Taxes

What can you say about the OECD/G-20 global tax reform proposal that hasn’t already been said? Assuming the megadeal comes to fruition, it will represent the biggest change in international corporation taxation in almost 100 years. If you’ve been paying attention, you know the plan consists of two distinct pillars. Pillar 1 seeks to reallocate

Internal Revenue Service Commissioner Charles Rettig told Congress today the backlog of tens of millions of tax returns from last year will be processed by December. Speaking to the House Ways and Means Committee Oversight Subcommittee, Rettig said this year’s filing season, which began January 24, has gotten off to a strong start with returns

Tax returns are notoriously tricky when they involve income from equity compensation: stock options, restricted stock or restricted stock units (RSUs), employee stock purchase plans (ESPPs), and sales of company stock. Mistakes can lead to overpaid tax, overreported income, IRS penalties, or even an IRS audit. The myStockOptions webinar Preventing Tax-Return Errors With Stock Comp

The Internal Revenue Service entered this tax filing season severely backlogged and shorthanded—the result of decades of underfunding exacerbated by Covid-19 related strains. As of early last month, the agency had 23.5 million tax returns and pieces of correspondence awaiting manual processing, including some paper returns filed as far back as April of 2021. Last

As of early last month, the Internal Revenue Service had 23.5 million tax returns and pieces of correspondence awaiting manual processing, including some paper returns filed as far back as April of 2021. Nina E. Olson, a tax lawyer and the founder and executive director of the Center for Taxpayer Rights, describes the current problems

This financial advisor thinks tax planning should be part of every client relationship. Reducing your taxes is an integral part of a comprehensive financial plan as well as any wealth-building strategy. Even among clients who are just utilizing a financial advisor for investment management, tax efficiency is essential to optimal portfolio performance (after all, it’s

Even as Republican governors blast President Biden and congressional Democrats for both causing inflation and failing to address it, they are promoting their own tax cuts that likely will add to consumer demand and raise prices. Putting more money in people’s pockets will increase demand for goods at a time of supply shortages. That will

Professor Richard Schmalbeck of Duke University Law School discusses college sports and taxation, including the potential effect of compensation for coaches and athletes on colleges’ tax-exempt status. 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

Careful analysis of the employee retention credit (“ERC”) provided under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) and the 199A limitations set forth under the Tax Cuts and Jobs Act of 2017 (“TCJA”) may lead to unexpected tax consequences this tax season. Just when we thought the discussion surrounding 199A was on

It’s the middle of every American’s favorite time of the year … to hate: tax season. Starting on Jan 24th, the IRS started accepting tax returns for the 2021 tax year. Here are three of the most common tax season mistakes you don’t want to make: 1) Missing last minute tax-saving opportunities. While it’s too

Last week’s article discussed why the IRS should increase transparency in its development, acquisition, and use of technology that affects taxpayers. This week we’ll look at what the IRS can do for identity verification to better respect taxpayers’ privacy interests than it did with its implementation of the facial recognition system last year. Congress may

Inflation is going nuts — it’s now running at 8 percent annually, the highest rate recorded in 40 years. The risk that inflation will stay high or go even higher is real. The chance of inflation rising more than expected in the short term is, ironically, actually increased by the Federal Reserve Chairman, Jerome Powell’s,

Today’s Social Security column addresses questions about a disability benefit can affect the family maximum that can be claimed on a single record, survivor benefits after delaying until 70 and spousal benefits with a foreign pension. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning,

A recent decision by the First Circuit appears to have left Edward Brown with a virtual life sentence. After speaking with the Commander of the Constitution Rangers, I am not so sure. Edward Brown currently at the Federal Correctional Institute in Glenville WV is 79 and has a release date in 2034. When I spoke

As economic sanctions against Russia for its invasion of Ukraine spread, state and local public pension plans are looking at selling off their Russian-related assets and some are already doing so. Lawmakers in at least a dozen states are pressuring their pension funds to divest from Russian-related investments. Divestment isn’t likely to have much impact

If cryptocurrency was the summer blockbuster, non-fungible tokens (NFTs) are the sequel that somehow found a way to outdo the original. NFTs are one of the hottest topics on the blockchain right now, as investors have come out in droves to invest in one-of-a-kind art, trading cards, and other electronic assets to the tune of

As we begin tax season 2022, small business owners are likely looking for ways to lower their tax bills for 2021. While we all know the world was crazy in 2021, many business owners enjoyed record profits that could lead to record tax bills. One of the options still available to lower last year’s taxes

Today’s Social Security column addresses questions about whether there’s a universal maximum Social Security benefit each year, when to start benefits to avoid the effects of the earnings test and the availability of spousal benefits for those born after 1954. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president

Martin A. Sullivan, Tax Analysts’ chief economist, provides an overview of the U.S. economy before and during the COVID-19 pandemic, explaining the drastic increase in inflation and what is needed to curb it. This transcript has been edited for length and clarity. David D. Stewart: Welcome to the podcast. I’m David Stewart, editor in chief

Today’s Social Security column addresses questions about how continued income can affect benefit rates, how public pensions can affect divorced spousal benefits and taking survivor’s benefits while delaying filing for retirement benefits until 70. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc. See