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. 

Tuesday
Apr082014

IRS Seeks Applications for Information Reporting Program Advisory Committee

The Internal Revenue Service is requesting membership nominations for the Information Reporting Program Advisory Committee (IRPAC), a federal advisory committee that advises the IRS on various tax administration issues.

The IRPAC presents a report to the IRS Commissioner at a public meeting each fall. Members are appointed to three-year terms, but terms are staggered so that approximately one-third of the committee membership changes each year. Nominations are currently being accepted for up to six appointments that will begin in January 2015.

The deadline for submitting applications is May 30, 2014.

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Wednesday
Apr022014

President Obama’s fiscal 2015 tax proposals in brief

TAX ALERT from IMA member McGladrey …

The tax proposals in the Obama administration’s fiscal 2015 budget (the Greenbook) would raise revenue through higher taxes on many businesses and individuals and increase spending by expanding on a variety of tax credits for low-income individuals and favored local development projects. Although it contains some base-broadening proposals similar to those contained in Congressman Dave Camp’s recently unveiled tax reform proposal, the revenue raised by the Administration’s proposal would not be used directly to reduce individual or corporate tax rates. Instead, the plan contains a reserve of $248 billion for an unspecified revenue-neutral business tax reform, which holds out the hope of tax reform but does not make many of the difficult decisions that a comprehensive plan would require.

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Wednesday
Apr022014

IRS Warns of New Email Phishing Scheme Falsely Claiming to be from the Taxpayer Advocate Service

The Internal Revenue Service today warned consumers to be on the lookout for a new email phishing scam. The emails appear to be from the IRS Taxpayer Advocate Service and include a bogus case number. The fake emails may include the following message: “Your reported 2013 income is flagged for review due to a document processing error. Your case has been forwarded to the Taxpayer Advocate Service for resolution assistance. To avoid delays processing your 2013 filing contact the Taxpayer Advocate Service for resolution assistance.”

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Tuesday
Mar252014

Facts & Figures 2014: How Does Your State Compare?

By Lyman Stone, The Tax Foundation

How do taxes in your state compare nationally? This convenient pocket-size booklet compares the 50 states on many different measures of taxing and spending, including individual and corporate income tax rates, business tax climates, excise taxes, tax burdens and state spending.

Download our Interactive PDF and navigate by clicking through the table of contents or though the bookmarks panel.

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Tuesday
Mar252014

Time May be Running Out – March 31 is an Important Deadline

Health Care Law Considerations for 2014

For most people, the Affordable Care Act has no effect on the 2013 income tax return they are filing in 2014. However, some people may need to make important decisions by the March 31, 2014 deadline for open enrollment.

Below are five things about the health care law you may need to consider soon.

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