Taxes

Kyle Pomerleau of the American Enterprise Institute discusses the Biden administration’s fiscal 2024 budget and examines how the tax proposals play into the administration’s wider political agenda. 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

Most legal settlements are taxable, even for a devastating fire loss. That grim fact can be an unpleasant surprise to fire victims and seems particularly unfair. There are federal tax bill pending that if passed, could make certain fire lawsuit recoveries nontaxable. The proposed federal bill was introduced in 2022 by Congressmen Doug LaMalfa (R

The IRS rolled out a first look at this year’s Dirty Dozen, and there’s a new—but not surprising—entry: improper claims involving Employee Retention Credits, or ERC. Dirty Dozen The “Dirty Dozen” is an annual list of common scams taxpayers may encounter during the year. Many of these schemes peak during tax filing season as people

President Biden has used his budget proposal to Congress to position himself as a champion of Medicare and Social Security. Even before the budget’s official release, Biden took to the guest essay pages of the New York Times NYT to outline his plans to tackle Medicare’s looming insolvency. It’s good that the administration is at

Today’s Social Security column addresses questions about filing early to enable spousal benefits, whether to take divorced spousal benefits and when the Windfall Elimination Provision (WEP) applies to Social Security retirement benefits. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc. See more Ask

The magical application of Section 1202 for C corporation shareholders seems too good to be true, with millions of tax dollars being saved. However, after the significant corporate tax rate reduction passed in the Tax Cuts and Jobs Act, many S corporation shareholders are wondering why they are still being excluded from this worthwhile benefit.

The IRS has posted answers to frequently asked questions focused on whether certain costs related to nutrition, wellness, and general health are medical expenses that may be paid or reimbursed under a health savings account (HSA), health flexible spending arrangement (FSA), Archer medical savings account (Archer MSA) or health reimbursement arrangement (HRA). Background These answers

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

Are you just getting ready to tackle your 2022 income tax return? You’ve got plenty of company. There’s about a month left in the current tax filing season, which opened on Jan. 23, 2023, and will run until April 18, 2023 and the most recent IRS data indicates that, as of March 10, 2023, the

Over the past few years, there has been an uptick in the number of taxpayers asking about married filing separately as a tax status. Some of the inquiries are because the status can be confusing, but others have focused on whether there was a benefit to switching status to claim certain pandemic-related benefits. Now that

It’s rare to find a Republican lawmaker who thinks highly of a new federal tax proposal. Enter Lindsey Graham from South Carolina. In recent days, the fourth-term senator has hinted that he may introduce a carbon-import tax. The proposal is billed as a clever way to stick it to Chinese polluters. According to some sources,

With the tax deadline just a few weeks ago—Tax Day is April 18—taxpayers are scrambling to finish and file their returns. One thing that may be causing some confusion this year? Cryptocurrency. While it’s not a new tax topic, conflicting advice about losses and different wording on Form 1040 are resulting in some head-scratching. Here

Tax Notes contributing editor Nana Ama Sarfo discusses digital services taxes and the OECD’s goal to solve related challenges through the pillar 1 multilateral convention. 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: the

Digital platforms have caused massive disruption across multiple industries and reshaped global trade. There are currently thousands of companies applying this business model in all kinds of sectors, including e-commerce, transport and hospitality. Platforms have become the backbone of the sharing economy which revolutionised the way people access goods and services and opened up new

Share to Facebook Share to Twitter Share to Linkedin What are some good dividend stocks to buy? The right answer depends on your financial goals. With dividend stocks, there’s usually a trade-off between yield and reliability. Said another way, the dividend-payers that generate maximum income for your investment dollar aren’t always the most dependable. And

There have been many federal disaster situations around the U.S. these past years. See if you qualify to pay taxes and file tax returns after the original deadline. See Tax Relief in Disaster Situations. For example IRS: May 15 tax deadline extended to Oct. 16 for disaster area taxpayers in California, Alabama and Georgia. Check

Individual tax returns for 2022 are due April 18, 2023. However, most active traders aren’t ready to file on time. Some brokers issue corrected 1099Bs right up to the deadline. Many partnerships and S-Corps file extensions by March 15, 2023, and don’t issue Schedule K-1s to partners until after April 18. Many securities traders struggle

The IRS has issued a reminder for retirees who turned 72 during 2022 that, in most cases, Apr. 1, 2023, is the last day to begin receiving required minimum distributions—or RMDs—from Individual Retirement Arrangements (IRAs), 401(k)s and similar retirement plans. Special Rule If you reached age 72 during 2022, you’re covered by a special rule

Some say that an Oscars statuette is the most valued item in Hollywood and one of the most coveted for launching or capping a career. The faux gold statue isn’t taxed as income, but all those pricey luxury goods advertisers hand out to stars? You guessed it, they are taxable income. And the gifts are

In the first year of Richard M. Nixon’s presidency, key members of his White House staff began agitating for major changes at the IRS. The agency’s most serious problem, they contended, was its independence. The obvious solution: politicize it. “There is no office in government touching on more people than the IRS and one report