Implications For Christopher Columbus, Oysters, And Walruses The dramatic history of the Inflation Reduction Act is known – now we have to understand and live with the practical results. The Senate passed the bill with a vote of 51-50, with Vice President Kamala Harris breaking the tie. As of today, the House has not made
Taxes
There is a lot of chatter about the $80 billion of increased funding for the IRS in the Inflation Reduction Act. The bill was passed by the Senate on August 7, 2022, and the House voted to approve it on August 12, 2022. The President is expected to sign it shortly. The burning question on
On July 26, 2022, the Tax Section of the Florida Bar (the “Tax Section”) submitted “Comments on Proposed Treasury Regulations Relating to the Basic Exclusion Amount Applicable to the Computation of Federal Estate and Gift Taxes.” The Proposed Regulations[1] are specifically targeting the situation where taxpayers made certain types of gifts after 2017 and then
It’s no secret that the IRS is after crypto tax dollars and after fans of crypto who don’t report or who don’t do it correctly. The Inflation Reduction Act, which passed the Senate on Sunday, raises taxes and will give the IRS billions to go into what the Wall Street Journal called “beast mode.” In
The Schumer-Manchin tax bill, the ‘Inflation Reduction Act’ which just passed the Senate, raises taxes and will give the IRS billions to go into what the Wall Street Journal called ‘beast mode.’ In all, the meant-to-be-inflation buster bill will dole out about $80 billion in IRS funding to increase enforcement. Think big, really big. In
Both HSAs and FSAs provide tax savings on health care costs. Depending on your personal and family needs, one might be better than the other in any given year. This decision can seem overwhelming for most of us. With a little understanding of how each account works and the strategies behind them, you too can
A Texas jury in Alex Jones’ defamation trial rendered a verdict, ordering Jones to pay $45.2 million in punitive damages plus $4.1 million in compensatory damages to Neil Heslin and Scarlett Lewis, parents of a 6-year-old boy killed in the Sandy Hook school shooting. Jones broadcast false claims that the shooting was staged by “crisis
Tax Notes reporter Benjamin Guggenheim discusses the latest tax legislation on Capitol Hill: the recently passed CHIPS and Science Act and the revived reconciliation bill known as the Inflation Reduction Act. 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
Social Security just upgraded its website in several very valuable ways. But the site still suggests you can accurately calculate your benefits using Social Security’s calculators. Not true. Those calculators, for several clear reasons, aren’t good enough for government work. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president
It is not too often that regular participants in #TaxTwitter create a youknow-storm on Twitter, but Adam Markowitz EA managed it with this gem. It is not as bad as telling a bunch of Tolkien fans that you expect that the upcoming Amazon Series is going to better than the original books and Peter Jackson’s
Investing these days is really tough. Fortunately, economics-based financial planning offers clear ways to invest at risk while limiting or, indeed, eliminating your living standard downside. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc. These are tough times for investors in risky assets.
Within the span of just four weeks last month, Nepalese Finance Minister Janardan Sharma resigned from office but was then reinstated after he was absolved of an alleged corruption scandal. The upheaval began in early July, when Sharma faced a parliamentary investigation after he was accused of allowing unauthorized, last-minute changes to tax rates in
The recently proposed Congressional Inflation Reduction Act of 2022 includes significant changes relating to electric vehicle credits. The proposal not only includes an extension of the electric vehicle credit, but also the phaseout of the credit for auto manufacturers making more than 200,000 electric vehicles is removed and income limitations for taxpayers claiming the credit
Parents can traditionally claim their kids as dependents on their tax returns. You can’t claim your pets, although people have groused about that for years. Up until now, a person had to be born to qualify as a dependent, but in Georgia, taxpayers can now claim embryos as dependents, according to a Georgia Department of
On Sunday, July 31, 2022 Senator Joe Manchin of West Virgina did a “full Ginsburg” that is he appeared on the five major Sunday morning talk shows on the same day, including ABC’s This Week, Fox News Sunday, CBS’s Face the Nation, NBC’s Meet the Press, and CNN’s State of the Union. The reason for
The race to pass the Inflation Reduction Act (H.R. 5376) is on, and while there’s plenty at stake for some corporate taxpayers, and those in the energy space in particular, the financial stakes are also high for the IRS. There is almost $80 billion in appropriations for the IRS to put toward taxpayer services and
Everyone is still paying more than they’d like at the pump. Even after falling from a record high of over $5 per gallon in mid-June, national average gas prices are still $4.50 a gallon, with California tipping the scales of an average price of $5.69 a gallon. There are plenty of reasons for it –
Martin A. Sullivan, Tax Analysts’ chief economist, revisits the United States’ economic path to inflation and discusses mitigation efforts for a possible recession. 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: racing toward recession?
The IRS has announced that Storm victims in parts of Kentucky now have until Nov. 15, 2022, to file various individual and business tax returns and make tax payments. The IRS gives the relief to any area designated by the Federal Emergency Management Agency (FEMA) as qualifying for individual or public assistance. Currently, individuals and
On July 27, 2022, Senate Majority Leader Chuck Schumer (D-N.Y.) and Sen. Joe Manchin (D-W.V.), announced they had reached an agreement on a reconciliation bill which includes a significant adjustment to Section 45, the renewable electricity production tax credit (PTC). If passed, the bill, which they’ve dubbed The Inflation Reduction Act of 2022 (IRA), would
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