Taxes

A recent Tax Notes International article provides a useful reminder about the nature of global tax competition: The Irish government might soon adopt a participation exemption. That’s a fancy way of saying Ireland might replace its worldwide corporate tax regime with a territorial regime. Many American readers will have the same reaction: “Doesn’t Ireland already have a territorial system?”

Waves of people are moving to Puerto Rico, including investors, lawyers, hedge funders, and more. Given the astounding tax benefits, many are doing it with good reason. The crypto community may be the biggest wave of all, as the alluring press coverage keeps noting. With zero taxes, golf and beach houses creating a crypto island

As my colleague Elaine Maag noted the other day, Democrats are squabbling again (or is it still) over how to structure the Child Tax Credit. Some want to be sure that very low-income households get the full credit. Others want to reduce or even eliminate benefits for higher-income households.   Many solutions to the high-income

Excessive delays in processing tax returns and tax refunds ranks as the No. 1 most serious problem facing taxpayers, according to National Taxpayer Advocate Erin Collins annual report to Congress released today. It was tough last year, and it looks like it’s going to be tough this year too. The Internal Revenue Service announced this

The Internal Revenue Service announced yesterday that the 2022 filing season will open January 24, and tax returns for individual U.S. taxpayers are due on April 18. Tax season is especially cumbersome for those who buy, sell, trade or invest in digital assets such as cryptocurrency and Non-Fungible Tokens, or NFTs. Unlike your average brokerage

Many traders have substantial trading gains for 2021, and they might owe 2021 estimated taxes paid to the IRS quarterly. Unlike wages, taxes aren’t withheld from trading gains. Others can wait to make tax payments until April 18, 2022, when they file their 2021 tax return or extension. The first three quarterly estimated tax payments

In honor of Tax Notes Talk’s 200th episode, we review some of our favorite interviews and discussions from the last 100 episodes. 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: celebrating 200 episodes. Yes, this is our

In the late 19th century, state and local tax officials employed private tax investigators — known as “tax ferrets” or “tax inquisitors” — to facilitate the collection of general property taxes. Compensated using a bounty system, these private sector collectors were expected to shore up flagging fiscal systems. And to some extent, they did. But

My trademark as a tax blogger is “stuff I find interesting”. Not surprisingly a bit of that stuff is not that interesting to a very large number of people. Much as I appreciate the discerning elite of my readers, I sometimes like to reflect on what seems to be of the most interest. Here is what my readership

The Internal Revenue Service announced today that the 2022 tax filing season will open on Monday, January 24th, 2022. That’s when the IRS will start accepting federal income tax returns for the 2021 tax year whether you file electronically or on paper. It’s the third coronavirus pandemic tax filing season, and again, that’s expected to

Today’s release of the December employment report showed positive job growth, although below some forecasts.  At the same time, the unemployment rate fell below 4%  for the first time since the pandemic began.  So don’t be disappointed by the jobs number—the labor market is strong, and today’s report is good news for the economy. Cecilia Rouse, Chair of

This could well be the year that inflation starts to smack the stock market. The current episode of What’s Ahead explains why.  Investors need to understand that there are two kinds of inflation: monetary and nonmonetary.  Last year most of the increases in prices came from pandemic disruptions, made worse by Biden Administration blunders. This

Tax Analysts Chief Content Officer Jeremy Scott reviews the 2021 developments in U.S. tax legislation and speculates what lies ahead in 2022. This transcript has been edited for length and clarity. David D. Stewart: Happy New Year from Tax Notes. I’m David Stewart, editor in chief of Tax Notes Today International. This week: 2021 wrap up. We’re continuing

In 2021, the Child Tax Credit (CTC), helped nearly all families with children. But this year, because American Rescue Plan (ARP) expansions have lapsed, it is concentrating benefits on middle-income families. High- and low-income parents are receiving more limited assistance. And, as Democrats try to find a path forward for their stalled Build Back Better (BBB) social

The Eleventh Circuit has thrown a monkey wrench into the IRS machinery grinding away at abusive conservation easement deductions. Judge Barbara Lagoa, a Trump appointee, wrote the opinion in David and Tammy Hewitt v Commissioner of IRS issued on December 29, 2021.  The Hewitts were appealing a 2020 Tax Court decision by Judge Goeke. The Hewitts had

Just as optimism began to eke its way into the minds of corporate leaders, a wave of uncertainty reared its ugly head. Between the persistent problem of inflation and the central bank’s effort to tamp it down in the face of the latest COVID-19 variant, Omicron, corporate forecasts have begun to build in allowances for

It is unremarkable that big technological advances usually bring about new ways of doing the same old business, or sometimes create entirely new industries. It is also unremarkable that significant technological changes often leave states scrambling to update their tax codes and regulations. What is remarkable is that it doesn’t take a great deal of

As 2022 begins, tax practitioners everywhere are looking to the upcoming tax season with trepidation and dread. Since the beginning of the pandemic, the tax industry has not just been preparing tax returns. Rather they have been administering numerous plans from helping clients obtain PPP to reconciling stimulus payments to dealing with an increase in state audits. On

Before you read on, please be warned that you’re about to take life advice from a man who spent Christmas Eve in sweatpants, eating a reheated burrito and playing Castlevania. In all fairness, I didn’t EXPECT to spend Christmas alone, fending off Dracula in between bites of lukewarm Mexican food. After all, I do have

My previous blog documented California’s 2020 population loss, the first time that’s happened since the state was founded.  Billionaire Elon Musk has moved to Texas, but the biggest worry for the state is the loss of lower and middle-income residents, likely driven by California’s high housing costs.  The state must fix its housing affordability problem for a more