Every week, there are several news releases from the Tax Division of the Department of Justice and the IRS Criminal Investigation (CI) unit about people caught in tax evasion and sometimes not only stealing from all of their fellow taxpayers but also employer or others. I encourage you to scan recent headlines for the reports
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40th Annual TEI-SJSU High Tech Tax Institute Nov 4 – 5
This is a wonderful milestone – 40 years of the collaboration of the Silicon Valley TEI Chapter, the IRS and the SJSU MST Program to reach our 40th Annual TEI-SJSU High Tech Tax Institute. We’ll be back at the Crown Plaza Cabana in Palo Alto on November 4 & 5, 2024.We have an outstanding…
California AB 3289 and Greater Transparency for Our Tax Laws
California AB 3289 was enacted 7/15/24 (Chapter 124). It modifies Revenue & Taxation Section 41 which exists to improve accountability and transparency of the California tax system. Generally, any credit, deduction, exclusion, exemption of other tax benefit enacted is to state its goals, have detailed performance indicators to determine if the goal was met and…
Budget Literacy for Form W-2
H.R. 8372, Debt Per Taxpayer Information Act, proposes to require the IRS to add this information to the bottom of Form W-2: 1) Total revenue, outlays and deficit of the Federal government; 2) Total gross Federal debt; and 3) Estimate of the pro rate amount of Federal debt for taxpayers who will file 1040s…
Olympics Tax Fun
For the summer Olympics of 2016, I wrote an article on what a State Tax Decathlon could look like. Here are the events:
calculate state taxes for professional athlete
individual with activities in 10 states
state taxes for multistate business
…
Helping Some Taxpayers But With Much Complexity – SECURE Act 2.0 Sec. 115 Emergency Withdrawals
SECURE Act 2,0 with over 60 provisions mostly all related to retirement plans, was enacted December 29, 2022 as part of the Consolidated Appropriations Act, 2023 (P.L. 117-238). I maintain a table of the provisions, summary from the Senate Finance Committee of each provision, effective date, and any guidance from the IRS.SEC. 115…
17th Anniversary of the 21st Century Taxation Blog
Earth Day and Taxes
Happy Earth Day!Earth Day started in 1970 and one of the co-founders was Gaylord Nelson, who served as a senator from and governor of Wisconsin. He was also an alum of San Jose State University.How about some individual tax credits to help reduce fossil fuel use? The Inflation Reduction Act of 2022 added…
Taxes and the Olympics
On March 1, the Commission on the State of U.S. Olympics & Paralympics issued a report: Passing the Torch – Modernizing Olympic, Paralympic, & Grassroots Sports in America. Per the announcement, this commission was directed by Congress to study recent reforms of the U.S. Olympic and Paralympic Committee to improve the organization’s…
Challenges of Tax Exemptions
One of several features that make tax systems complicated are the numerous exceptions that pull out from taxation something that is part of the tax base for a particular type of tax. It is probably almost impossible to find any federal, state or local tax that doesn’t have some type of exception. A list of…