Tax & Accounting News

TaxBuzz Top 5 - IRS Hopes to Implement New Child Tax Credit Quickly, Boston Faces $1.4 Billion Tax Revenue Loss & More

2/16/2024

Each Friday, TaxBuzz brings you the top five tax and accounting headlines you need to know from the workweek. We know life can get busy and you don't always have time to scroll through your news feed to stay informed.

We weed through all of the week's stories to showcase the most important updates in the tax and accounting world.

1. IRS Commissioner Says Agency Hope to Implement New Child Tax Credit Quickly

Credit: Zach Gibson/Getty Images

Less than a month ago, the U.S. House of Representatives approved the Tax Relief For American Families and Workers Act of 2024, legislation that includes an expanded Child Tax Credit. Now, IRS Commissioner Danny Werfel assured lawmakers that the agency is ready to act swiftly on implementing the bipartisan bill, emphasizing that taxpayers shouldn't delay filing. The bill currently awaits Senate action.

Per the New Hampshire Bulletin, Werfel confirmed the IRS's readiness to enacting tax code changes, stating they could begin in as little as six to 12 weeks after passage. The legislation aims to expand the child tax credit and revive corporate tax breaks, such as full expensing for domestic R&D costs and bonus depreciation for equipment purchases. Importantly, Werfel affirmed that taxpayers wouldn't need to file amended returns for adjustments, ensuring a smooth process.

However, the bill faces Senate uncertainty, with Republicans concerned about certain provisions, including a child tax credit "look-back" feature. Despite differing views, Senate Finance Committee Chair Ron Wyden aims for swift action, though no decisions have been made yet.

2. Maryland Residents Left Waiting For State Tax Refunds

Many Maryland residents have found themselves waiting anxiously their state tax refunds, with delays attributed to the Maryland Office of the Comptroller's new online tax portal. In an emailed statement, the Office of the Comptroller told CBS News that their online tax processing system was down between January 30 and February 9 to help in the launch of Maryland Tax Connect -- a new online tax filing portal.

The outlet spoke to Sunny, a Maryland taxpayer, who expressed frustration, saying, "I just moved into a new place and I wanted to get things for my kids, wanted to get caught up on bills, put food in the house." She's not alone, as others in her community report similar delays.

The Comptroller's office clarified that the system downtime for the portal launch impacted refund processing. Comptroller Brooke Lierman defended the initiative, emphasizing its role in modernizing tax services. With over 330,000 returns in the processing queue, the office is working diligently to clear the backlog.

Lierman's office said anyone who filed before tax season officially opened on January 29 should receive their refunds this weekend or early next week.

3. Boston Faces Loss of $1.4 Billion In Tax Revenue

Credit: John Coletti/Getty Images

A new report from the Boston Policy Institute reveals that Boston faces a significant loss in tax revenue due to empty office spaces, estimating a $1.4 billion decrease over the next five years and a subsequent annual shortfall of $500 million. Evan Horowitz, from Tufts University's Center for State Policy Analysis, told news network WBUR, "The shift to remote work means fewer people are traveling to offices and there's no reason to expect that office work is going to come back, so this shortfall will continue."

With over a third of its revenue reliant on commercial property taxes— the highest proportion among major US cities—Boston faces unique vulnerability. Horowitz suggests potential solutions, including state aid or local tax adjustments, but warns against simply raising property taxes, fearing it could dissuade investors and burden residents.

As Boston strives to rejuvenate its downtown area by attracting businesses and visitors beyond the workday, addressing this revenue shortfall becomes increasingly critical. The report points out the urgent need for proactive measures to mitigate the financial impact of remote work on the city's economy.

4. India's Opposition Party's Bank Accounts Frozen After $25 Million Tax Demand

India's Congress party -- the main opposition to the current government -- raised alarm on Friday, February 16 as its bank accounts were frozen due to a $25.3 million income tax demand, sparking accusations of a threat to democracy ahead of national elections. Congress treasurer Ajay Maken lamented the financial repercussions, revealing, "We don't have money to pay electricity bills, to pay salaries to our employees."

According to Reuters, the dispute with the tax department traces back to 2018-2019, and while the income tax tribunal permitted partial account operation until February 21, concerns linger over the frozen funds, which include contributions from crowd-funding and membership drives. A source familiar with the issue clarified that the freeze followed delays in paying taxes, emphasizing routine procedures for recovery.

The timing of the tax department's action, just ahead of the election announcement, raised political tensions, with Congress president Mallikarjun Kharge condemning it as an affront to democracy and urging judicial intervention.

