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Posts by Samantha Jacoby

Opportunity Zones Exemplify 2017 Tax Law’s Fundamental Flaws

October 31, 2019

Update, November 1: we’ve updated this post.

The New York Times and ProPublica have highlighted major flaws in the 2017 tax law’s “opportunity zone” tax...

Form 1040 And Refund Check

High Cost of IRS Cuts: Weakened Tax Enforcement

October 7, 2019

The IRS didn’t collect billions of unpaid employment taxes due to inadequate funding for a key compliance program, a new report by the Treasury Inspector General for Tax Administration (TIGTA) finds. It shows that deep IRS funding cuts over the last decade have weakened the agency’s ability to perform its...

In Focus: Funding for IRS Enforcement and Operations Support Has Eroded

Opportunity Zone Regulations Favor Investor Flexibility Over Community Protection

May 1, 2019

The Treasury Department’s latest proposed regulations on investments in opportunity zones (OZs) — low-income areas designated for special federal tax breaks — state that the program’s purpose is to “increase business activity and economic investment in qualified opportunity zones,” not to improve the economic well-being of those who live there. Indeed, the...

Stack of Bills

Pass-Through Deduction Regulations Reflect Industry Lobbying

January 30, 2019

In finalizing its regulations governing the 2017 tax law’s 20 percent deduction for “pass-through” income recently, the Treasury Department retained, and in some cases expanded, the overly generous business giveaways of its draft regulations.

The hastily crafted 2017 law made arbitrary,...

Money Flying Away

Industry Groups Lobby to Broaden Pass-Through Deduction

October 19, 2018

Realtors, veterinarians, and a range of other industry groups are pushing to dramatically expand the scope of the 2017 tax law’s “pass-through” deduction to allow their businesses to qualify. The wide range of requests, on full display at a recent IRS hearing, shows the creative ways that business owners and their tax planners will seek to stretch the deduction, which is essentially a giveaway...

Form 1040 And Refund Check

MLB Owners Seek Rule Change to Claim Tax Break

October 15, 2018

Major League Baseball (MLB) is pushing to let professional sports team owners benefit from the 20 percent “pass-through” deduction, a key provision of the 2017 tax law. This unwarranted change to proposed Treasury regulations to implement the law would come on top of several of the law’s...

Money Flying Away