Taxes

Share to Facebook Share to Twitter Share to Linkedin President Joe Biden’s proposal for a three-month federal gas tax holiday–and his call for similar state gas tax holidays–have gained little traction. But that doesn’t mean inflation-stretched consumers won’t be seeing some tax relief soon. For a second year in a row, states, flush with federal

For small business owners who don’t want to have to work forever and want to save on taxes, maxing out retirement accounts can be a win-win. Combining a Cash Balance Pension Plan with a Profit-Sharing 401(k) can provide the largest tax savings for high-income business owners. Depending on your income, you could save hundreds of

Ever since 2015, when the F.A.S.T. Act once again allowed the IRS to issue contracts to private collection agencies (PCAs) to help collect delinquent tax debts, the National Taxpayer Advocate (NTA) has been concerned about the effect of PCAs on economically vulnerable taxpayers with IRS debt. Indeed, since 2018 the Taxpayer Advocate Service (TAS) has

Topline Home prices, which have been shooting up since last year, grew at a slower pace in April, showing signs of a potential cool down in the red-hot housing market, according to new data from S&P Case-Shiller on Tuesday. Key Facts Home-price growth slowed in April, rising 20.4% compared to last year but down from

Nordic asset management giant Nordea Bank Abp and several top Danish pension funds have hit Microsoft MSFT with a shareholder proposal urging that the company disclose its public country-by-country tax information in line with the Global Reporting Initiative’s tax transparency standard (GRI 207). Cisco Systems CSCO Inc. is facing an identical proposal filed by three

Elaine Maag of the Urban-Brookings Tax Policy Center looks at lessons learned from the 2021 advance child tax credit and its potential political future. 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: no more

President Biden has declared many times in recent weeks that fighting inflation is his top economic priority. Although the Federal Reserve is primarily responsible for maintaining price stability, Biden’s attitude is the right one at a time when prices are rising at their fastest rate in over 40 years and Americans across the political spectrum

The looming prospect of compliance with the reporting requirements in section 6050I has been a problem for the digital asset industry since the passage of the Infrastructure Investment and Jobs Act (P.L. 117-58) last November. The requirements pose procedural obstacles and privacy concerns for taxpayers, but the government has an interest in ensuring compliance with

President Biden is proposing a three-month federal gasoline tax holiday. He may want to appear to be doing something to address high inflation, which is both an economic concern and a growing political problem for his Administration. But suspending the gas tax is a terrible idea that, on the margin, will make inflation worse, not

The U.S. Supreme Court officially overturned Roe v. Wade on Friday, eliminating the constitutional right to an abortion after almost 50 years. Experts predict it will lead to all but total bans on the procedure in about half of the states. When it comes to how much public money is spent on abortions via Medicaid,

The Supreme Court has been busy the last couple of weeks. In addition to issuing several decisions it granted a writ of certiorari for a case that will determine how penalties apply for non-willful violations of foreign account compliance reporting. But in late May it handed taxpayers with certain types of collections actions before the

Legal advisors will need to come up to speed on the new gun law changes. I hope that this helps. On Tuesday, June 21, the Senate advanced a gun safety bill, the Bipartisan Safer Communities Act, with a vote of 64-34. Just days later, the Supreme Court announced its decision in New York Rifle &

Share to Facebook Share to Twitter Share to Linkedin Is too much inflation crushing your summer vacation plans? President Joe Biden has a holiday for you — at the gas pump. Biden is set to request from Congress a three-month, emergency relaxation of the federal tax on gasoline. By removing that tax of 18.4 cents

Now that McDonald’s has agreed to pay France a blockbuster €1.25 billion in back taxes and fines, labor unions are calling the settlement a success for union activism in the corporate tax space. The story dates back to 2015, when a coalition of European and U.S. labor organizations (the European Federation of Public Service Unions;

On June 21, 2022 the Supreme Court of the U.S. (SCOTUS) granted a writ of certiorari in the case of Bittner v. United States. The case is expected to settle, once and for all, whether penalties for not filing an annual Report of Foreign Bank and Financial Accounts (FBAR) apply per form or per account.

Share to Facebook Share to Twitter Share to Linkedin Rising interest rates are setting the stage for several crises around the world. This segment of What’s Ahead lays out why there’s a really big one brewing with the Japanese yen. For years Japan has been defying economic laws of gravity: a stagnant economy, government spending

Marie-France Dompierre of Davies Ward Phillips & Vineberg LLP discusses how Canada taxes professional athletes who aren’t Canadian residents. 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: athlete taxes, eh? With the Stanley Cup

Share to Facebook Share to Twitter Share to Linkedin Planning to buy an electric vehicle? Your net cost could depend on how successful the lobbyists of General Motors GM , Toyota, Ford and Chrysler parent company Stellantis are and whether West Virginia Senator Joe Manchin is ready to strike a deal with his fellow Democrats.

The numbers are scary. Forbes’ Brian Bushard tells us over two dozen US cities already have broken heat records this month, and more cities will break records in the next few days. We need dramatic climate action to head off even greater pain and disruption. Bushard notes that “over 75 million people were placed under

I think we’re going to see a new era in how we manage this type of thing. My hope is people are going to give more thought to the importance of carrying inventory and safety stock so that we can survive some of these disruptions, especially around critical commodities. — Professor Willy Shih, April 23