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Questions The Irs Will Not Answer, Emily L. Cauble Apr 2022

Questions The Irs Will Not Answer, Emily L. Cauble

Indiana Law Journal

When a taxpayer plans to undertake a transaction and its tax consequences are unclear, the taxpayer can request a letter ruling from the IRS. The IRS issues numerous letter rulings each year. In 2020, for instance, the IRS issued 777 letter rulings. The IRS refrains from issuing letter rulings on certain topics. At the beginning of each year, the IRS publishes an updated list of the topics on which it will not rule. Many of the topics on which it will not rule arise in areas of tax law governed by standards where the tax outcome depends heavily on each ...


The Intergenerational Equity Case For A Wealth Tax, Daniel Schaffa Mar 2022

The Intergenerational Equity Case For A Wealth Tax, Daniel Schaffa

University of Cincinnati Law Review

Intergenerational equity is commonly set aside in favor of other policy objectives, perhaps because of the extreme challenges inherent in adopting and applying an intergenerational equity normative framework. Even when there is a near consensus that the choices of today will have substantial costs in the future, these costs are often downplayed or disregarded. This Article asks whether there are measures that might offer redress to a generation for the costs imposed on it by its predecessors and finds that a one-time wealth tax is a promising option. Although its analysis applies more generally, this Article focuses on the widely ...


Is The Biggest Offer The Best Offer?, Alyssa Croft Mar 2022

Is The Biggest Offer The Best Offer?, Alyssa Croft

Pace Intellectual Property, Sports & Entertainment Law Forum

Many people strive to be professional athletes because of the respect and accomplishment it receives. You make a lot of money, it can be glamorous, you are in commercials and magazines, and sometimes even movies. However, there are some things people do not think about when it comes to professional athletes. One of the biggest is taxation! There are so many different things athletes must think about and do because of taxes so they can take home the most amount of money possible. Athletes must be careful about who they hire to help them with their taxes because they want ...


Federally Mandated Online Sales Tax: A Logistical Solution For The Future Of E-Commerce, Daniel O'Connor Feb 2022

Federally Mandated Online Sales Tax: A Logistical Solution For The Future Of E-Commerce, Daniel O'Connor

DePaul Business and Commercial Law Journal

No abstract provided.


Economic Structural Transformation And Litigation: Evidence From Chinese Provinces, To Economic Change And Restructuring, Doug Bujakowski, Joan Schmit Feb 2022

Economic Structural Transformation And Litigation: Evidence From Chinese Provinces, To Economic Change And Restructuring, Doug Bujakowski, Joan Schmit

DePaul Business and Commercial Law Journal

No abstract provided.


The "Business Interruption" Insurance Coverage Conundrum: Covid-19 Presents A Challenge, Paul E. Traynor Feb 2022

The "Business Interruption" Insurance Coverage Conundrum: Covid-19 Presents A Challenge, Paul E. Traynor

DePaul Business and Commercial Law Journal

No abstract provided.


Misalighned Incentives In Markets: Envisioning Finance That Benefits All Of Society, Dr. Ryan Clements Feb 2022

Misalighned Incentives In Markets: Envisioning Finance That Benefits All Of Society, Dr. Ryan Clements

DePaul Business and Commercial Law Journal

No abstract provided.


Revitalizing Downtowns Act S. 2511 (117th Congress), Tam Nguyen, Mst Students Bus 223a Fall 2021 Feb 2022

Revitalizing Downtowns Act S. 2511 (117th Congress), Tam Nguyen, Mst Students Bus 223a Fall 2021

The Contemporary Tax Journal

No abstract provided.


Summaries From The 2021 37thannual Tei-Sjsu High Tech Tax Institute And The 27th Annual Tax Practitioner/Irs Fall Seminar, Inessa Zlobina Ea, Priti Trivedi, Tam Nguyen, Dale Loepp Cpa Feb 2022

Summaries From The 2021 37thannual Tei-Sjsu High Tech Tax Institute And The 27th Annual Tax Practitioner/Irs Fall Seminar, Inessa Zlobina Ea, Priti Trivedi, Tam Nguyen, Dale Loepp Cpa

The Contemporary Tax Journal

No abstract provided.


