Welcome to the IMA Tax Policy Blog. The blog format reflects our efforts to provide IMA members with timely, relevant and thought provoking information in a form that is accessible for easy reference. IMA’s Tax Policy Blog will be updated on a regular basis. Weekly news update emails will be sent out to notify subscribers of new information posted on the blog. IMA members are welcome to submit material for the blog, or request specific information. Simply email Editor Stefany Henson at shenson@ima-net.org with your information or request. Editorial submissions are subject to review. 

Wednesday
Aug202014

IRS Repeats Warning about Phone Scams

The Internal Revenue Service and the Treasury Inspector General for Tax Administration continue to hear from taxpayers who have received unsolicited calls from individuals demanding payment while fraudulently claiming to be from the IRS. Based on the 90,000 complaints that TIGTA has received through its telephone hotline, to date, TIGTA has identified approximately 1,100 victims who have lost an estimated $5 million from these scams. “There are clear warning signs about these scams, which continue at high levels throughout the nation,” said IRS Commissioner John Koskinen. “Taxpayers should remember their first contact with the IRS will not be a call from out of the blue, but through official correspondence sent through the mail. A big red flag for these scams are angry, threatening calls from people who say they are from the IRS and urging immediate payment. This is not how we operate. People should hang up immediately and contact TIGTA or the IRS.”

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Wednesday
Aug202014

Why Income Data is a Poor Measure of Inequality

Relying on IRS data ignores many measures of an individual’s wellbeing — from the Tax Foundation

Social scientists regularly use IRS and Census Bureau income data to expound on the measure of inequality in the United States. However, because of the substantial disparities in cost of living, how dramatically income varies over a person’s life cycle, and the inconsistent or absent measurement of retirement saving, Census and IRS data are flawed tools for understanding inequality. This is according to a new report from the nonpartisan Tax Foundation.

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Wednesday
Aug132014

McGladrey/NAW Institute survey suggests anticipated health care cost increases among the biggest concerns

Survey shows distributors concerned about political indecision, uncertainty over new regulations — By Modern Materials Handling Staff — July 25, 2013

Uncertainty about government regulation and its impact on business growth has become a top concern of executives in the wholesale distribution industry, according to results from the

2013 McGladrey/NAW Institute Distribution Monitor. The survey was sponsored by McGladrey LLP, the nation’s leading provider of assurance, tax and consulting services focused on the middle market, and the NAW Institute for Distribution Excellence, the long-range research arm of the National Association of Wholesaler-Distributors (NAW).

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Wednesday
Aug132014

Time for a Permanent Vacation from Sales Tax Holidays

Temporary Rollbacks Are Poor Substitutes for Real Reform

Starting last weekend (August 1st), many states began their annual sales tax holidays. However, these temporary rollbacks of sales taxes—despite being sold as a boon for consumers and businesses—actually impose significant costs on both groups without yielding significant benefits, according to a new report by the nonpartisan Tax Foundation. These holidays—whether school supplies, disaster readiness, or hunting supplies—are costly and misguided substitutes for substantive reform of a state’s sales tax structure.

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Wednesday
Aug062014

IRS releases draft tax forms for ACA reporting requirements

From IMA member Associated Financial Group …

The Affordable Care Act (ACA) added two new tax reporting requirements related to the individual mandate (requiring that all Americans have health insurance or pay a tax penalty) and the employer “play or pay” penalties (requiring that certain large employers offer affordable health coverage to their employees or pay a penalty).

§6055 requires insurance companies (in the case of fully insured plans) and employers (in the case of self-funded plans) to report the identity of all individuals enrolled in their health plan(s).

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