Taxes

The IRS, together with its Security Summit partners in state tax agencies and the nation’s tax industry, is reminding taxpayers and tax professionals to take extra steps to protect their financial and tax information during the holiday season. During this time of year, the agency warns, people face the heightened risk of identity theft as

As 2023 draws to a close, the IRS is already gearing up for next year—but some taxpayers are still experiencing delays related to previous years. According to the IRS, they are “working hard to get through the inventory.” The agency says that it has processed all paper and electronic individual returns received before October 2023.

Introduction They say that art is in the eye of the beholder. It might be more accurate to say that art, at least when it comes to its value, is in the eye of the Internal Revenue Service (“IRS”). Cognizant of transactions supposedly involving charitable art donations and inflated appraisals, the IRS has sounded the

Approximately 95% of married couples file joint tax returns. There is a strong knee-jerk reaction to file jointly, and tax return preparers may assume that’s what you want because most people do. Yet that simple step makes each spouse liable for everything on the return–and anything that might not be on the return. Joint filing

Some mutual funds inflict great damage on your 1040. Defend yourself. By William Baldwin, Senior Contributor Winter: the season in which fund owners incur self-inflicted wounds. Investors who make the mistake of holding stock mutual funds in taxable accounts are at risk of having unwanted distributions dumped in their laps. This often occurs in December.

Trusts are common, but there are numerous variations, and there is still considerable confusion about what is legal and what is not. There are at least two primary types. One type is a common to estate planning, and probably just about everyone should have one. You don’t want to die without a will, and but

Christmas came early (again) this year for many taxpayers and tax professionals. The IRS has announced that it would (again) delay the new $600 Form 1099-K reporting threshold for third-party settlement organizations. Here’s what you need to know. The IRS will treat 2023 as an additional transition year. If that sounds familiar, the same thing

For 40 years, PNC has calculated the prices of the 12 gifts from the classic holiday song, “The Twelve Days of Christmas.” This year, increases in the annual Christmas Price Index® (PNC CPI) are primarily driven by labor costs, mirroring the U.S. economy. CPI The PNC CPI is a light-hearted take on the Bureau of

Tax Notes contributing editor Nana Ama Sarfo discusses how lawmakers across the globe are looking to taxes to address problems with fast fashion. 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 week: Taxes never go

The Financial Crimes Enforcement Network—more commonly known as FinCEN—in close coordination with the Internal Revenue Service Criminal Investigation—sometimes referred to as CI or IRS-CI—issued an alert to financial institutions on fraud schemes related to the COVID-19 Employee Retention Credit (ERC). The alert provides an overview of some indicators associated with ERC fraud and scams, highlights

It’s been just one year since generative AI (GenAI) mania hijacked the news cycle and set in motion a tidal wave of new tech innovation and rampant speculation about our work lives changing forever. It was November 30, 2022, when the AI research and development firm OpenAI released the demo version of its ChatGPT software,

For some time, tax professionals have watched keenly as the case of Aroeste v. United States worked its way through a federal district court in California. In Aroeste, the taxpayer raised a novel argument that certain tax treaty provisions in the United States-Mexico tax treaty should govern whether the taxpayer had a United States FBAR

It didn’t take long after the IRS announced an additional delay in enforcing the new $600 reporting threshold for Forms 1099-K (more here) to garner reactions across the country. National Taxpayer Advocate Erin Collins issued the following statement: The IRS’s decision to delay implementation of the new Form 1099-K reporting requirements is good news for

Share to Facebook Share to Twitter Share to Linkedin ’Tis the season—benefits season, that is. The few weeks from mid-November to mid-December tend to mark benefits season for the federal government and many companies. During that time, you can typically enroll in a new plan, change your existing plan, add or drop beneficiaries, and adjust

The tax evasion trial for Shakira was set to begin in Barcelona but took a turn when it was announced that she had reached to settle the years-long legal dispute. She had initially faced an eight-year prison sentence and a fine of 24 million euros related to accusations that she had evaded taxes in the

In the past two presidential elections, working-class voters have proven to be a decisive swing vote in the pivotal states that determine the winner. A new comprehensive survey of working-class voters from the Progressive Policy Institute reveals how and why these voters, who once formed the backbone of the Democratic Party, have become estranged from

The House and Senate passed a bill to keep the federal government funded through early next year. This avoids a shut down and all the costs that entails. But it also leans on a set of “continuing resolutions”, which essentially tell government agencies to do what they have been. Bypassing the regular budget process this

The Senate has passed a stop-gap funding bill to avert a government shutdown before the deadline. The bill is identical to the one that was recently passed in the House. It extends funding for government services at current spending levels, with no spending cuts, including those targeted to the IRS. The bill does not include

The IRS has issued a reminder to those who may be entitled to the Recovery Rebate Credit to file a tax return and claim their money before the deadline. I know what you’re thinking: wasn’t that a long (long) time ago? Yes. Background In March 2020, the Coronavirus Aid, Relief, and Economic Security Act—or CARES

Reasonable cause is a common defense to civil tax penalties. Generally, taxpayers fall within the contours of reasonable cause if they can show that they exercised ordinary business care and prudence—for example, with respect to a filing obligation or regarding an item claimed on a tax return. Taxpayers who use tax professionals can sometimes also