Taxes

This year marks 50 years of VAT in the United Kingdom. Although the VAT implementation date (April 1, 1973) coincided with All Fools’ Day, the Chancellor of the Exchequer at the time, Sir Anthony Barber, was rather serious when he made a bold statement that “VAT will be a simple tax on the supply of

Grace Perez-Navarro discusses her long career at the OECD Centre for Tax Policy and Administration and what’s next after her retirement. 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: graceful exit. Grace Perez-Navarro has

A handful of extremely wealthy US taxpayers holds trillions of dollars in foreign accounts, much of it in tax havens and through partnerships, according to a new study based on data reported to the IRS by foreign financial institutions. Since 2015, the Foreign Account Tax Compliance Act (FATCA) has required foreign banks, investment funds, and

When you’re in law school, you often dream about having a case that makes it to the Supreme Court. Rachael E. Rubenstein of Clark Hill knows that feeling—and in her case, it actually happened. Statistically, that dream is a long shot. The Term of the Supreme Court begins on the first Monday in October and

A day may come when the fallout from the tax shelter scandal at the turn of millennium is no more. But it is not this day. On this day we share the story of Robert “Bobby” Kotick, CEO of Activision Blizzard ATVI , and Seaview Trading LLC. Mr. Kotick is a controversial figure for several

Few things herald the coming of spring in the United States like the blooming of the cherry blossom trees around the Tidal Basin in Washington, D.C. Although the National Park Service has deemed March 23, 2023, as “peak bloom” for the blossoms, March 27 is a bit more significant: It was on this day in

Since the Roth IRA was created in 1997, a portion of the financial services community warned the Roth IRA was a trap. Congress would wait until Roth accounts held trillions of dollars, then repeal all or some of the tax benefits. From the start, I’ve been skeptical of the arguments that Roth IRAs are a

On Mar. 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act—the CARES Act—was signed into law in response to the challenges facing the US economy due to the Covid pandemic. Nearly three years later, IRS Criminal Investigation (IRS-CI) reports that it has investigated 975 tax and money laundering cases related to Covid fraud, with

During the week, Eugene Hall uses his tech savvy to chase down tax cheats, identity thieves and other fiscal frauds. And on football Sundays, he assesses penalties—five and ten yards at a time. On Sundays, during the NFL season, you can spot Eugene Hall as side judge 103, making critical calls about whether a catch

Today’s Social Security column addresses questions about how spousal benefit rates are calculated, how continuing to work can affect benefit rates and when survivor’s benefits can become available. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc. See more Ask Larry answers here. Have

This morning, I woke up to the news that devastating tornadoes swept through Mississippi, killing at least 23 people and injuring dozens more. The Mississippi Emergency Management Agency tweeted, “Unfortunately, these numbers are expected to change.” In times like these, of course, taxpayers want to help. But as part of its annual Dirty Dozen campaign,

Many were hopeful for U.S. tax legislation ensuring businesses could continue to fully deduct their research and experimental (“R&E”) expenditures in the 2022 taxable year. Senator Margaret Hassan (D-NH) introduced a bill as recently as March 16th, 2023, to provide an immediate deduction related to Section 174 expenditures. However, the partisan Congressional divide will likely

The IRS recently announced that scams from promoters pitching the Employee Retention Credit (ERC) to unwary business owners is the top of the “dirty dozen” list of tax cons this year. As I’ve written about previously, business owners need to be eyes open about the ERC – and work closely with their CPA/trusted tax advisor

The IRS has given New York winter storm and snowstorm victims until May 15, 2023, to file various federal individual and business tax returns and make tax payments. The relief applies to any area designated by FEMA as a result of storms that occurred between Dec. 23 and Dec. 28, 2022. This means that individuals

As we enter tax season 2023, you may wonder how long you should keep your old tax returns and other paperwork associated with filing your taxes. For those with hard copies of your taxes, you might wonder if you can scan them. Or do you need to keep hard copies? Keep reading as we share

What’s on your desk right now? If you’re a tax professional, chances you have a monitor or two (or three) alongside a computer and, for the old-school among us, a well-worn, dog-eared tax reference book. Depending on the time of day, there may also be a cup of coffee, an energy drink, and maybe a

The revenue provisions of President Biden’s fiscal year 2024 budget would lower after-tax incomes by an average of about $2,300 next year, according to a new analysis by the Tax Policy Center. His plan would raise average after-tax incomes for low-income households in 2024, leave them effectively unchanged for middle-income households, and lower after-tax incomes

The IRS has given victims of severe winter storms, flooding, landslides and mudslides in California that began March 9, 2023, until Oct. 16, 2023, to file various individual and business tax returns and make tax payments. Following the disaster declaration issued by FEMA, individuals and households affected by severe winter storms, flooding, landslides and mudslides

The 27,000 Americans with more than $10 million of income have lower average federal income tax rates than the 580,000 Americans with income between $1 million and $10 million. And though the share of federal income tax revenue from taxpayers with income in the top percentile rose from 33.2 percent in 2001 to 42.3 percent

The IRS is again warning taxpayers about phishing and smishing schemes as part of this year’s Dirty Dozen. Dirty Dozen The “Dirty Dozen” is an annual list of common scams taxpayers may encounter. Many of these schemes peak during tax filing season as people prepare their returns or hire someone to help with their taxes.