Taxes

The IRS has released its strategic operating plan for spending $80 billion in extra funding over the next decade. Here’s a look at what it does—and doesn’t—include. What’s Not Included When flipping through what the IRS calls an “ambitious effort to transform the tax agency and dramatically improve service to taxpayers and the nation during

So I spent a couple of hours, that I will never get back, watching coverage of the arraignment of our once and aspiring future President Donald Trump. Sensible tax oriented CPAs were probably for the most part more productively occupied what with that deadline coming up in a couple of weeks. The most interesting thing

Today’s Social Security column addresses questions about how earning less money before filing can affect benefit rates, how survivor benefits are calculated if the record holder had not yet filed and whether or not to suspend a benefit at FRA. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president

The Treasury Inspector General for Tax Administration—or TIGTA—has released its audit of the IRS’s 2022 Filing Season. The purpose of the review was to evaluate “whether the IRS timely and accurately processed individual paper and electronically filed tax returns during the 2022 Filing Season.” It will surprise no one to hear that TIGTA concluded that

We will be holding a free 30-minute webinar on the use of grantor trusts on Monday, April 10, 2023 at 4:00 PM EST. Please click here to register. I wish to thank Stetson University College of Law students Jason McCosby and Peter Farrell for their assistance in writing this article.} Estate tax planning experts and

Tax Notes legal reporter Caitlin Mullaney discusses ChatGPT’s understanding of tax. This transcript has been edited for length and clarity. David D. Stewart: In a world where taxes are complex and confusing and taxpayers are left feeling overwhelmed and frustrated, a new hero emerges, the AI chatbot. But can these digital assistants really save the

The IRS has announced it will open several Taxpayer Assistance Centers (TACs) around the country this Saturday, April 8, for face-to-face help available from 9 a.m. to 4 p.m. An additional Saturday opening is planned for May 13. “During these special openings, taxpayers can get walk-in service for in-person help on many tax matters,” said

Gwyneth Paltrow’s ski accident trial was not as alluring as the Johnny Depp And Amber Heard case, but it still attracted people who couldn’t look away. At a minimum, it was worth losing a half day of skiing to check it out. In the end, a Park City, Utah, jury deliberated for less than three

Judge Thomas Hardiman of the Third Circuit wrote approvingly of Tax Court Judge Albert “Scholar Al” Lauber’s opinion in the case of Mitchel Skolnick. It is a large dollar hobby loss opinion – horses of courses – that may have implications in the future. In approving the IRS denial of the over $3,000.000 in losses

Owing taxes can be stressful. Unfortunately, the actions of some companies can make it worse. As part of its “Dirty Dozen” campaign, the IRS has renewed a warning about so-called Offer in Compromise “mills” that often mislead taxpayers into believing they can settle a tax debt for pennies on the dollar—while the companies collective excessive

Fresh off its success in thwarting an IRS attempt to cancel two advance pricing agreements, the emboldened Eaton Corp. has filed Tax Court petitions claiming the right to use the APA-approved transfer pricing method indefinitely. According to a pair of Tax Court petitions filed March 3, Eaton has found itself fighting the IRS in court

Today’s Social Security column addresses questions about whether filing dates can affect the application of COLAs to benefits, how public pensions can affect spousal benefits and submitting applications before benefits begin. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc. Should My Husband Have

As taxpayers and politicians argue about the impact of additional IRS funding, the Supreme Court is taking a look at the rules for collecting financial and other information without notice to taxpayers. Who is entitled to notice when the IRS seeks to track down the assets of delinquent taxpayers? That’s the question that has landed

President Biden’s fiscal year 2024 budget would revive 2021’s enhanced child tax credit (CTC) with some new twists that seek to make the credit work better for families. But in doing so, the plan would likely deliver extra benefits to some very well-off families. It could also increase complexity – pushing against a key argument

Today marks the final day of March and the conclusion of Women’s History Month. This month is a time to recognize the women who served as trailblazers, and inspire those that are blazing new trails for the next generation. While the progress of women in history is clear, that progress has stalled in the absence

Hush money sounds dirty or illegal, but many businesses pay it on occasion. There are important tax rules at play, and everyone in business should know the key rules. Let’s start with the fact that just about every kind of payment has tax consequences, to both the recipient and to the one who paid the

Facebook’s tax dispute over the pricing of transactions with an offshore subsidiary marks the first time an important anti-profit-shifting regulatory regime has been challenged in court, and the outcome will have major consequences. During a lengthy Tax Court trial, Facebook has vigorously contested the IRS’s valuation of intellectual property and other intangible rights contributed to

The collapse and federal takeover of Silicon Valley Bank (SVB VB ) and Signature Bank is generating worries about where the next bank failures might occur. Will they hit smaller banks with high commercial real estate (CRE) exposure, as the CRE sector faces persistent economic challenges? And why do we continue seeing periodic financial sector

“Has anyone had clients actually do the apocryphal story of a client using a 529 to go on a continuing education cruise of Europe?” asked one of my peers in a recent forum, “Trying to figure (this out) after client asked.” Can You Get An Education At Sea? There are a host of companies offering

Whether expected or not, the upheaval of job loss gives you much to think about. Don’t forget any stock options or restricted stock units (RSUs) that you were granted and are still available to you. Too many departing employees forfeit valuable potential gains from their equity awards because they were unaware of the post-termination rules,