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Posts by Emily Horton

Tax Planner: Drive Wealthy Clients Through "Gaping Hole” in Tax Code

May 31, 2018

Tax planning experts working for wealthy clients are already developing strategies to take advantage of the 2017 tax law’s new 20 percent deduction for certain pass-through income — or income that owners of businesses such as partnerships, S corporations, and sole proprietorships claim on their individual tax returns instead of paying the corporate tax. As one expert recently...

Calculator - Tax Rates

Underfunded IRS Continues to Audit Less

April 18, 2018

Tax return audit rates, especially among high-income individuals and large corporations, continued a multi-year decline in 2017, IRS data show. That’s largely due to deep cuts in IRS funding and staffing since 2010, as former IRS Commissioner John Koskinen...

Audit Rates for High-Income Individuals and Large Corporations Continue to Decline Sharply

Report: Strengthening Child Tax Credit Would Reduce Poverty, Improve Opportunity

April 5, 2018

A new paper released by the U.S. Partnership on Mobility from Poverty proposes improvements to the Child Tax Credit (CTC) to enable more children in low-income working families to qualify for the full credit — highlighting research on the positive effects of...

Child Tax Credit at Various Income Levels, 2018

2018 Funding Bill Falls Short for the IRS

March 23, 2018

The 2018 government funding bill, which the House and Senate have now passed, doesn’t include enough Internal Revenue Service funding.

2018 Funding Budget Continues Multi-Year Squeeze on IRS Budget

House Considering More IRS Cuts

July 12, 2017

Policymakers have cut the IRS budget sharply since 2010, weakening the agency’s ability to serve taxpayers and enforce the nation’s tax laws. Even so, House Republicans continue to target the IRS for deeper cuts. The House Appropriations Committee will consider a bill this week that cuts IRS funding by another $149 million. Adjusted for inflation, this would bring the IRS budget to $405...

IRS Funding Has Fallen Sharply, Is Targeted For Deeper Cuts in House Bill

“Egregious” Employment Tax Evasion Grows as IRS Enforcement Funding Shrinks

April 27, 2017

“Egregious employment tax noncompliance” by employers has risen substantially in recent years while the IRS’s ability to recover the lost revenues and investigate fraud and embezzlement has fallen, a report by the Treasury Inspector General for Tax Administration (TIGTA) finds. More than 1 million employers...

With Fewer Revenue Officers, IRS Assesses Fewer Penalties for Employment Tax Noncompiance

Middle-Class Americans’ Big Stake in Social Security

April 17, 2017

While Social Security provides a foundation of economic security for people at all income levels, new research from the Social Security Administration (SSA) illustrates its importance for those in the middle. Among beneficiaries over age 65:

  • Social Security is the main source of
  • ...
Social Security: Main Source of Retirement Income for Most Middle-Class Beneficiaries

Mnuchin: More IRS Resources and Staff Needed

January 19, 2017

Treasury Secretary nominee Steven Mnuchin emphasized the importance of sufficiently funding the Internal Revenue Service (IRS) today, saying:

I am concerned about the staffing of the IRS. It is an important part of fixing the tax gap and I am very

...
IRS Has Cut Enforcement Staff by 23 Percent Since 2010

EITC, CTC Together Lifted 9.8 Million out of Poverty in 2015

October 19, 2016

The Earned Income Tax Credit (EITC) and Child Tax Credit (CTC) together lifted 9.8 million Americans out of poverty last year and made 22.0 million others less poor, CBPP analysis of new Census data shows.  The data allow us to measure of the impact of the entire credits — including both the refundable and non-refundable pieces of the CTC, in addition to the EITC....

Earned Income Tax Credit and Child Tax Credit Have Powerful Antipoverty Impact