Taxes

The inability of Congress to include key tax extenders in the Consolidated Appropriations Act of 2023, signed into law on December 29, 2022, will increase the federal income tax bill for the majority of U.S. businesses. Coming into the new year, business owners likely breathed a sigh of relief that no major tax legislation was

Share to Facebook Share to Twitter Share to Linkedin New Speaker of the House Kevin McCarthy has proposed a vote on a proposal called the Fair Tax, which would abolish the current federal income tax and replace it with a 30% national sales tax. Payroll taxes, which finance Social Security and Medicare, would also get

After enduring criticism from trading partners for decades and five years of joint technical work with the OECD, Brazil has finally taken its first formal step toward harmonizing its heterodox transfer pricing regime with multilateral standards — a move widely cited as a prerequisite for OECD accession. But the December 2022 release of Provisional Measure

The IRS has given storm victims in parts of Georgia and Alabama until May 15, 2023, to file various federal individual and business tax returns and make tax payments. The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA). This means that individuals and households that reside or have

Today’s Social Security column addresses questions about the potential of continued income to raise benefit rates, who can take spousal benefits before retirement benefits and when they can do so and eligibility for divorced spousal benefits. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning,

Tax Notes contributing editor Joseph J. Thorndike discusses the release of former President Trump’s tax returns and how they may influence the discourse around disclosure in the next presidential election. 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

It’s the beginning of every American’s favorite time of the year to hate: tax season. The IRS will begin accepting tax returns for the 2022 tax year on January 24th. Here are three of the biggest tax filing mistakes people make. 1) Missing last minute tax-saving opportunities. While it’s too late to influence most of

Although the stock market had a rough year in 2022, many long-term investors still have substantial capital gains on their taxable investments. Many projections for 2023 point to some positive stock market returns. If nothing else, expect more volatility throughout the year. While often ignored, tax planning is part of being a good investor. Being

Many House Republicans say they want to balance the federal budget in 10 years by cutting spending only. And they seem to have received a promise from newly-elected House Speaker Kevin McCarthy (R-CA) to bring such a plan to the floor for a vote sometime this year. I can’t wait to see what it looks

Many House Republicans say they want to balance the federal budget in 10 years by cutting spending only. And they seem to have received a promise from newly-elected House Speaker Kevin McCarthy (R-CA) to bring such a plan to the floor for a vote sometime this year. I can’t wait to see what it looks

The circular economy envisages a shift away from the linear “take-make-dispose” model to a system where products and materials are reused in new cycles. While we are beginning to see a focus on greater resource utilisation and waste reduction, only 8.6% of all materials extracted and used make it back into our economy. A transition

Key Takeaways The US government is expected to hit the debt ceiling next Thursday, meaning that Congress must approve a raising of the $31.4 trillion limit. Treasury Secretary Janet Yellen has written to House Speaker Kevin McCarthy, saying that failure to raise the ceiling could cause “irreparable damage to the US economy.” In the past,

Last month, for the first time in two decades, the IRS took a critical look at plaintiff lawyer fee deferrals. In its December, 2022, Generic Legal Advice Memorandum (the “GLAM”), the IRS considered and rejected a hypothetical deferral with a particularly bad set of facts (the “Aggressive Deferral”). While such aggressive facts are uncommon, the

Today’s Social Security column addresses questions about how accurate SSA’s benefit rate estimates actually can be, the timing of benefit payments each month and taking spousal benefits after 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 Larry answers

The House of Representatives will be holding a vote on a plan that would abolish the IRS! According to a Fox News story by Houston Keene, holding the vote is part of the deal that got the Freedom Caucus to agree to Kevin McCarthy becoming speaker. Representative Earl (Buddy) Carter introduced the Fair Tax Act

One of the happier problems for a tax whistleblower is turning to think about the percentage they may receive as an award from the IRS. Under the statute – 26 USC 7623(b)(1) – a tax whistleblower may receive 15 – 30% of the collected proceeds. For tax whistleblowers the challenge is how do they get

E-filing for individual tax returns (Form 1040) will open on Monday, January 23, the IRS recently announced. The Service will begin accepting and processing returns for tax year 2022. The IRS has used part of the money it received from the Inflation Reduction Act to hire more than 5,000 new telephone assistors and add more

In her 2023 Annual Report to Congress, National Taxpayer Advocate Erin Collins, writes, “We have begun to see the light at the end of the tunnel.” Indeed, earlier this month the IRS announced that it had completed the automatic adjustments of 2020 tax returns related to the exclusion of unemployment income that was passed by

The first Tax Court hobby loss opinion of the year is a taxpayer win. Paul and Patricia Wondries were facing deficiencies totaling $421,503 for the years 2015-2017. The issue was whether their 1,100 acre ranch was being run with the objective of making a profit. Judge Kathleen Kerrigan called it a close case but concluded

The federal government doesn’t often slash its fees, especially not something like an 80% cut, but that’s what’s happening with the fee to hand in your passport for good. It isn’t yet a done deal, but as a result of a lawsuit about the unfairness of the fees, it looks like the current $2,350 fee