On March 9, 2023, President Biden released his official budget. As expected, his budget priorities include increasing taxes on corporations and high earners, boosting spending on policy items like energy and education, and moving to reduce the deficit. Budget Proposals Are Not Law But before you rush out and make plans based on the budget,
Taxes
Today’s Social Security column addresses questions about when delayed retirement credits are applied to benefit rates, whether the WEP is fair or not and survivor benefits while working. 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
We’re coming down to the home stretch for tax season, which opened on Jan. 23, 2023, and will run until Apr. 18, 2023. IRS numbers continue to indicate that taxpayers are getting their returns in and processed more quickly than they did last year. The most recent data available compares the filing weeks ending Feb.
If you’re a regular reader, you were likely expecting a reminder about filing for an extension during tax season. If I had to guess, you thought it might pop up in April—not at the beginning of March. I’m doing things a little differently this year. And there’s a reason. I want to change the narrative
The IRS has issued a new warning urging people to carefully review the Employee Retention Credit (ERC) guidelines before claiming the credit. Radio, TV and the internet are full of aggressive and alluring claims of free money, $26,000 per employee, with no money down. The IRS warns that the fees charge may be large and
The IRS has a new commissioner. On Thursday, Mar. 9, 2023, the Senate voted to confirm Daniel Werfel to lead the IRS. The confirmation vote was 54-42, with four Senators not voting, including Dianne Feinstein (D-CA), John Fetterman (D-PA), and Mitch McConnell (R-KY), who were not available due to medical reasons. Only one Democrat voted
Close on the heels of Donald Trump’s idea to build up to ten “freedom cities” on federal land come reports that Elon Musk is planning a “Texas Utopia”—his “own town” says the Wall Street Journal. But although America has a long history of company towns, the plans for what some are calling “Muskville” so far
President Joe Biden’s 2024 budget would raise taxes by more than $4.5 trillion over the next decade. And keeping to a pattern Biden began in his 2020 presidential campaign, nearly all the new revenue would come from high-income households and corporations. Biden’s tax agenda never will be approved by the current Congress. The Republican-controlled House
In 1973 President Richard Nixon told reporters that “people have got to know whether or not their president is a crook.” He would soon release his tax returns in a bid to ease the nation’s fears — unsuccessfully, as it turned out. Still, Nixon’s comment marked the start of a voluntary tax disclosure tradition. For
Cindi Lincoln, third wife of young earth creationist preacher Kent Hovind, is suing Hovind consigliere Ernie Land, Kent Hovind, himself, and various entities about financial commitments made to her in exchange for support of Hovind’s Dinosaur Adventure Land (DAL) in Lenox Al. I have not been covering many of the developments in the Hovind story
The tax season is upon us, and you may feel excitement or dread at this time of year. For many Americans, tax season is a time of year they look forward to receiving an income tax refund. Retailers everywhere present options for making the most of your tax refund with special offers on new cars,
Come back on March 9th from 12:30 pm – 1:30 pm EST to join the LIVE conversation in the commenting section of this article. Tax Day is just around the corner. Traditionally, Tax Day is April 15, but in 2023, taxpayers get a break as the tax filing deadline is delayed for all individual taxpayers
If he’s re-elected President, Donald Trump proposes building ten brand-new “freedom cities” on federal land. But waving a magic wand isn’t how cities develop. America neglects its existing cities, and any urban funding should go to help with their many needs. Trump’s “freedom cities” idea doesn’t have much detail. In a campaign video, Trump said
Tony Santiago of TaxSearch Inc. discusses how the tax profession is changing and offers advice on developing future tax leaders. 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: changing of the guard. The tax
Final regs clarify the tax exception in section 897(l) for foreign pension funds that invest in U.S. real property. To qualify for the exception, the foreign pension fund must comply with restrictions on establishment, funding, benefits, and beneficiaries. Published on December 29, 2022, T.D. 9971 contains final regs on gain or loss of a qualified
The family of the late Kobe Bryant agreed to a $28.5 million settlement with Los Angeles County to resolve remaining claims in their lawsuit over deputies and firefighters sharing grisly photos of the NBA star, his 13-year-old daughter and other victims killed in a 2020 helicopter crash. The figure includes a $13.5 million payment from
Thanks to gratuity-goosing point of sale terminals, the tip take is on the rise. Now the feds are eyeing that same digital path to collect more of the taxes owed on tip income. The skies in Raleigh, NC were blue on March 1st, with spring-like temperatures of nearly 70 degrees that tempted residents and tourists
Today’s Social Security column addresses questions about how soon benefits may be available based on a new spouse’s record, when divorced spousal benefits may be available and taking widow’s benefits while delaying retirement benefits until 70. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning,
A bipartisan group of Senators, including Senators James Lankford (R-OK) and Raphael Warnock (D-GA), are calling for a temporary change in tax breaks for charitable giving. S. 566, also called the Charitable Act, would allow taxpayers to claim a significant above-the-line deduction for charitable giving. Above-The-Line Deduction An “above-the-line” deduction, or adjustment to income, is
Beyoncé’s announcement of her Renaissance World Tour has triggered an odd tax discussion as you can see from the tweet below. Amanda Orson like Beyoncé was born in 1981. Orson, currently CEO of Curve US, counts herself an elder millennial. Curve sponsors a one-of-a-kind digital wallet that empowers you to maximize rewards from your existing
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