The Congressional Budget Office estimates the national debt will increase by $19 trillion over the next decade under current law, $3 trillion more than it projected last May. But for all the squawking in Washington over how to deal with deficits and debt, nearly all of the increases will come in spending Congress and President
Taxes
Share to Facebook Share to Twitter Share to Linkedin Congress last year imposed a 1% tax on stock buybacks. If Apple purchases $1 billion of its stock, it will owe Uncle Sam $10 million. In his interminable State of the Union address, Joe Biden proposed quadrupling this tax to 4%. And should Biden succeed, Democrats
Many taxpayers got their first glimpse of President Biden’s nominee to lead the Internal Revenue Service on Wednesday as Daniel Werfel appeared before the Senate Finance Committee for his confirmation hearing. Others, however, may have experienced deja vu—Werfel served as the interim IRS Commissioner for several months in 2013 after Steven T. Miller resigned under
American workers are becoming fond of flexible work schedules—but are we willing to foot the bill for them? That’s a question currently pending in the Oregon legislature, as Senate Bill 854 could end perks associated with remote work for state employees. The pandemic has dramatically changed the way that workers approach their jobs. The number
It’s hard for people to keep up with the more than 100 changes the SECURE Act 2.0 made in retirement plans and related tax code provisions. Here’s a summary of the key changes in required minimum distributions (RMDs) in the law that was enacted at the end of 2022. The beginning age for RMDs of
If you are a successful business owner, you are likely looking for a way to pay fewer taxes. Hiring your spouse to work in your small business can be a smart tax move for many business owners. To make these tax-planning strategies work, your spouse must do actual work in your business, and you must
Professor Steven A. Dean of Brooklyn Law School discusses Treasury’s Equity Action Plan and its progress on examining potential racial bias in the tax code. 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: bias
On January 29 U.K. Prime Minister Rishi Sunak fired Nadhim Zahawi. Zahawi had been serving as Conservative Party chair, but we tax folks remember him for his brief stint as chancellor. He was also a co-founder of YouGov, the successful market research firm. The basis for the sacking was an unfavorable report by an independent
Topline Only two weeks after the start of tax season, the Internal Revenue Service (IRS) told millions of Americans to hold off on filing their taxes to deal with special tax refunds or payments issued by states in 2022—but Friday, told them to proceed. Key Facts Tax season started on January 23, but just two
In the lead-up to a thrilling Super Bowl, it was noted this was the first time two Black starting quarterbacks faced each other. While that shows commendable progress, the NFL—and all of us—still must deal with the ongoing legacy and current impacts of racism. First, the quarterbacks. The Chiefs’ Patrick Mahomes and the Eagles’ Jalen
Today’s Social Security column addresses questions about how birth year can affect benefit amounts, eligibility for divorced spousal benefits and the ability to claim retroactive auxiliary benefits based on a worker’s record. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc. See more Ask
On Sunday, February 12, 2023, nearly 73,000 fans will fill seats in Glendale, Arizona, to watch the Super Bowl match-up between the Kansas City Chiefs and the Philadelphia Eagles. Arizona got the nod in 2018 to host Super Bowl LVII. One reason? State Farm Stadium officially seats 63,400 fans with the ability to expand to
Share to Facebook Share to Twitter Share to Linkedin Since WWII, the U.S. has had what’s called the nuclear triad to deter a possible strike from an adversary: land-based missiles, submarine-launched missiles and long-range bombers. After the war the U.S. also pursued what might be called an economic triad, which was immensely successful for us
This year, the tax filing season is starting off strong. The initial data from the IRS indicates that taxpayers are getting their returns in more quickly than they did last year. Tax season opened on Jan. 23, 2023, one day earlier than in 2022. The IRS has now made data available from the beginning of
We’ve all heard complaints from disgruntled taxpayers about tax preparers that they claim did a lousy job. A Connecticut state senator believes she has a solution: make them pay. Patricia Miller, who represents the 27th district in the Connecticut state senate, recently introduced a bill that would hold tax preparers financially responsible for errors. S.B.
The IRS has announced that special payments made by 21 states in 2022 are not taxable and don’t need to be reported on your 2022 taxes. It means that people in the following states do not need to report these state payments on their 2022 tax return: California, Colorado, Connecticut, Delaware, Florida, Hawaii, Idaho, Illinois,
Waiting on your refund? For some taxpayers, it’s about to become a lot faster. The IRS has announced that taxpayers who file their amended returns (Form 1040-X) electronically will now be able to select direct deposit for their refund. E-Filed Amended Returns For years, filing an amended return has been a time-consuming process. Paper filing
Chances are that when you get your paycheck, you don’t look closely at anything beyond the net pay—the amount deposited into your account. But your Form W-2, Wage and Tax Statement? That’s a different story. Tax season is the first—and often only—time during the year that many taxpayers seriously consider how much money is taken
Tax Notes reporters Sarah Paez and Kiarra Strocko discuss what they found in an exploration of the OECD-supported mediation process for multinational corporations. 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: multinational mediation. With
Today’s Social Security column addresses questions about how early retirement benefits can affect later spousal benefits, whether there are lifetime limits for disabled children and about mitigating the effects of years with no income on benefit rates. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security
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