Todd and Julie Chrisley were indicted in August 2019 on a raft of a federal tax and bank charges, and a new indictment was filed in February of 2022. They were just convicted of all charges by a jury in Atlanta, with sentencing to occur later. The pair could face decades in prison for conspiracy
Taxes
Johan Langerock, policy adviser in the European Parliament, discusses his visit to Washington, D.C., the future of the OECD two-pillar tax plan, and the European Union’s green initiative. 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.
Depending on your income in 2021, you may be feeling the pain of paying your state and federal income taxes. Some of you reading this post may be feeling a bit more pain based on the state within which you live, how you earn your income, and whether or not you own a home. The
The Tax Injunction Act requires federal courts to determine whether the state levy under consideration is a tax or a fee, which in turn will determine whether the court has jurisdiction to proceed. The Supreme Court, which has never addressed the issue, now has before it the opportunity to lay the matter to rest in
Elon Musk has a “super bad feeling” about the economy. JPMorgan’s Jaime Diamond forecasts an “economic hurricane.” Both claims are counterfactual. The economy’s super hot, inflation’s temporary, the Fed’s not slamming on the breaks and reversing QE, to the extent that happens, will surely be benign. Larry Kotlikoff is a Professor of Economics at Boston
The long-awaited verdict is in, with Johnny Depp coming out on top, but neither of them unsullied in the process. The jury found that Heard defamed Depp, and awarded him $10 million in compensatory damages and $5 million in punitive damages. Depp’s $5 million in punitive damages were cut to $350,000 under the Virginia state
In a Monday Wall Street Journal column (paywall), President Biden urged Congress to help fight inflation by raising tax rates on the very wealthy and using the money to reduce the deficit. Does that strategy make sense in today’s economic environment? At least in theory, raising taxes could ease inflation. But not necessarily for the
Market volatility has put a spotlight on the risks of having a significant portion of your net worth concentrated in just one company. A concentrated stock position can easily arise, for example, when you acquire company shares through restricted stock unit (RSU) vesting, stock option exercises, or founders’ stock in a fast-growing startup. While a
Share to Facebook Share to Twitter Share to Linkedin Sunday’s presidential election in Colombia was a shocker. Two utterly nonestablishment candidates won the top spots and will face each other in a runoff on June 19. The front-runner is a one-time leftist guerrilla who won’t disavow his past and who vows to launch a radical
Share to Facebook Share to Twitter Share to Linkedin Another day, another record for gasoline prices, which hit an average of $4.715 a gallon in the United States. That’s up 50% in a year and double what they were when President Joe Biden took office in January 2021. At current daily demand of 8.9 million
Like nearly everyone else, the IRS has experienced an unsettling couple of years, but the agency has been working toward rebuilding, especially over the past year. The recent release of its 2021 data book shows an agency grappling with some significant lingering problems, particularly in the area of technology, while navigating a path forward on
Tax Notes reporter Benjamin Valdez discusses the Florida legislation eliminating Disney’s special tax district, what led to its passage, and what to expect in the future. David D. Stewart: Welcome to the podcast. I’m David Stewart, editor in chief of Tax Notes Today International. This week: the most magical tax break on earth. In April,
On May 27, 2022, the IRS released its sixth pronouncement regarding the types of businesses that can qualify for the qualified small business stock (QSBS) exclusion. The ruling is the fourth time the IRS has addressed the health exclusion in section 1202(e)(3), the third time it has addressed the exclusion for businesses where the principal
Unlike the live-streamed Johnny Depp and Amber Heard trial, you can’t watch the federal criminal trial of TV’s Todd and Julie Chrisley, but there is still plenty of drama and even bigger stakes. The Chrisleys were indicted on 11 counts of tax evasion and bank fraud in 2019, and a superseding indictment came in 2022.
The federal government is running out of resources to procure COVID vaccines, tests, and treatments right as the nation faces yet another wave of infections. A $10 billion emergency appropriation to fund these critical needs has been stalled in Congress since March amid fights about how to pay for it and what amendments on other
A recent case illustrates the importance of strictly complying with the substantiation requirements (including the contemporaneous written acknowledgement requirement) for a charitable contribution deduction under § 170. In the case, the taxpayer donated to a museum items from a collection of Native American jewelry and artifacts. As part of that donation, the taxpayer and the
The 2022 proxy season is underway, and it is chaotic. At Shell PLC’s recent annual general meeting, climate protestors bombarded the room, reportedly gluing themselves to seats, forcing company Chair Andrew Mackenzie to delay the meeting until they were all cleared out. At Twitter, the specter of Elon Musk’s pending $44 billion takeover hung over
Today’s Social Security column addresses questions about how and when spousal benefits can be available for each spouse in turn, drawing divorced spousal benefits with multiple exes and when first payments can be expected. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc. See
The Supreme Court does not muck around with Tax Court decisions very much. So Boechler, P.C v, Commissioner of Internal Revenue has a small but passionate group of people excited. It was a unanimous opinion delivered by Amy Coney Barrett. She managed to work in a hat tip to the late Justice Antonin Scalia, whom
A new report from the nonpartisan Congressional Budget Office shows that the amount of money spent by the federal government each year to service our national debt is on track to reach unprecedented highs within the next 10 years. These findings should give Congressional Democrats renewed urgency to pass a reconciliation bill that reduces federal
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