Taxes

Robert Goulder of Tax Notes and Don Susswein, Tony Coughlan, and Kyle Brown of RSM US LLP discuss the exclusion of deferred capital gains as tax expenditures and why it could be a problem. This transcript has been edited for length and clarity. Robert Goulder: Hello, I’m Bob Goulder, a contributing editor with Tax Notes.

“What a difference the past 12 months has made.” That was how IRS Commissioner Danny Werfel kicked off remarks focused on the first anniversary of the Inflation Reduction Act. The Act significantly boosted funding for the IRS, guaranteeing tens of millions of dollars over its operating budget for improvements and enforcement. That hasn’t always been

Tax tips on TikTok and other social media can be helpful. But when a tax strategy sounds too good to be true, it should give you pause even if—or perhaps especially if—a post, reel, or clip is circulated widely. Going viral doesn’t mean it’s any more valuable. In some instances, those numbers may be artificially

Tom Cullinan, a former IRS official now with Chamberlain Hrdlicka, discusses the basics of the employee retention credit, the recent rise in misleading promotions and fraudulent ERC claims, and the IRS’s response. This transcript has been edited for length and clarity. David Stewart: Welcome to the podcast. I’m David Stewart, editor in chief of Tax

It is no secret that many people seek to avoid California taxes by moving right before a major income event. They might be selling a company or settling a big lawsuit. Done carefully and with the right kind of income, leaving California can cut the sting of California’s high 13.3% state tax. Yet even moving

The G-20 is keeping a close eye on how developing countries are faring at the OECD’s inclusive framework. Within the past 18 months, the group has hosted or supported a number of new symposia and roundtables on developing countries and international tax. Those events help the G-20 take stock of how developing countries are feeling

Last month, James W. Lewis died in Cambridge, Mass., of natural causes. If that name sounds familiar, it’s because the former tax preparer was a suspect, though never officially charged, in the infamous Tylenol poisoning murder cases. Seven people died from taking cyanide-laced Tylenol capsules in September of 1982. The case captivated the country and

In March 2020, Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act to provide emergency financial assistance during the pandemic. The CARES Act included funding in the form of loans to eligible businesses—intended to be used to help keep the lights on. Unfortunately, these loans also proved to be magnets for fraud. Since

The federal moratorium that began with Covid ends on August 31. Borrowers can save money and avoid confusion by taking some key steps right now. By Janet Novack, Forbes Staff It’s happening. The moratorium on repayments and interest on $1.6 trillion in federal student debt owed by 44 million Americans really is ending this time—on

Ever since “Under the Tuscan Sun,” I’ve imagined channeling my inner Diane Lane and restoring an old Italian farmhouse. I’m guessing that many Americans assume that’s what living abroad is like (thanks, Frances). But for the estimated nine million Americans who live abroad, everyday life is less about busted plumbing and splashing in fountains and

The growing war between the IRS and the commercial tax preparation industry over the agency’s efforts to create a free, in-house tax filing system got me thinking about a more fundamental question: Why should we have to pay a commercial third party to help us perform a civic duty? Do you have to hire somebody

As a kid growing up in suburban Detroit, it was frequently noted that our town “looked down” on Canada . . . literally. It was a bad joke based on a geographical quirk. We lived in the only part of the United States that was due north of Canadian soil. We soon learned that it

“The I-9 requirement is probably the most overlooked form that really small, trying-to-do-it-themselves employers miss,” says Catherine Madeley, a CPA in Austin, Texas. U.S. Citizenship and Immigration Services released a new version of the I-9 on August 1. Temporary rules for remotely verifying employee identities that were implemented during the Covid-19 pandemic ended on July

Startup companies rely heavily on stock options to recruit, motivate, and retain the best employees and executives. The stock acquired can become very valuable if the company goes public or is acquired. However, options in private companies are tricky, given the lack of liquidity to trade the stock and the other risks. Some of the

The charitable reading of the grant of statutory authority in the clean hydrogen credit under section 45V(f) is that Congress gave Treasury considerable regulatory leeway to tell claimants how to determine the life cycle greenhouse gas emissions that the entire credit hinges on. The less charitable interpretation is that Congress abdicated its responsibility and left

A winning ticket for the $1.58 billion Mega Millions jackpot was sold in Florida. If you are the winner of the $1.58 billion Mega Millions jackpot, how much do you collect? Your first answer might be $1.58 billion. But in fact, you actually would collect that amount—before taxes—only if you agree to take the mega

Tax Notes White House reporter Alexander Rifaat discusses the Biden administration’s economic plan called “Bidenomics” and its effect on tax. David D. Stewart: Welcome to the podcast. I’m David Stewart, editor in chief of Tax Notes Today International. This week: parsing priorities. With just over two and a half years into Joe Biden’s presidency, we’ve

The United States women have been narrowly knocked out of soccer’s World Cup in the round of 16, the earliest a US team has ever exited the tournament. And the always-divisive Donald Trump blamed the loss (somehow) on liberal policies, tweeting that “WOKE EQUALS FAILURE” (his caps). But in fact the US women have succeeded

How concerned should policymakers and their constituents be about Fitch Ratings Agency’s decision to downgrade the United States credit rating from AAA to AA+ last week? The White House brushed it off, saying Fitch “defies reality” to downgrade U.S. credit at a time when the country is experiencing “the strongest recovery of any major economy

My husband is buying a new car today. He considered buying a new electric vehicle (EV) but ultimately opted not to—another model caught his eye. But increasingly, consumers are opting in—in 2022, more than 750,000 new EVs were registered in the U.S. With a whopping 13.4 million light vehicles sold in the U.S. last year,