Taxes

Recent testimony in the U.S. Tax Court’s Facebook v. Commissioner trial highlighted a problem with the U.S. cost-sharing regulations, which establish valuation rules for a type of related-party intangible property transfer that has long been popular among U.S. tech giants. The issue isn’t with the underlying concepts adopted by the regs, which are solidly grounded
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The IRS announced today that it has provided a much requested update to their “Where’s My Refund?” tool. The update now allows taxpayers to check the status of the current tax year’s refund and the two previous years. Before the update taxpayers could only check the status of their current year refund and once the
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Tax Notes reporters Paul Jones and Nathan Richman discuss the $141 million settlement over Intuit’s INTU TurboTax Free Edition program and the potential tax break for Intuit. This transcript has been edited for length and clarity. David D. Stewart: Welcome to the podcast. I’m David Stewart, editor in chief of Tax Notes Today International. This
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Today’s Social Security column addresses questions about whether survivor’s benefits reduce full retirement age for all benefits and the earnings test, earning more or paying more to increase benefits and the earnings test and survivor’s benefits. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning,
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Today’s Social Security column addresses questions about whether congress is working on a fix for people who turned 60 in 2020, when an application for divorced spousal benefits can be submitted and whether filing early affects the Government Pension Offset. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president
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The Government Accountability Office (GAO) was asked to report on trends in IRS audit rates, audit results, and resources used for audits across individual taxpayer income levels. Their report, issued this week, analyzed audit rates and results and IRS resources used by taxpayer income for the most recent years data was available. According to the
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Crypto markets are notoriously volatile, but even so, the recent activity has been unsettling. Whether you are a buy and hold investor or an active trader with high frequency moves, it is nerve-wracking, and it may not be over yet. For some, it can be downright devastating, particularly if you had put all your nest
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Tax audits are down. By a lot. Internal Revenue Service audit rates of individual taxpayers’ returns have dropped for all income levels from tax years 2010 to 2019, according to a new Government Accountability Office report. On average, individual tax returns were audited over three times more often for tax year 2010 (0.9 percent) than
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