#SimplifyingTaxes - Twitter Hashtag

over 1 year ago

#MCatDavos | Davos 2025: Simplifying taxes in Union Budget could boost consumption and investment, says @RPGEnterprises 's Anant Goenka 💰📈🇮🇳 @chandrarsrikant & @BhavyaDKumar writes more in this piece ⤵️ https://t.co/ZZ16xeXHAM #Davos2025 #SimplifyingTaxes #UnionBudget | @@wef

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Matt Smith

@SmithMatthewC

over 4 years ago

#TaxTwitter In a spirit of New Year optimism, I've decided I'm going to set aside the #taxrants for a while and do a modified reprise of last year's #SimplifyingTaxes. The focus this time w/b auto-tax filing and how I think we can get there w/o a complete overhaul of the IRC...

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Prafful Pant @StubbrnMaverick

over 4 years ago

Hey @aliceblue_india , when can we see you #SimplifyingTaxes by integrating with @HowToQuicko ?

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Shrinivas @shrinyaaa

almost 5 years ago

Hey @aliceblue_india , when can we see you #SimplifyingTaxes by integrating with @HowToQuicko ?

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S N Meher @mehersn

almost 5 years ago

Hey @hdfcsec , when can we see you #SimplifyingTaxes by integrating with @HowToQuicko ?

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Heartless Romeo @pdpi86

almost 5 years ago

Hey @ICICI_Direct , when can we see you #SimplifyingTaxes by integrating with @HowToQuicko ?

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Matt Smith

@SmithMatthewC

about 5 years ago

Finally tapping out on my #SimplifyingTaxes daily posting streak. It was a good run.

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Matt Smith

@SmithMatthewC

about 5 years ago

California should merge the 565 and 568. Seems unnecessary to have 2 forms where there could easily be one with a few simple modifications. @BettyYeeforCA @GavinNewsom #SimplifyingTaxes

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Matt Smith

@SmithMatthewC

about 5 years ago

IRC 1245, 1250, and 1254 should simply be condensed into a singular code section in which any and all gains attributable to prior depletion, depreciation, and amortization is recaptured at ordinary income rates. @RepRichardNeal @RepKevinBrady #SimplifyingTaxes

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Matt Smith

@SmithMatthewC

about 5 years ago

The sales tax deduction election of IRC 164(b)(5)(A) should be repealed. It's messy, has no relation to income, and frankly, regardless of where you live, there shouldn't be a deduction for sales tax on personal use cars, boats, or anything. @RonWyden @MikeCrapo #SimplifyingTaxes

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Matt Smith

@SmithMatthewC

about 5 years ago

Personal preferences: Above-the-line - Health Insurance (everyone), HSA (everyone), SIT (only), Investment Interest/Expenses (cap) Below-the-line - Standard deduction (everyone), QBID Remove - MID, property/sales tax, medical @RepRichardNeal @RepKevinBrady #SimplifyingTaxes

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Matt Smith

@SmithMatthewC

about 5 years ago

... nonetheless: PTP K-1s should not have Foreign Tax Credits. If you want to be a PTP (you shouldn't), then either deduct your foreign taxes or opt for entity-level taxation. Messy FTC K-1 reporting is not for the masses. @repthompson @vernbuchanan #SimplifyingTaxes

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Matt Smith

@SmithMatthewC

about 5 years ago

1099s should do a better job of reporting the income that gets reflected on a return. Interest is a perfect example. Is it useful to breakout interest, OID, bond premium amortization, etc etc? Maybe. But it’s going to one place. Total it. @SecYellen @USTreasury #SimplifyingTaxes

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Matt Smith

@SmithMatthewC

about 5 years ago

Here's a thought: Let's eliminate all uses of the word "penalty" in reference to underpayment of estimated tax on Forms 2210, 1040, etc, and replace it with "interest" so that the substance of the amount is actually clear to taxpayers. @USTreasury @SecYellen #SimplifyingTaxes

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Matt Smith

@SmithMatthewC

about 5 years ago

If/when we ever stop overusing the payroll tax filing forms inappropriately for a growing array of credits, it'd be nice to consolidate the 940 into the 941 and have a singular payroll tax filing each quarter similar to a number of states. @USTreasury @IRSnews #SimplifyingTaxes

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Matt Smith

@SmithMatthewC

about 5 years ago

Random thought, but w/b nice if non-professional gambling income had its own form, income and losses were netted* before going to the 1040, and there was a ~$1-2k annual exclusion available for those who opt not claim any losses. @SenCortezMasto @SenBillCassidy #SimplifyingTaxes

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Matt Smith

@SmithMatthewC

about 5 years ago

California should roll its Statement of Information filings into its tax filings similar to other states. Would prevent a lot of completely avoidable missed SOI filings. @CalFTB @DrWeber4CA @BettyYeeforCA #SimplifyingTaxes

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Matt Smith

@SmithMatthewC

about 5 years ago

It would be nice if in 2021 there was a federal law that fixed the number of days people grossing under a certain amount could be present in a state as a nonresident worker for any reason w/o being subject to income tax w/in the state. @MariaCantwell @johnthune #SimplifyingTaxes

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Matt Smith

@SmithMatthewC

about 5 years ago

The IRS should formalize the process of identifying hedging transactions via tax form, 83(b)-type filing, or irrevocable election on a tax return (~754 elect) effective as of filing date. Would make it more mechanical for SMBs w/ hedges. @wallyadeyemo @SecYellen #SimplifyingTaxes

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Matt Smith

@SmithMatthewC

about 5 years ago

Congress should supplement IRC 85(c) by enabling an MFJ-to-MFS change through 10/15/2022 for any returns in which 85(c) would've applied to at least one spouse. i.e. turn off Reg § 1.6013-1(a)(1) temporarily for certain filers. @RepRichardNeal @RepKevinBrady #SimplifyingTaxes

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