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Articles 1 - 10 of 10
Full-Text Articles in Taxation-Federal
Whirlpool’S Subpart F Position Was Inconsistent With Congressional Intent, Jeffery M. Kadet
Whirlpool’S Subpart F Position Was Inconsistent With Congressional Intent, Jeffery M. Kadet
Articles
I believe that Whirlpool took an untenable position on allocation in its 2009 tax filings. The Tax Court in its Whirlpool decision corrected this position using a reasonable approach that used the taxpayer’s own accounting. Now, in their article, Yoder et al. have labeled the Tax Court’s approach a “fundamental flaw” while championing Whirlpool’s position. Considering this situation, it is critical that Treasury and the IRS add appropriate guidance to reg. section 1.954-3. This would clarify that in the case of sales to related or unrelated persons, with no locally based sales personnel and where group personnel in other locations …
Taxing Parents: Welfarist Theories, Shannon Weeks Mccormack
Taxing Parents: Welfarist Theories, Shannon Weeks Mccormack
Articles
The Internal Revenue Code (the “Code”) taxes parents inequitably. Couples with a sole earner are under-taxed compared to couples with dual earners or single parents. Previous scholarship has identified these inequities and then argued that this sole earner bias should be eliminated. These arguments, however, have often been incomplete. Simply establishing that an inequity exists does not create a full argument for legal reform. After all, the Code plays favorites all the time. Scholars have traditionally turned to theories of distributive justice when evaluating whether tax preferences are warranted. These theories offer competing visions about the way resources should be …
Caregivers And Tax Reform: Before And After Snapshots, Shannon Weeks Mccormack
Caregivers And Tax Reform: Before And After Snapshots, Shannon Weeks Mccormack
Articles
The Tax Cuts and Jobs Act (TCJA) changed the way families are taxed, starting in tax year 2018. By rearranging a myriad of deck chairs, politicians painted rosy pictures of families reaping the benefits of tax reform. In reality, however, generalizations cannot be made and the extent to which any one family gains or loses depends on particular facts. Even more obscured is the way in which the TCJA changed –– and failed to change –– the taxation of different types of caregivers. This Essay seeks to provide needed clarity in this area. It begins by offering snapshots of how …
America's (D)Evolving Childcare Tax Laws, Shannon Weeks Mccormack
America's (D)Evolving Childcare Tax Laws, Shannon Weeks Mccormack
Articles
Proponents have touted the ability of the Tax Cuts and Jobs Act (the TCJA) — enacted in the twilight of 2017 — to help American working families. But while the TCJA expanded some benefits available to parents with dependent children, these parental tax benefits may be claimed regardless of whether or to what extent childcare costs are incurred to work outside the home. To help working parents with these costs (which are often their largest expense), Congress might have turned to two other mechanisms in the tax law — the “child and dependent care credit” and the “dependent care exclusion.” …
Postpartum Taxation And The Squeezed Out Mom, Shannon Weeks Mccormack
Postpartum Taxation And The Squeezed Out Mom, Shannon Weeks Mccormack
Articles
Faced with too-short (or nonexistent) maternity leaves, inflexible work schedules, and the soaring costs of childcare in the United States, many new mothers temporarily leave the workforce to care for their young children. Although media attention has focused on the “opt-out” mom, many more mothers are squeezed out of the external workplace. But mothers that try to return to work may discover that it is difficult to do so, as employers have been shown to be less likely to hire mothers than others. A mother that does reenter may find that even short periods out of work cost (sometimes far) …
Overtaxing The Working Family: Uncle Sam And The Childcare Squeeze, Shannon Weeks Mccormack
Overtaxing The Working Family: Uncle Sam And The Childcare Squeeze, Shannon Weeks Mccormack
Articles
Today, many working parents are caught in a “childcare squeeze”: While they require two incomes just to make ends meet, they end up spending a strikingly large percentage of their income on childcare so that they can work away from the home. Worse still, some parents find themselves “squeezed out” of the market entirely, unable to earn the additional income their family requires because they cannot find jobs that pay enough to offset soaring childcare expenses. This Article argues that the tax laws have played an important role in aggravating these hardships. Currently, the Internal Revenue Code treats the childcare …
Tax Abuse According To Whom, Shannon Weeks Mccormack
Tax Abuse According To Whom, Shannon Weeks Mccormack
Articles
In 1996, Congress banned the Treasury Department from enacting retroactive regulations but provided an important exception, allowing tax regulations to apply retroactively “to prevent abuse.” Congress did not, however, explicitly define abuse; nor did it designate to any specific actor the power to do so. This Article provides the first comprehensive look at the level of deference owed a Treasury regulation’s interpretation of the Internal Revenue Code’s abuse exception. Generally, a reviewing court owes some level of deference to an agency’s interpretation of the statute it is entrusted to administer. Some statutory interpretations are entitled to receive the strong standard …
Too Close To Home: Limiting The Organizations Subsidized By The Charitable Deduction To Those In Economic Need, Shannon Weeks Mccormack
Too Close To Home: Limiting The Organizations Subsidized By The Charitable Deduction To Those In Economic Need, Shannon Weeks Mccormack
Articles
The charitable deduction allows taxpayers to deduct amounts donated to organizations pursuing statutorily designated purposes from their otherwise taxable income. By lowering the after-tax cost of giving and encouraging taxpayers to donate more than they otherwise would, the charitable deduction subsidizes a broad variety of organizations. Some of these organizations provide widespread societal benefits, while others provide narrower benefits that remain closer to the taxpayer-donor’s home. To evaluate these current laws, this Article focuses on efficiency criteria, which limit subsidized organizations to those with donor support that does not cover the costs needed to optimally provide goods and services. Existing …
Taking The Good With The Bad: Recognizing The Negative Externalities Created By Charities And Their Implications For The Charitable Deduction, Shannon Weeks Mccormack
Taking The Good With The Bad: Recognizing The Negative Externalities Created By Charities And Their Implications For The Charitable Deduction, Shannon Weeks Mccormack
Articles
The tax code allows taxpayers to deduct amounts donated to an extremely broad variety of organizations deemed to create societal benefits — that is, positive externalities. But many organizations that may receive tax-deductible contributions also cause harms. Both the tax code and subsidy theory, one of the most utilized scholarly theories developed to analyze the deduction from an economic and morally neutral perspective, fail to properly account for these negative externalities. In order to do so, one needs to look beyond the economic models utilized by subsidy theorists. For instance, there should be some limit to the types of harms …
Tax Shelters And Statutory Interpretation: A Much Needed Purposive Approach, Shannon Weeks Mccormack
Tax Shelters And Statutory Interpretation: A Much Needed Purposive Approach, Shannon Weeks Mccormack
Articles
Few are unaware that the Tax Code and Regulations provide a detailed, complex (and lengthy) set of rules. It is hardly surprising (or new) that taxpayers attempt to avoid these rules to lower their taxes. Courts and lawmakers have long grappled to identify abusive transactions and strip taxpayers of the associated tax savings. The transactions have, however, changed dramatically over the last decade making the task much more challenging. The rapid proliferation of aggressive and diverse tax shelters has created what many refer to as a tax shelter war. In general, tax shelters refer to transactions carefully designed to fit …