Taxes

Legal claims about employment are one of the most common kinds of legal disputes. Just about every employment suit or settlement raises tax issues for employer and employee, and there are some common misconceptions. Most plaintiffs use contingent fee lawyers, and many assume that they are only responsible for the net money they collect after

The much criticized syndicated conservation easement (SCE) industry is chalking up a victory this month, but there are probably other ways to look at it. Judge Cary Douglas Pugh of the United States Tax Court has allowed $7,834,091 of a $10,427,435 charitable deduction claimed by Champions Retreat Golf Founders LLC on its 2010 tax return.

Although the metaverse as ultimately envisioned by its creators has not yet arrived, its development continues apace. Currently, there are several proprietary platforms that offer games, interactive business experiences, and interactive social experiences. For example, Barbados has been working with several metaverse platforms to declare digital real estate as sovereign land, the first sovereign in

Today’s Social Security column addresses questions about taking retirement benefits after spousal benefits, taking survivor’s benefits before retirement benefits and whether continued income can affect a spouse’s 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 here. Have

On October 6,2022, President Biden issued a statement on marijuana reform that outlined three steps to overcoming what he described as a “failed approach” to enforcing marijuana laws that resulted in Black and brown people being arrested, prosecuted, and convicted at rates disproportionate to their white counterparts. Of interest to the accounting and tax industry

Share to Facebook Share to Twitter Share to Linkedin Ask Republicans—who will win both houses of Congress next month—what to do about inflation, and they’ll reply: “Cut spending.” They might add cut taxes and regulations so the economy can produce more products and services, thereby lessening the pressure on prices. But they usually omit the

Share to Facebook Share to Twitter Share to Linkedin The Internal Revenue Service announced today that young workers will be allowed to contribute up to $22,500 pretax to a 401(k) or similar retirement savings plan in 2023, a $2,000 jump from the current $20,500 limit. Those 50 or older will be permitted to sock away

At the most recent meeting of the American Bar Association’s Tax Section, the IRS noted that it was looking into solutions for preventing line-blocking technology from tying up IRS phone lines. The pilot program is going to use artificial intelligence technology to attempt to weed out calls made by these services. The initial roll out

In 2005 a group of financial institutions, consultants, governments, regulators, and analysts met in Zurich to examine the effect of environmental, social, and governance (ESG) considerations on long-term investments. The group concluded that long-term value is created by companies that embed ESG concepts into their strategies. ESG components include: environmental concerns such as climate risk,

Today’s Social Security column addresses questions about benefits lost to the earnings test, how and why non-covered pensions can affect benefits and how spousal and survivor’s benefits are calculated. 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.

It’s Tax Notes Talk’s fifth anniversary! Host David Stewart discusses the history of the podcast with current and former members of the team: Gulnar Zaman, Derek Squires, Paige Jones, and Jordan Parrish. This transcript has been edited for length and clarity. David D. Stewart: Welcome to the podcast. I’m David Stewart, editor in chief of

The IRS says that taxpayers in disaster areas have more to file their returns to qualify for the penalty relief under Notice 2022-36 for their 2019 and 2020 tax returns. Under Notice 2022-36, penalties for late-filing certain tax returns, as well as penalties for not reporting certain required information on the Form 1065 or Form

Tax Notes contributing editors Robert Goulder and Joseph J. Thorndike examine the new alternative minimum tax and its likely effect on corporate America, all in five minutes. This transcript has been edited for length and clarity. Joseph J. Thorndike: The Inflation Reduction Act (P.L. 117-169) was signed into law last month, and taxpayers are still

The Internal Revenue Service Today announced new inflation-adjusted limits for 2023 that will allow well-off folks to transfer much more to their heirs tax free during life—or at death. One key gifting change is to the annual exclusion: you will be able to give anyone else (and as many people as you want) $17,000 in

Share to Facebook Share to Twitter Share to Linkedin The Internal Revenue Service has released dozens of inflation adjustments affecting individual income tax brackets, deductions and credits for 2023 and—no surprise—today’s four decade high inflation has translated into some big hikes. Consider the standard deduction, now claimed (instead of itemized deductions) by more than 85%

Policy experts and governments around the world are deeply dissatisfied with the way multinational corporations are taxed, especially big tech companies. The Organisation for Economic Co-operation and Development (OECD) has developed what it hopes will be a two-pronged solution: A global minimum corporate income tax and a tax based on where firms sell their products.

Law professors Kathleen DeLaney Thomas and Erin Scharff have given us a great tour of tax misinformation in the digital age with Fake News and the Tax Law (available on SSRN), It has never been easier to get accurate tax information than it is now. Unfortunately misinformation is even easier. You don’t have to look

As the year winds down, Congress will need to decide what to do on several tax fronts, including whether to extend more favorable treatment of business research and development investments and to increase benefits for families with children. To better understand what’s at stake, we reviewed both tax breaks and compared their fiscal costs. As

With the prospect of a recession, people are worried about layoffs. You may get severance pay when you quit your job, or you are laid off or fired. You also might get severance if you sue and settle. Whether or not your pay is labeled “severance,” and regardless of when it is paid, the IRS

Today’s Social Security column addresses questions about whether there really are “maximum” retirement benefit rates, whether applying for spousal benefits would have been advantageous and how the earnings test works. 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