Countering Identity Theft And Strengthening Data Security Practices Across The Tax Preparer Community, Patrick Ryle Jd, Llm, Cpa, Assyad Al-Wreikat Phd, Ellen Bartley Cma, Mark A. Mcknight Phd, Cfe, Brett L. Bueltel Jd, Cpa Feb 2022

Countering Identity Theft And Strengthening Data Security Practices Across The Tax Preparer Community, Patrick Ryle Jd, Llm, Cpa, Assyad Al-Wreikat Phd, Ellen Bartley Cma, Mark A. Mcknight Phd, Cfe, Brett L. Bueltel Jd, Cpa

The Contemporary Tax Journal

No abstract provided.


Cpa Exam Review Questions Provided Courtesy Of Gleim Cpa Review Feb 2022

Cpa Exam Review Questions Provided Courtesy Of Gleim Cpa Review

The Contemporary Tax Journal

No abstract provided.


Broadening Online Opportunities Through Simple Technologies Act H.R.1362 (117th Congress), Minh Nguyet (Tracy) Than, Yulin Ke Feb 2022

Broadening Online Opportunities Through Simple Technologies Act H.R.1362 (117th Congress), Minh Nguyet (Tracy) Than, Yulin Ke

The Contemporary Tax Journal

No abstract provided.


Front Matter (Letter From The Editor, Masthead, Etc.) Feb 2022

Front Matter (Letter From The Editor, Masthead, Etc.)

The Contemporary Tax Journal

No abstract provided.


The Contemporary Tax Journal’S Interview With Mr. Ray Beeman, Tam Nguyen Feb 2022

The Contemporary Tax Journal’S Interview With Mr. Ray Beeman, Tam Nguyen

The Contemporary Tax Journal

No abstract provided.


An Introduction To The Tax Intricacies Of Executive Compensation, Jane Lei Cpa Feb 2022

An Introduction To The Tax Intricacies Of Executive Compensation, Jane Lei Cpa

The Contemporary Tax Journal

No abstract provided.


The Tax Gap: Do Billions In Uncollected Income Taxes Speed Up Economic Downturn During A Global Pandemic?, Offiong Ekah Jan 2022

The Tax Gap: Do Billions In Uncollected Income Taxes Speed Up Economic Downturn During A Global Pandemic?, Offiong Ekah

Journal of the National Association of Administrative Law Judiciary

Section I will explore how maximizing taxpayer compliance will be a crucial component of closing the tax gap, and what initiatives the IRS implements to garner compliance; Section I will also examine how past and current Tax Code affects levels of compliance—the goal always being compliance optimization. Section II will explore the CARES Act of 2020, and how the Act fared as a response to the onset of COVID-19. This section will also discuss how the concerns of the IRS are accentuated by the tax gap, and how a lack of governmental funding, particularly relating to detailed exclusions enumerating ...


Monsanto: Creator Of Cancer Liability Jan 2022

Monsanto: Creator Of Cancer Liability

DePaul Business and Commercial Law Journal

No abstract provided.


Impact Of Corporate Response To Controversial Presidential Statements Or Policies Jan 2022

Impact Of Corporate Response To Controversial Presidential Statements Or Policies

DePaul Business and Commercial Law Journal

No abstract provided.


Taxing Choices, Tessa R. Davis Jan 2022

Taxing Choices, Tessa R. Davis

FIU Law Review

Tax has a choice problem. At all stages of the making of tax, choice plays a role. Lawmakers consider how tax will impact the range and appeal of choices available to an individual. Scholars critique how tax may drive an individual toward or away from a given choice. Courts craft stories of how an individual had either free or deeply constrained choice, using their perception of the facts to guide their interpretation of tax law. And yet for all the seeming relevance of choice to tax, we have no clear definition of what we mean when we talk about choice ...


