRRA was intended…

Continue reading

The Government Accountability Office has released Internal Revenue Service: Status of Recommendations from Financial Audits and Related Financial Management Reports (GAO-05-393) (87 pages) (4/29).  From the 1-page highlights: As in past years, IRS has continued to make improvements to address a number of financial management weaknesses. At the same time, a number of the open…

Continue reading

The Government Accountability Office has released IRS Assessment of the Fiscal Year 2006 Budget Request (GAO-05-566).  Here is the abstract: The IRS has been shifting its priorities from taxpayer service to enforcement and its management of Business Systems Modernization (BSM) from contractors to IRS staff. Although there are sound reasons for these adjustments, they also…

Continue reading

The U.S. Census Bureau today released data on 2004 state tax collections: State tax revenues increased 8.1% to $593 billion (up $44 billion from 2003) All 50 states increased their tax take The two biggest sources of state tax revenues: Sales taxes up 7.5% to $198 billion Individual income taxes up 8.5% to $197 billion…

Continue reading

The Joint Committee on Taxation yesterday released  Summary Table Of Types And Tax Treatment Of Section 501(c) Organizations (JCX-30-05), a very handy 8-page chart highlighting the characteristics and tax treatment of the organizations exempt from tax under § 501(c)(1) through (c)(28).  As an example, here is the chart for § 501(c)(3) organizations: Year Exemption Introduced…

Continue reading