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. 

Thursday
Sep042014

An Update on Marijuana Taxes

New report offers overview of Colorado and Washington’s experiences with taxing marijuana

The debate over marijuana legalization is not going away. DC, Alaska, and Oregon will vote on legalization measures in November and 13 other states will likely push for similar ballot initiatives and legislative efforts in the near future. As this progress unfolds, it is important to keep track of the new approaches and proposals to taxing marijuana. Currently, two states have legalized marijuana sales and have put new tax structures into place: Washington and Colorado. A new report from the nonpartisan Tax Foundation examines each state’s experience thus far.

Click to read more ...

Thursday
Aug282014

McGladrey Survey: Distribution Industry Growing, Adding Jobs

Government regulation, taxes and competition seen as threats

Driven by advances in ecommerce and an improved economy, the U.S. distribution industry is growing, according to the 2014 McGladrey Distribution Monitor. The annual report, presented 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 – shows that 74 percent of distributors reported an increase in sales over the past 12 months, with an average increase of 7.5 percent. Those numbers are expected to improve in the coming year, as 91 percent of distributors expect to increase sales an average of 8.9 percent.

Click to read more ...

Thursday
Aug282014

Reminder: For Most Truckers, Highway Use Tax Return Due Sept. 2

The Internal Revenue Service reminds truckers and other owners of heavy highway vehicles that in most cases, their next federal highway use tax return is due on Tuesday, Sept. 2, 2014. This year’s Sept. 2 due date, pushed back two days because the normal Aug. 31 deadline falls on a Sunday, generally applies to Form 2290 and the accompanying tax payment for the tax year that begins on July 1, 2014, and ends on June 30, 2015. Returns must be filed and tax payments made by Sept. 2 for vehicles used on the road during July. For vehicles first used after July, the deadline is the last day of the month following the month of first use.

Click to read more ...

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.”

Click to read more ...

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.

Click to read more ...