Restricting Funeral Expense Deductions, William A. Drennan Jan 2022

Restricting Funeral Expense Deductions, William A. Drennan

Dickinson Law Review

During the Middle Ages, the wealthy often requested burial in mass graves with their fellow mortals, as a sign of humility. But since the rise of the cult of the individual during the Renaissance, individual burial plots have been an expression of prestige, wealth, and social status for some. For example, Leona Helmsley, real estate baroness and “Queen of Mean,” dedicated $3 million upon her death for the care and maintenance of her 1300 square foot, $1.4 million mausoleum. Respectful disposition of the body is a hallmark of civilization and a common law requirement of estate administration, but an ...


Saving The Nonessential With Radical Tax Policy, Rodney P. Mock, Kathryn Kisska-Schulze Oct 2021

Saving The Nonessential With Radical Tax Policy, Rodney P. Mock, Kathryn Kisska-Schulze

University of Cincinnati Law Review

Under the Internal Revenue Code of 1986, as amended, for-profit entities are distinguishable from tax-exempt entities in that they, among other factors, pursue profits, and enjoy unrestricted commercial activities. The COVID-19 lockdowns prevented commercial activity for numerous for-profit small businesses. For the first time in United States history, a distinction was made between "essential" and "nonessential" businesses. Such distinction is historically absent in both legal scholarship and tax law; instead, it is a product of governmental reaction to the COVID-19 pandemic. Via executive order, nonessential businesses were characterized as being trivial to the fabric of society, and thus shuttered, while ...


Tax Law's Migration, Shayak Sarkar Oct 2021

Tax Law's Migration, Shayak Sarkar

Boston College Law Review

Tax law punishes poor foreigners. Although the Supreme Court struck down nineteenth-century state laws taxing migrants upon entry, the tax system determines who deserves a place, and what sort of place, within our borders. The tax system’s emergency relief programs may deprive otherwise needy noncitizens, giving migrants a lesser place. This Article sheds light on this phenomenon—“tax law’s migration”—engaging two connections between immigration and tax law. First, this Article uses the term to explain the tax system’s long tradition of policing migrants. From colonial tax incentives for selective migration to joint tax-immigration worksite enforcement, tax ...


Partnership Tax Provisions Of The Tcja As Illustrations Of Planning Simplification Versus Compliance Simplification Trade-Offs, Emily Cauble Sep 2021

Partnership Tax Provisions Of The Tcja As Illustrations Of Planning Simplification Versus Compliance Simplification Trade-Offs, Emily Cauble

Pepperdine Law Review

Oftentimes, efforts to simplify the process of reporting the tax consequences of events that have already occurred exacerbate complexity faced by taxpayers at the stage in time when they are deciding how to act. Efforts to simplify reporting include, for instance, provisions that obviate the need to value assets prior to their sale or methods for determining tax consequences that reduce the number of computational steps used when determining tax liability. While such efforts may, to a degree, simplify tax compliance, they can also set traps for unwary taxpayers at the planning stage. Avoiding asset valuation or taking short-cuts when ...


Taxing The Ivory Tower: Evaluating The Excise Tax On University Endowments, Jennifer Bird-Pollan Sep 2021

Taxing The Ivory Tower: Evaluating The Excise Tax On University Endowments, Jennifer Bird-Pollan

Pepperdine Law Review

The Tax Cuts and Jobs Act of 2017 introduced the first-ever excise tax imposed on the investment income of university endowments. While it is a relatively small tax, this new law is a first step towards the exploration of taxing non-profit entities on the vast sums of wealth they hold in their endowments. In this essay I take the new tax as a starting place for investigating the justification for tax exemption for universities and thinking through the consequences of changing our approach, both in the form of the new excise tax and possible alternatives. There remain reasons to be ...


