Taxes

It’s hard to look at the spectacle but curiously hard to look away too. In some ways, it can make you feel lucky that you’re not among the rich and famous. Do they have tax problem, too? Surprisingly, there are some big tax issues at play that might be creeping up on the once smitten

Beth Viola and Nicole Elliott of Holland & Knight LLPdiscuss the latest clean energy tax proposals and the likelihood of their passage in Congress. 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: clean energy

West Virginia Senator Joe Manchin set off environmentalists last week when he said tax credits to subsidize the purchase of electric vehicle (EV) tax credits are “ludicrous.” His argument: It makes no sense for government to subsidize EV purchases when demand for the vehicles far exceeds supply. In the short run, Manchin is right. But

Share to Facebook Share to Twitter Share to Linkedin A few days ago, Senate Majority Leader Chuck Schumer (D–NY) unveiled his solution for rising prices: higher taxes. This episode of What’s Ahead lays out why Schumer’s nostrum is the economic equivalent of doctors who centuries ago thought bleeding patients was a great cure for all

Things have been quiet at ExxonMobil Corp. ever since activist investor Engine No. 1 unexpectedly snatched a quarter of the company’s board seats last June in a strong rebuke of the company’s climate strategy. Engine No. 1 was able to stage a coup because ExxonMobil’s shareholders were fed up — no small feat in an

Last week, President Biden reportedly told a group of lawmakers who urged him to cancel at least $10,000 of student debt for every borrower through executive action, “you’re going to like what I do on that.” Although there are some worthwhile forms of debt forgiveness, these reports are cause for concern. Broad debt cancellation would

A good deal of the narrative and debate over working from home focuses on workers—what do they get, why do they want it, how they are choosing it. But to work from home, someone has to pay you. Does telework signal a change in the power relationship between employers and employees? Economist Teresa Ghilarducci told

New York City’s Mayor Eric Adams has officially dropped his first budget for the 2023 fiscal year starting on July 1—$99.7 billion. Although there will be ongoing debates about spending, the budget is relatively modest. The big issues facing the city’s future—crime, housing costs, and reviving the office economy—aren’t easily addressed by increasing or cutting

Are higher taxes coming to go along with inflation? It sure looks that way. And while some of the spin is being directed at the Billionaire’s tax—that actually kicks in at a tenth of a billion dollars—there are plenty of other tax hikes proposed for more modest earners too. Here’s what is in store for

In the months and weeks leading up to the IRS’s filing deadline, an old narrative swiftly emerged: Some taxpayers are still largely in the dark on the proper tax treatment of digital assets and virtual currencies. The IRS’s position is that virtual currencies are treated as property for tax purposes, but that blanket position fails

The world of estate tax planning can be complicated and confusing. While planners can navigate the situations that taxpayers face by way of planning strategies, financial projections and illustrations, the IRS’s assault on various planning strategies in court cases, Treasury Regulation pronouncements and Proposed Regulations can result in unpredictability, and make the day-to-day life of

As President Biden and congressional Democrats make another push to reach a compromise on a social spending, climate change, and tax bill, a key issue is what they’ll do with the Child Tax Credit (CTC). The Tax Policy Center analyzed five options that show how lawmakers could partially restore the expanded 2021 version of the

The Austrian tax code is about to make a dramatic change. In less than three months, the country will commence with their announced plans to reform the country’s tax system in an effort to curb greenhouse gas emissions, and that could forever change the perception of these types of taxes. In its most basic terms,

By Nellie Akalp The deadline for existing limited liability companies and C Corporations to elect S Corporation tax treatment for the tax year 2022 was March 15. So, what happens if a business missed the S Corp deadline? Can it still change its LLC or C Corp tax treatment from its default status to that

President Biden’s budget proposes to repeal step up in basis on death. This is an income tax rule, not an estate tax rule. For generations, decedents and their heirs could avoid income tax on any increase in the value of assets during the decedent’s lifetime. The higher value can be subject to estate tax, but

Valeria Tarasenko of Dentons Kyiv discusses the Ukrainian government’s tax policy changes in response to the Russian invasion. 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: war and tax. Since February 24 Russia’s invasion

It’s spring-cleaning time, and this year Congress’s efforts could include tidying up the Opportunity Zone program. The discussion over how best to do that got a fresh injection of energy recently. The Opportunity Zones Transparency, Extension, and Improvement Act was introduced on April 7, and it proposes significant changes to sections 1400Z-1 and -2. Like

Did you get a tax refund for 2021? The average is about $3,000 this year. No matter how much you got, the key is to make the best use of it. Here are some options to consider in general order of priority: 1) Get caught up on old bills. For many of the people we

Today’s Social Security column addresses questions about filing options when not able to file a restricted application for spousal benefits only, when delayed retirement credits might be applied and how the potential effects of the Government Pension Offset. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic

As if COVID-19 hasn’t been hard enough on cities, a new report from the Institute on Taxation and Economic Policy (ITEP) raises another worry—lost tax revenues from a weak office sector. Linking data on offices with employment information (especially on working from home), ITEP worries many cities will face declining revenues. The logic works like