Senate approves Danny Werfel as IRS commissioner
The Senate voted 54–42 on Thursday to approve Danny Werfel as the new IRS commissioner. Werfel, a former acting IRS commissioner who has served under both Democratic and Republican administrations,…
PCAOB warns about limitations on crypto proof of reserve reports
The Public Company Accounting Oversight Board issued an advisory Wednesday warning investors to exercise caution when it comes to the so-called "proof of reserve" reports that some cryptocurrency companies have…
Expanding Affordable Housing: Tax Policy’s Role
Note: The following is the testimony of Garrett Watson, Senior Policy Analyst and Modeling Manager at the Tax Foundation, prepared for U.S. Senate Committee on Finance hearing on March 7,…
Selling Collectibles on eBay: How to Report Your Income
Did you know that collectible sales come with their own tax rules? Here are the tax implications of selling collectibles and how to report the sale of a collectible asset…
FairTax Would Fall Short | Tax Policy Center
The FairTax would add trillions of dollars to the deficit over ten years. TPC’s Bill Gale and the Tax Foundation’s Kyle Pomerleau analyzed the FairTax. They find the proposed tax…
Gambling Winnings Tax (How Much You Will Pay For Winning?)
Most people don’t think about taxes on their way to a racetrack or casino, but what might seem like nothing more than the chance to win some extra money actually…
Supreme Court holds FBAR penalty is imposed per report, not per account
The U.S. Supreme Court held Tuesday in a 5-4 decision that the $10,000 penalty for a nonwillful failure to file a Report of Foreign Bank and Financial Accounts (FBAR) for…
Tax Fraud Blotter: Correct, complete and convicted
Up in Michigan; no touching; gone Pro; and other highlights of recent tax cases.Biloxi, Mississippi: Tax preparer Gena Michelle Hall, 37, has been sentenced to 30 months in prison for…
Distributed Profits Tax: Details & Analysis
The tax treatment of U.S. businesses is a complicated and onerous process for tax preparers, revenue officials, and business owners alike. The tax system treats businesses differently based on their…
How to Fill Out Your W-4 When married
Big life events often trigger tax changes, and getting married is one of them. Though often overlooked, one of the most important steps you should take after getting married is…