May The Odds Be Ever In Your Favor: How The Tax Cuts And Jobs Act Fortified The Great Wealth Divide, Phyllis Taite Sep 2021

May The Odds Be Ever In Your Favor: How The Tax Cuts And Jobs Act Fortified The Great Wealth Divide, Phyllis Taite

Pepperdine Law Review

Have Americans become so desensitized to inequality that we have morphed into a state of dystopia, and vast inequalities have become normalized? Discussions of dystopia typically describe acts of oppression, tyranny, inequality, and an overall undesirable societal state. Dystopia analysis also requires a hard look at societal values to determine ways to avoid adverse outcomes that vast inequalities may produce. By identifying the undesirable outcome, there is an opportunity to avoid or reverse it by enacting laws to combat inequalities. The Hunger Games is a fictional tale of wealthy society members enjoying the rewards of high society while using the ...


Intent, Inequality, And The Berlin Walls Of The Mind, Bobby L. Dexter Sep 2021

Intent, Inequality, And The Berlin Walls Of The Mind, Bobby L. Dexter

Pepperdine Law Review

Although acknowledging that various provisions in the Tax Cuts and Jobs Act of 2017 appear responsive to normative arguments presented in tax literature, this article posits that, true to its core intent, the law aggressively advanced the persistent effort to shift the tax burden away from the nation’s wealthiest citizens to the great bulk of taxpayers of more modest financial means. Thus, those with political power successfully employed the tax law to protect, preserve, and enhance prevailing wealth and income inequality. With the election of President Joe Biden and the assumption of Democratic control in both chambers of Congress ...


A Gilti Fix For An Employment Tax Glitch, Richard Winchester Sep 2021

A Gilti Fix For An Employment Tax Glitch, Richard Winchester

Pepperdine Law Review

Self-employed individuals who operate through a business entity can often dictate how much employment tax they pay, if any. That’s because the rules permit them to control whether their earnings count as labor income – which is subject to employment tax – or the returns on any capital invested in their business – which is not subject to the tax. The GILTI rules enacted as part of the 2017 Tax Act assume that capital investments generally earn a 10 percent annual rate of return. That same assumption can be used to allocate the earnings of a self-employed individual between the income from ...


Comparing Capital Income And Wealth Taxes, Ari Glogower Sep 2021

Comparing Capital Income And Wealth Taxes, Ari Glogower

Pepperdine Law Review

As part of the Pepperdine Law Review Symposium The Impact of the 2017 Tax Act on Income and Wealth Inequality: Lessons for 2020 and Beyond, this Essay compares two reform directions to rebuild the progressive tax system: an improved capital income tax—which would eliminate the benefit from deferring gains until a sale—or a wealth tax. The Essay first introduces the concept of a “rate-equivalent” wealth or capital income tax as a way to assess reform alternatives consistently and to identify the assumptions as to how the reforms would be structured. For any chosen capital income tax (or wealth ...


Workplace Transformation And Its Tax Compliance Implications, Jay A. Soled Sep 2021

Workplace Transformation And Its Tax Compliance Implications, Jay A. Soled

Villanova Law Review

No abstract provided.


Individuals As "Employees" Or "Contractors": Why It Matters What You Are Called When It Comes To Federal Taxes, Robert Eisentrout Sep 2021

Individuals As "Employees" Or "Contractors": Why It Matters What You Are Called When It Comes To Federal Taxes, Robert Eisentrout

Michigan Business & Entrepreneurial Law Review

When we file federal taxes, our individual tax burdens are affected by whether our employers and the IRS classify us as “employees” or “contractors.” Today, that distinction is not a neat one. Classifying workers as “employees” or “contractors” belies increasing similarities—like the ability to work remotely during the COVID-19 pandemic—between those classifications. With those increasing similarities in mind, this Note makes two arguments about the employee / contractor distinction in federal tax law. First, federal tax law draws an increasingly arbitrary and unfair line between employees and contractors given the modern substantive convergence of work done as an “employee ...