Taxes

Welcome to the Tax Policy Center’s annual Lump of Coal Awards for the worst tax ideas of 2022. Since it was an election year in the US and elsewhere and a year of eventful tax legislation, we were left with many misbegotten ideas to choose from. Here are 10 of the worst. 10. Rapping your

The Amber Heard and Johnny Depp trial was riveting. For the last chapter, after saying that she would appeal, Amber Heard has settled her messy defamation case with Depp for an undisclosed sum. Earlier this year, Heard was ordered to pay $15 million in damages to Depp when the jury found that she defamed him

In the third of a three-episode series, former senior Treasury official Chip Harter discusses his experience creating the international tax guidance for the Tax Cuts and Jobs Act and the evolution of those provisions. This transcript has been edited for length and clarity. David D. Stewart: Welcome to the podcast. I’m David Stewart, editor in

In what’s become an annual rite, the Financial Accounting Standards Board (FASB) has once again put corporate tax transparency at the top of its administrative agenda for the year ahead. The new proposal, which is the third such proposal in the last seven years to focus on getting corporations to disclose more detail on the

There was a real shocker in the December 6th (2022-218) issue of the EO Tax Journal. In the Editor’s Notebook section Paul Streckfus was commenting on an article by Roger Coinavaux calling for reform of donor advised funds. Streckfus was his usual gloomy self noting that the intermediaries through their lobbyists have the clout to

Cities are central to prosperity as hubs of innovation and growth, but they labor with persistent inequality, driven by America’s deeply entrenched anti-urban policies and politics. I argue in a new book that economists don’t pay enough attention to anti-urban state and federal policy and structural racism in our metropolitan areas, making it harder to

Share to Facebook Share to Twitter Share to Linkedin It’s getting too easy to cut taxes on your investments. Politicians who like to “close loopholes” are going to notice. There’s still time. You’ve got two weeks left to take capital losses, using them to cut your 2022 tax bill. This is a use-it-or-lose-it proposition. It’s

Taxpayers claim that IRS penalties are not warranted for many reasons. One of the biggest and most misunderstood is the defense that a tax position was based on reasonable cause and that you acted in good faith. Those seem like friendly, easy-to-understand words, but they are actually terms of art. Even if a taxpayer thinks

The speed and accuracy of quantum computing makes it ideal for collecting and analyzing data, modeling the impact of proposed tax legislation, and predicting and detecting tax evasion. Computers using quantum technology can instantly solve computational problems that could take an ordinary PC decades. These same qualities, however, threaten data security. Quantum Computing Quantum computing

Talks on the expansion of the Child Tax Credit appear to have stalled, with a key sticking point being opposition of some lawmakers to making the credit fully refundable – or allowing low-income families to qualify for the maximum credit regardless of how much they earn. However, there are potential compromises short of full refundability

Last year, I published a piece about the top myths regarding the Employee Retention Credit (ERC) that was preventing business owners, charity managers and Indian tribes from claiming this important tax incentive. Now, the misinformation has gone the other way, and businesses (as well as tax-exempt/charities and Indian tribes — but I will just use

In the second installment of a three-episode series, Jennifer Acuña, now with KPMG and former tax counsel for the House Ways and Means Committee, discusses how guidance for the Tax Cuts and Jobs Act is still evolving. This transcript has been edited for length and clarity. David D. Stewart: Welcome to the podcast. I’m David

OnlyFans content creators have recently been contacted in connection with a criminal tax investigation, according to multiple sources within the tax community. “Over the last several days, pairs of IRS Special Agents across the country descended on the homes and offices of OnlyFans personalities and their tax return preparers, delivering grand jury subpoenas,” John Colvin,

A series of reports in The Wall Street Journal informs readers that U.S. employment will decrease by 1.5 million if, as Democratic leaders wish, the expanded child tax credit (CTC) that was temporarily in effect in 2021 is reenacted and replaces the current-law child credit. In April 2021 President Biden proposed a five-year extension of

Topline Hedge fund billionaire Ken Griffin, who founded and helms trading powerhouse Citadel, has sued the Internal Revenue Service and Treasury Department for alleged negligence in maintaining safeguards for confidential tax returns after a bombshell report last year cited a trove of IRS data in a series of articles detailing the incomes and taxes paid

As prices and hunger rise, a record 11 food banks make Forbes 2022 list of America’s Top 100 Charities, ranked by private donations. The first modern food bank was started 55 years ago by a retired Phoenix businessman and the concept has since spread to dozens of countries. Yet it wasn’t until the Covid-19 lockdowns

As somebody who believes that syndicated conservation easements (SCE) constitute an industry based on nonsense, I want to be able to tell you that if you are offered the chance to participate in one, you absolutely should not. I can’t really do that though. There is a reason for this. The best prospect for an

IRS Forms 1099 generally come in the mail around the end of January and report how much you were paid in the prior calendar year. Don’t ignore them, as each one will be matched against your tax return when you file. Forms 1099 can be wrong, so check them carefully. IRS Forms 1099 remind you

The penalty for fairly innocent goofs can run into the millions of dollars. Is there any limit to how unpleasant the IRS can be with people who pay all their taxes but don’t fill out the forms correctly? Monica Toth, 82, is a naturalized American whose family escaped the Nazis. The Boston area resident prepared

As working from home (WFH) becomes more permanent, and fewer workers commute to offices, cities hope to convert unoccupied and excess office space to residences. But we don’t yet know the possible scale and speed of such conversions, and whether they can make a big dent in our housing affordability crisis. There’s definitely action on