Taxes

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,
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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
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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
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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
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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
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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
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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,
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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
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