Taxes

For decades, the idea of being subjected to an Internal Revenue Service (IRS) audit has inspired fear in the minds of taxpayers. For Black Americans, that fear has escalated due to the disproportionate number of audits completed for the demographic. The recent cash infusion of $80 billion dollars to the IRS has lawmakers and taxpayers
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I write this article on the somber weekend of the Memorial Day Holiday. With the significance of honoring the fallen, it is important to remember how we can help these “Gold Star Families”, a term coined during World War I. During this weekend, I was reminded of the families of the fallen due to my
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In the ever-evolving landscape of philanthropy, charities must adapt to new technologies to better engage with donors and support their missions. A recent addition to the toolkit is ChatGPT. Powered by advances in artificial intelligence and natural language processing, it is poised to revolutionize how charities assist donors in making effective giving decisions. Personalize Donor
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Effective January 1, 2023 if you are age 70-1/2 or older, you can distribute up to $50,000 from your traditional IRA directly into a charitable remainder trust or gift annuity. The distribution will be excluded from your income, but if you are age 73 or older it will nonetheless count toward your Required Minimum Distribution.
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The frustration of business owners with their federal income tax payments is palpable. Though no major tax legislation has recently been passed, federal income tax payments are increasing dramatically. With rising inflation, workforce shortages, and supply chain woes, businesses are coming face to face with the prospects of retraction and survival versus expansion and entrepreneurship.
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Tax Notes contributing editors Robert Goulder and Joseph J. Thorndike examine the looming debt ceiling crisis and its likely effect on the IRS’s budget, all in five minutes. This transcript has been edited for length and clarity. Robert Goulder: You’ve heard the news by now: The federal government is just weeks away from hitting the
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As if texting shorthand wasn’t confusing enough (IKR?), when you have stock options, restricted stock units, or an employee stock purchase plan, you are plunged into an alphabet soup of initialisms, acronyms, and jargon. Do you know NQSOs from ISOs? AMT from FICA or NIIT? What’s the FMV at option exercise? Can you sell company
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