Taxes

Stop the presses. Reports are in that tax compliance is more challenging for “independent workers” than for W-2 employees. The Independent Economy Council (IEC) released its survey of 1,003 individuals who earn the majority of their income from “independent work”. “Independent work” includes freelance work, gig work, on-call work or anything else considered to be

Today’s Social Security column addresses questions about early filing reductions and delayed retirement credits, filing with a spouse and a disabled child and how 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. Have

The exchange-traded fund industry has been booming for the past few years. Much of these gains in assets have come at the expense of old-school mutual funds. Some investors have transitioned to ETFs because of lower expense ratios when compared to similar mutual funds. Many wealthier Americans have been guided towards ETFs for their tax

Topline Some of America’s richest billionaires—including the likes of Bill Gates, Michael Bloomberg and Ken Griffin—were among the highest earners between 2013 and 2018, but that didn’t mean they paid the highest income tax rates, as detailed by a new ProPublica report that cites confidential Internal Revenue Service data. Key Facts The new report from

Robert Goulder and Joseph J. Thorndike of Tax Notes discuss if more people should be paying income taxes and how efforts to change that have played out in the past. This transcript has been edited for length and clarity. Robert Goulder: Hello, everyone. I’m Bob Goulder, a contributing editor with Tax Notes. Welcome to In

Today’s Social Security column addresses questions about the maximum Social Security benefit an individual can receive, taking benefits early in order to invest them privately and overpayment of spousal benefits after filing and suspending. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc. See

This is not about what I see as the most underreported tax story of 2021 – people who can save thousands from filing separate returns and avoiding credit phaseouts. You can read about that here. This is for the people who year in year out are pressured into signing joint tax returns without really understanding

Rohit Kumar of PwC discusses the Biden administration’s fiscal 2023 budget, explaining the new proposals and how the budget is different than the Build Back Better 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 Notes Today International. This

President Biden’s Test to Treat plan will allow people to test for COVID at a pharmacy and if positive, get effective new drugs. But it’s currently dysfunctional. Biden needs to kick ass and make sure Test to Treat is operational and known to everyone particularly pharmacists throughout the country. We now have wonderful new drugs

Reg. section 1.904-4(a)-(q) governs the separate application of the section 904 foreign tax credit limitation to categories of income. Published January 2, T.D. 9959 added guidance to the rules in reg. section 1.904-4(f) that govern the FTC limitation for the foreign branch income category. Section 901 allows a credit for taxes paid to foreign countries.

I recently wrote about the phenomenon of married taxpayers filing separately in order to avoid phaseout of recovery rebate and child credits. I picked up on the story by following #TaxTwitter, where tax pros go to commiserate. My sources on the tax press have confirmed my impression that this story has not garnered much coverage

Hello there, I hate to be the bearer of bad news; Tax Day is just around the corner. The Tax Deadline for your 2021 tax filing is April 18th, 2022. Don’t freak out. If you find yourself unable or unwilling to get your taxes done by that deadline, you can request an automatic six-month extension

Tax Notes reporters Jonathan Curry and Caitlin Mullaney set the record straight on 10 common tax myths. 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: TikTok tax. There are a lot of bad ideas

New York’s official state motto is “Excelsior,” which means “Ever upward,” and that’s an apt description of how the state — along with Connecticut, Maryland, and New Jersey — has attempted to persuade the federal courts to enshrine the state and local tax deduction a feature of federal tax law. Undaunted by the fact that

State and federal lawmakers are debating an extraordinary range of often-contradictory energy-related tax changes. These inconsistencies have existed for years, but they rarely have been more apparent than today. We are at a time when climate experts increasingly are warning of the growing risks of unchecked fossil fuel use. Yet, we also are confronting a

The House recently passed H.R. 2954 Securing a Strong Retirement Act, being referred to as the Secure 2.0 Act, which has overwhelming bi-partisan support, with a vote of 414 in favor and only 5 opposing. The Act includes a great benefit for those individuals who are working on paying off their student loan debt but

Dissatisfaction with the Biden Administration runs deep, and the GOP is expected to do well this November, thanks to inflation, sky-high gasoline prices, crime, our border crisis and—given the more dangerous world we live in—inadequate defense outlays. But What’s Ahead argues that there’s another subject Republicans should hammer hard: taxes. Americans are overtaxed. Recognizing this,

It’s tax time, and crypto gains can be painful, especially if you lost money after a taxable event but still have to pay the higher taxes. Taxes are an annual job, and the IRS says that cryptocurrency is property for federal tax purposes. That means that just about any transfer can trigger taxes. Since 2018,

The pressure on married couples to file joint returns is so strong that I am considering an addition to Reilly’s Laws of Tax Planning – Joint filing is an election. It is not one of your marital vows. It has generally been a harmless delusion for the happily or at least not utterly miserably married.

You may be counting on the step-up, Roth conversions and donor-advised funds. But politicians could snatch these goodies away. Billionaires are the first targets of tax hikes. You’re next. Take a close look at the tax plan in the budget proposal that came from the White House last week. It probably won’t be enacted, at