Taxes

Topline An increasing number of Wall Street experts are now forecasting a possible economic downturn on the horizon, with alarms growing louder after the widely-observed yield curve inverted last week and indicated a looming recession. Key Facts Deutsche Bank on Tuesday became the first major bank on Wall Street to forecast a recession next year,

Today’s Social Security column addresses questions about whether people who hadn’t filed yet missed the January 2022 5.9% COLA, spousal benefit rat4es after early retirement benefits and switching to retirement benefits after early survivor’s benefits. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc.

The advent of cryptocurrency has added a new dimension to the realm of taxation, as well as finance. One might even say it has created a whole new world. Unlike fiat money, cryptocurrency is not governed by a central banking authority to regulate monetary policy by managing the supply of notes and specie, setting interest

This week, President Biden proposed two new taxes on the very rich. A minimum income tax that Biden calls a billionaire tax but would in reality apply to households with a net worth of $100 million or more. And a separate tax at death on gains from appreciated assets, even if the assets are not

The real estate market is hot, and home prices are skyrocketing, rents are too darn high, inflation is even hitting your utilities like gas, electric, internet and streaming services. For those of us who have been working from home for the past two years, you may be wondering if you can get a bigger tax

Putin’s requirement that its “enemies” purchase Russian energy with rubles is of no economic consequences for the ruble or anything else. NATO will reject this symbolic diktat, effectively imposing a ban on Russian energy — NATO’s unused economic sanction. Putin is again shooting Russia in the head. Is Putin an evil genius as everyone believes?

Tax returns are piling up at the Internal Revenue Service, and millions of taxpayers are experiencing refund delays beyond the typical 21 days or fewer for e-filed returns electing a direct deposit refund. The IRS even issued a press release cautioning taxpayers not to count on getting a refund by a certain date, especially when

The Second Circuit decision in Laurence Gluck”s appeal of a Tax Court decision has some important lessons, about like-kind exchanges, partnership taxation and Tax Court jurisdiction. With a deficiency over $1.5 million, it seems like a pretty big deal. Based on this CUNY TV interview with Mr. Gluck a year before the 1031 deal, it

The Oscars may be over, but the repercussions of the slap may not be over for quite some time. Will the Academy take disciplinary action against Will Smith? Will Chris Rock change his mind and press charges? Might he even sue Will Smith? Lawsuits have been filed for less, and more than a few plaintiffs

This segment of What’s Ahead lays out how stunningly unrelated President Biden’s proposed budget is to the real needs of the U.S. economy and how reckless it is for our defense necessities in an ever more menacing world. For example, the Navy says we would need 500 ships to counter China’s navy in a conflict.

The big retirement bill that the House passed this week, known as Secure 2.0, has several provisions that would mean more taxpayers can get Roth money into their nest eggs—and in some cases mandates Roth contributions. That’s a big deal because the tax consequences of whether you have pre-tax or Roth accounts are significant, and

How to tax the rich? Let us count the ways. New taxes on capital income? Higher income tax rates? A wealth tax? Some mash-up of all these ideas? All aim to raise taxes on the very rich, driven by the twin desires to boost revenue and address growing wealth inequality. But while these taxes may

President Biden’s addiction to economy-killing taxes remains intense, as a new idea in his proposed budget unfortunately confirms. Biden’s latest scheme would hit rich people with a 20% minimum tax on both income and unrealized capital gains. Democrats figure that since the well-to-do aren’t popular, the tax idea would give beleaguered Democratic candidates a winning

This week, New York Governor Kathy Hochul announced a new $1.4 billion stadium, fueled by substantial state and local subsidies, for the Buffalo Bills National Football League (NFL) team. But the stadium will cost taxpayers money, take away funds from investments that actually could help the economy, and produce little if any net economic gain

Marlene Nembhard Parker and Fabrizia Lapecorella discuss their partnership as the first co-chairs of the OECD inclusive framework on base erosion and profit shifting and speculate on the future of women leading international tax. This transcript has been edited for length and clarity. David D. Stewart: Welcome to the podcast. I’m David Stewart, editor in

On March 28th, the Biden Administration issued a 250-page General Explanation of the administration’s fiscal year 2023 revenue proposals. Click this link the view the “Green Book” PDF. Well-advised taxpayers are already considering actions to take before these new proposals would become effective. Besides increasing the corporate income tax rate to 28% and long-term capital

Topline Sen. Joe Manchin (D-W.V.) said Tuesday he would not support President Joe Biden’s proposed “minimum tax on billionaires,” which would impose a 20% minimum tax on households worth over $100 million and would target unrealized gains, the second time in five months Manchin has opposed the administration’s efforts to realize a dramatic targeted tax

Today’s Social Security column addresses questions about how early retirement benefits can affect spousal benefits taken after full retirement age, whether earning $2 over the limit can disrupt disability benefits and being able to receive retirement benefits after survivor’s benefits. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president

Let’s talk about Rev. Proc. 2015-41, 2015-35 IRB 263. In case anyone has forgotten, this guidance provides details on the procedures for requesting and obtaining an advance pricing agreement from the IRS’s advance pricing and mutual agreement program. The scope of the guidance includes the processing of applications, negotiation of agreements, verification of compliance, and

Topline President Joe Biden on Monday released a $5.8 trillion budget proposal for the upcoming fiscal year packed with Democratic legislative priorities such as affordable housing and healthcare, in addition to what could be the nation’s first tax targeting billionaire wealth—setting the stage for months of negotiations as Congress works to approve a final spending