Taxes

A group of Senators is urging the IRS to take action on the potential use of artificial intelligence (AI) in scams targeted at taxpayers and tax professionals. The four Senators, Chuck Grassley (R-Iowa), Maggie Hassan (D-N.H.), Ron Wyden (D-Ore.), and James Lankford (R-Okla.), sent a letter to IRS Commissioner Danny Werfel warning about the use

The numbers are eye-opening. 288 arrests. 117 firearms. 850 kilograms of drugs. $53.4 million in cash and virtual currencies. That was the impact of Operation SpecTor, a coordinated international effort targeting fentanyl and opioid trafficking on the dark web, or darknet. Dark Web The dark web lives up to its name—it describes internet sites that

The IRS announced that Florida storm victims have until Aug. 15, 2023, to file federal individual and business tax returns and make tax payments, the Internal Revenue Service announced today. The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA) as a result of tornadoes, severe storms and flooding

With concerns about banks constantly in the news—most recently, the Federal Deposit Insurance Corporation (FDIC) confirmed that First Republic Bank FRC had been seized by regulators—some in the U.S. are eying alternatives to keeping their savings in banks. For some, the answer is obvious: rely on cash in hand. I get it. After my great-grandmother’s

Some of the most intractable problems plaguing the federal tax system have been around for a long time. Complaints about complexity, for instance, appeared before Congress even finished drafting the modern income tax in 1913. “I guess you will have to go to jail,” wrote Sen. Elihu Root to a correspondent while the bill was

Today’s Social Security column addresses questions about what how spousal benefits are calculated based on the worker’s benefit rate, effects on spousal benefits when the worker files early and eligibility for survivor’s benefits. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc. See more

Insurance bad faith lawsuit recoveries can be significant, dwarfing the underlying dispute. By definition, a bad faith case comes out of an underlying dispute or accident. That duality can make the tax treatment of insurance bad faith recoveries especially tricky. However, it can also invite tax planning. If the underlying incident was a physical injury

Professor Samuel Brunson of Loyola University Chicago discusses social media tax scams highlighted in the IRS’s 2023 “Dirty Dozen” list of scams and how to spot this misinformation. 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 is among the worst Social Security horror stories I’ve encountered in years of writing about Social Security’s financial abuse of everyday Americans. Everyone thinks Social Security is our country’s finest public policy with superbly dedicated and fully trained staff. That ‘s until they get a bill in the mail, often massive, to repay Social

You can see where this is going. As the US gets ever closer to hitting its borrowing limit sometime this summer, Congress is stumbling towards its usual off-ramp: Finding a way to continue borrowing while avoiding the hard choices needed to reduce deficits and slow the growth of the ever-increasing debt. At the moment, at

Gen Z and millennials are living clean, and apparently it’s not good for state coffers. In March, Bloomberg reported that the U.K. government has missed out on billions of pounds in revenue from alcohol and tobacco sin taxes over the years because young Brits are choosing to smoke and imbibe less than previous generations. The

Living and investing overseas can create advantages when it comes to your U.S. tax burden. To benefit from those advantages and avoid costly mistakes, you need to understand how U.S. tax rules apply to expat Americans. Here’s an overview of things to know to help you stay compliant with the IRS and also capitalize on

April is National Financial Literacy Month. For most employees, few financial endeavors are more complex than understanding stock options, restricted stock, restricted stock units (RSUs), employee stock purchase plans (ESPPs), and other forms of stock compensation. As tax season is over, now is a good time to direct your attention to improving your financial fluency

Last year, Gov. Ron DeSantis (R) made waves in Florida when he took steps to eliminate the Reedy Creek Improvement District, a special services tax district that includes Disney World. The fight between DeSantis and the Walt Disney DIS Company is now headed to court. Background On April 22, 2022, DeSantis signed a bill into

The taxes levied on overnight stays could fund much more than convention centres and marketing campaigns. They can make places more vibrant, inclusive and worth visiting. From Saturday, April 1, everyone staying in Manchester will have £1 GBP added to their hotel stay per night. The tourist tax is a first for the U.K. and

Entertainer and business success Beyoncé Knowles-Carter—known to fans as Beyoncé or Queen Bey—has filed a petition in U.S. Tax Court contesting nearly $2.7 million in tax and penalties. The April 17, 2023, petition asks the court to reconsider additional tax and penalties assessed by the IRS in a January 18, 2023, Notice of Deficiency. Amounts

The dispute between certain owners of interests in low income housing projects and not for profit sponsors has taken an ugly turn. AMTAX Holdings 227, LLC has filed suit in the United States District Court for the Southern District of New York against accounting firm CohnReznick LLC. CohnReznick is a top twenty firm. According to

A cornerstone of U.S. tax policy (and for many other countries) has been to encourage and support research and development (R&D) in this country. Policymakers on both sides of the aisle have long recognized the importance of incentivizing companies to engage in R&D. Innovation and improved productivity are the hallmarks of a growing economy, job

Some time ago, these pages predicted that digital services taxes would prove to be sticky things. That is, once governments around the world went through the trouble of implementing DSTs — and once the receipts started to trickle in — legislators would find them difficult to eliminate. DSTs check too many of the boxes associated

Tax season isn’t over just yet. Tax-exempt organizations with a calendar year-end (December 31) must file a return or request an extension by May 15, 2023. Due Dates The annual filing due date for the Form 990-series (Forms 990, 990-EZ and 990-PF, Form 990-N (the e-postcard), Form 990-T and Form 4720 are normally by the