Taxes

Pascal Saint-Amans discusses his decadelong tenure as the director of the OECD Centre for Tax Policy and Administration and what’s to come in the future. 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: a busy decade.

Social Security is once again sending out clearly false benefit statements. If the code generating the statements is generating actual benefit payments, millions of Americans may be receiving too little or too much in Social Security benefit payments. If you are receiving too much, you can expect to be billed for all past overpayments years

Denny and Marie run a successful business manufacturing and retailing aluminum sliders. After the hassles of the pandemic – supply disruptions, PPP loans and employee turnover – they’re ready to retire. As they start to look at the prospect of endless weekends, they’re envious of their friends who are retiring as employees. These friends have

Surprise! (Or maybe not.) Tax-return reporting has changed yet again for the 2022 tax season. If you had income in 2021 from equity compensation, whether from stock option exercises, restricted stock/RSU vesting, or sales of company stock, this article explains what you need to know about IRS tax returns in the 2022 tax season. The

Today’s Social Security column addresses questions about taking Social Security benefits while earning income before full retirement age, potential effects of foreign pensions on US Social Security benefits and determining whether an ex has passed away. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning,

Desperate Democrats are pushing for a suspension of the 18.4 cents per gallon federal gasoline tax to show their concern over rising prices and demonstrate to voters that they’re taking action. This segment of What’s Ahead points out why that move won’t survive the political laugh test. For starters, the tax gets reinstated shortly after the election. For

1962. It was the only year in which JFK was president for the whole entire year. World events impinged on my family as my big brother onboard an aircraft carrier chasing Soviet submarines when not recovering Mercury astronauts had his four year enlistment extended to five. Somehow bright fourth grader that I was, I missed the

Since 2018, it’s been tougher to deduct legal fees, and some plaintiffs in contingent fee cases are taxed on their gross recoveries, not net after legal fees. Some call it a new tax on legal settlements. Being creative is needed in this new age, since sometimes the rules seem to say you shouldn’t be deducting

It is hard to believe, but tax season 2022 has already begun, meaning it is time to get ready to file your 2021 taxes. If you are self-employed or even have a side hustle, you may still be able to open a Simplified Employee Pension Plan (SEP-IRA) to lower your 2021 taxes. Contributions to a

President Biden’s multitrillion-dollar Build Back Better bill may have been beaten back, but its economy-killing tax increases could still pass. Senator Joe Manchin (D–West Virginia), who played the key role in killing Biden’s spending extravaganza, is supporting higher taxes on businesses and capital gains. His rationale: More taxes will help fight inflation. Huh? This episode

The Justice Department has created a new role: Director of National Cryptocurrency Enforcement Team. Today it announced that Eun Young Choi will serve as the first Director in that role. The National Cryptocurrency Enforcement Team, or NCET, “was established to ensure the department meets the challenge posed by the criminal misuse of cryptocurrencies and digital

The preamble to final regs (T.D. 9959) issued January 4 pulls no punches in denying U.S. foreign tax credits for a foreign country’s destination-based taxes imposed on U.S. taxpayers. The new regs finalize proposed regs published in November 2020 (REG-101657-20) that included rules for determining whether a foreign tax is eligible for an FTC under

Today’s Social Security column addresses questions about whether early retirement benefits would also require early survivor’s benefits, when it might be best to file for divorced spousal benefits and spousal benefits for people born in 1954 and later. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic

By Ryan Finley At the end of the Tax Court’s 2016 opinion in Medtronic, a short section briefly summarizes and summarily rejects what the opinion describes as the IRS’s “alternative allocation under section 367(d).” A similarly perfunctory assessment appears tucked away in the Tax Court’s 2017 opinion in Eaton, which rejects substantially the same alternative argument for the same reasons, often using almost exactly the

In a statement issued late yesterday the IRS indicated that it heard the tax industry’s concerns about new reporting requirements for pass-through entity (PTE) returns and would be issuing further guidance soon. That guidance came early today in the form of a new FAQ. The FAQ (Question 13) discusses the January 18, 2022 update to

Remember the old marketing cliche: “I don’t care what you say about me as long as you spell my name right.” In the Internet age, it seems to apply more than ever—at least for many politicians, athletes, and celebrities. But not for the Internal Revenue Service. Yet here we are in the midst of tax

Eelco van der Enden, the new CEO of the Global Reporting Initiative, discusses the growing environmental, social, and governance landscape and why tax is a necessary and important part of ESG reporting. 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

The Internal Revenue Service announced today that the Voluntary Disclosure Practice Preclearance Request and Application has been revised. The IRS’s Voluntary Disclosure Practice has been around for years, and it is the best way for taxpayers who have potential criminal exposure for tax compliance issues to come forward. According to the IRS, “The updates reflect

             The Employee Retention Credit (ERC) has proven to be one of the most effective tax policies in helping small and medium businesses and tax-exempt entities weather the economic impact of the pandemic. The ERC provides employers up to $7,000 per employee per quarter in refundable tax relief for the first three quarters of 2021 (and a

If you haven’t received all of your IRS Forms 1099 in the mail already, you should soon. These critical tax forms usually arrive in late January or early February, reporting how much you were paid in the prior calendar year. Forms 1099 can be wrong, so check them carefully. Each Form 1099 is matched to your Social Security