Taxes

Do you pay tax on your crypto gains? The IRS wants you to. Do you claim tax losses for your crypto losses? The IRS probably cares a less about that, but you are entitled to claim your tax losses too, which can lessen the tax bite on your gains. It is hard to believe that

When I saw the Ninth Circuit decision in the case of James Tarpey, something about it was familiar. It turns out that the opinion by Judge McKeown upholding a penalty of over $8 million dollars was the finale of a story I picked up on October 1, 2016 with Lawyer Subject To Injunction Defends Timeshare

My family and I had big plans to go to Phoenixville, Pa., today to watch “My Big Fat Greek Wedding 3,” but with Pennsylvania State Police continuing to build a presence in our area, we opted to stay put. Law enforcement has steadily increased in Chester County as the manhunt continues for escaped killer Danelo

The IRS announced tax relief for individuals and businesses affected by Idalia, anywhere in South Carolina. These taxpayers now have until Feb. 15, 2024, to file various federal individual and business tax returns and make tax payments. This is similar to relief already being provided in most of Florida. The relief applies to any area

Not a week goes by that I don’t get a question about Social Security and taxes. Most often, taxpayers wonder how they can qualify for benefits. Here’s what you need to know about how you can qualify for Social Security retirement benefits, and how to check to see that your work and tax history has

IRS Commissioner Danny Werfel gave us a glimpse of what was coming last month when he suggested that taxpayers would see more changes at the agency. This week, he offered more details, announcing a series of initiatives as part of what is being called “a sweeping, historic effort to restore fairness in tax compliance.” Those

Big government is back — big programs with big price tags, all wrapped up in some very big ambitions. When President Biden campaigned on a promise to “Build Back Better,” he wasn’t just coining a slogan. Biden came to the presidency with a back-to-the-future view of American governance. As the Financial Times pointed out recently,

As House Republicans engage in a nasty internal battle over whether to raise the $10,000 cap on the state and local tax (SALT) deduction, a new Tax Policy Center analysis shows the Ways & Means Committee bill at the center of the squabble would reduce the share of households affected by the SALT deduction to

Tax Notes Capitol Hill reporters Cady Stanton and Doug Sword preview what to expect from Congress in tax policy this fall, from a potential end-of-year tax package to IRS funding. 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

In the mood for a smoke? If you’re in the Empire State, it’s going to cost you. As of September 1, New York State has the highest cigarette tax in the country. The cigarette tax has increased by $1.00 per pack of 20 cigarettes, from $4.35 to $5.35. That brings a pack of cigarettes to

It’s official: The turf war is on. That’s the takeaway from the report on international taxation from U.N. Secretary-General António Guterres, released August 8. The report was prepared in response to a resolution approved by the U.N. General Assembly last year. Curiously, the report is styled as an “advance unedited version,” suggesting that it’s something

Americans are terrible about taking time off from work. While reasons may vary, the Pew Research Center recently reported that 46% of U.S. workers who receive paid time off from their employer take less time than they are offered. I get it: I’m writing this article over a holiday weekend. It’s also why I opted

Student debt has more than tripled since 2006. That year, borrowers collectively owed more than $500 billion in student loan debt—less than car loans and other consumer debt like credit cards. And while debt has overall edged higher for consumers, it’s skyrocketed for student borrowers. According to the office of Federal Student Aid, as of

Following the first Republican presidential primary debate, businessman Vivek Ramaswamy seems to be having a moment. That makes it a good time to explore his unorthodox fiscal agenda. While in many respects his platform appears to be standard Republican playbook, it includes some real surprises. But his unrealistic assumptions, yawning gaps, constant evolution, and internal

A gift is only a gift when it is completed, according to the tax code. In a recent case, an individual signed a power of attorney appointing his son as agent. Over seven years, the son used the power to make year-end annual gifts from the father to family members. In September of the eighth

Tax Notes contributing editors Robert Goulder and Joseph J. Thorndike examine Robert F. Kennedy Jr.’s cryptocurrency tax proposal, all in five minutes. This transcript has been edited for length and clarity. Robert Goulder: There is a presidential election next year, and some of the candidates are already teasing us with tax proposals. One of the

The IRS has announced that beginning Jan. 1, 2024, businesses that are required to file Form 8300, Report of Cash Payments Over $10,000, may be required to file electronically instead of filing a paper return. Cash Reporting Requirements Under U.S. law, any individual or business who receives more than $10,000 in one transaction or a

When people think of tax evasion and prison sentences, the first thought is Wesley Snipes, Todd Chrisley, or the recently dropped charges against Hunter Biden. Prison for tax fraud and evasion seems like it only happens to the rich and powerful; however, anyone can end up in prison for these crimes. The DOJ Is Actively

The IRS as announced tax relief for individuals and businesses affected by Idalia in parts of Florida. These taxpayers now have until Feb. 15, 2024, to file various federal individual and business tax returns and make tax payments. The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA). Currently,

The IRS has announced guidance on the federal tax status of refunds of state or local taxes, and certain other payments by state or local governments to individuals. Earlier this year, the IRS provided guidance on state payments made in 2022 in news release IR-2023-23, where the IRS exempted 21 state rebates from tax—including California’s