5. Chicago Bears Embroiled In Tax Valuation Dispute With Local School District

GettyImages-1453647513_resized_Chicago-Bears

Credit: Mike Mulholland/Stringer/Getty Images

In the ongoing property tax valuation dispute over the former Arlington International Racecourse, the NFL's Chicago Bears and local schools face a $100 million gap in appraisals, complicating negotiations. The Chicago Tribune reports that the Bears presented appraisals ranging from $60 million to $71 million, categorizing the land as vacant residential, subject to a 10% tax rate. In contrast, local school districts valued the land at $160 million, taxed at 25% due to commercial classification.

The Bears -- one of the National Football League's most storied organizations -- have plans to construct a new stadium on the site, leaving behind the legendary Soldier Field where they've played since 1924.

As the team looks to break ground in the near future, this appraisal discrepancy, combined with Cook County Assessor Fritz Kaegi's substantial increase in the land's appraised value, poses challenges. CBS News notes that the parties have until Saturday, February 17 to negotiate a lower valuation to resolve the issue.

Despite the daunting task, Chairwoman Samantha Steele emphasized the importance of fair treatment for all taxpayers, urging both sides to find common ground. With tensions high, board commissioner Larry Rogers, Jr. criticized the assessor's valuation, hinting at a potential vote in favor of the Bears.

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You agree that: (i) the Website shall be deemed solely based in California; and (ii) the Website shall be deemed a passive website that does not give rise to personal jurisdiction over Taxbuzz or CountingWorks, Inc., either specific or general, in jurisdictions other than California. These Terms and Conditions shall be governed by the internal substantive laws of the State of California, without respect to its conflict of laws principles. Any claim or dispute between you and Taxbuzz that arises in whole or in part from the Website shall be decided exclusively by a court of competent jurisdiction located in Los Angeles County, California. These Terms and Conditions, together with the Privacy Policy at https://www.taxbuzz.com/t/privacy and any other legal notices published by Taxbuzz on the Website, shall constitute the entire agreement between you and Taxbuzz concerning the Website. If any provision of these Terms and Conditions is deemed invalid by a court of competent jurisdiction, the invalidity of such provision shall not affect the validity of the remaining provisions of these Terms and Conditions, which shall remain in full force and effect. No waiver of any term of this these Terms and Conditions shall be deemed a further or continuing waiver of such term or any other term, and Taxbuzz's failure to assert any right or provision under the Terms and Conditions shall not constitute a waiver of such right or provision. YOU AND TAXBUZZ AGREE THAT ANY CAUSE OF ACTION ARISING OUT OF OR RELATED TO THE WEBSITE MUST COMMENCE WITHIN ONE (1) YEAR AFTER THE CAUSE OF ACTION ACCRUES. OTHERWISE, SUCH CAUSE OF ACTION IS PERMANENTLY BARRED.
Liability Limitation and Usage Guidelines for TaxBuzz AI:
Limitation of Liability:

TaxBuzz AI is a tool designed to provide tax professionals with assistance in generating responses to tax research questions. While we strive to maintain the accuracy and reliability of the information provided, it is imperative to recognize that tax laws are dynamic and subject to change. Therefore, the use of TaxBuzz AI should be complemented by professional judgment and consultation with legal and tax experts.

By utilizing TaxBuzz AI, you acknowledge and agree that the information generated should not be considered as a substitute for professional advice tailored to your specific circumstances. We explicitly disclaim any liability for the consequences arising from the use of advice generated by TaxBuzz AI. Users are encouraged to independently verify the information and seek professional advice before making decisions based on the AI-generated responses.

Usage Guidelines:
- Professional Judgment: TaxBuzz AI is a tool to aid tax professionals in research and analysis. It is not a replacement for professional judgment, and users should exercise their expertise when interpreting and applying the information generated.
- Consultation with Experts: While TaxBuzz AI provides valuable insights, it is crucial to consult with legal and tax experts to ensure the advice aligns with the latest legal developments and specific nuances of a particular situation.
- Verification of Information: Users are responsible for independently verifying the information provided by TaxBuzz AI, especially in instances where the advice generated is critical to decision-making.
- Educational Purposes: TaxBuzz AI is intended for educational and informational purposes only. It is not intended to provide specific legal or tax advice tailored to individual circumstances.
- Non-Endorsement: The use of TaxBuzz AI does not constitute an endorsement or guarantee of the accuracy of the information provided. Users are encouraged to corroborate the advice with other reliable sources.
By accessing and using TaxBuzz AI, you agree to abide by these terms and acknowledge the limitations outlined herein. We reserve the right to modify these terms at any time, and your continued use of TaxBuzz AI constitutes acceptance of any such modifications. If you do not agree with these terms, please refrain from using TaxBuzz AI.

TaxBuzz.com is a service of CountingWorks, Inc., 2549 Eastbuff Drive., #448 208, Newport Beach, CA 92660

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