Taxes

Tax increases probably are coming. Even if Congress doesn’t agree on substantial increases this year, they’re likely to come. The 2017 tax law is scheduled to expire after 2025. The pre-2018 tax law will be re-instated automatically unless Congress agrees to something else. Plus, the trillions of dollars added to the national debt the last

Nestled in President Biden’s recently enacted Infrastructure Investment and Jobs Act is a bipartisan feat that deserves more attention: the resurrection of Superfund excise taxes on dozens of chemicals and hazardous substances. The original Superfund taxes — used to fund hazardous waste site cleanups, including landfills and abandoned factories — expired in 1995. Since then,

Tax Notes’ Robert Goulder, Nana Ama Sarfo, and Stephanie Soong Johnston discuss the OECD’s inclusive framework — how it came into existence and where it’s headed in the future. This transcript has been edited for length and clarity. Robert Goulder: Welcome to the latest edition of “In the Pages.” This month’s featured article is titled, “A

In 2020, California experienced something that’s never been recorded since statehood in 1850—a loss of population.  Is this just a temporary bump due to the Covid-19 pandemic, or the start of an historic “exodus” where the state’s climate challenges, taxes, and failure to provide affordable housing have finally caught up with it? First, the numbers.  The California Department

Tax Notes reporters recap some of the unusual tax stories they covered in 2021, from an international basketball player’s tax troubles to a court fight in India over a Michael Jackson concert tax.  This transcript has been edited for length and clarity. David D. Stewart: Happy holidays from Tax Notes. I’m David Stewart, editor in chief of Tax Notes

Often when you look up incomes by state, the data is actually showing the nominal household income, rather than what an individual person is earning. For a better glimpse of incomes in the United States, looking at per capita income can be helpful. Real personal income per capita is income per person adjusted for state

Is the pandemic causing a major reshuffling of America’s population?  Although we’re seeing some movement,  we are at an historic low for household relocations.  The bigger population story is lower immigration. The relocation theme was recently sounded by one of our leading urbanists, Richard Florida.  Linking to a report from the National Association of Realtors, Florida tweeted that the report provided

by Doug Sheppard Tax Notes State recognizes Harley Duncan of KPMG LLP as its person of the year. In addition to his current position as a managing director at KPMG, Duncan’s lengthy and distinguished career includes stints as secretary of the Kansas Department of Revenue from 1983 to 1988 and as executive director of the Federation of Tax Administrators from 1988 to 2008. Following

It feels like everyone sold their homes this year. And why not?  The property market is up big time. Zillow Research found that the US home market was up 19.5% in 2021 and they are further projecting that 2022 home prices will be up another 11%. For many, getting top dollar for their homes has been

Judge Urda picked the shortest day of the year to issue an opinion that can serve as a Christmas present to taxpayers vulnerable to Code Section 183, the hobby loss rule. William R. Huff TCM 2021-140 is the first, and likely the only, taxpayer victory in a Section 183 case in 2021. And keeping with the Christmas

When you are a business owner, tax planning is essential as your income grows. The problem seems to be that when your business takes off, there just isn’t enough time in the day for everything, and tax planning gets ignored. Good news for high-income business owners, one of the best tax-saving retirement plans, the Cash

The Internal Revenue Service said today that it’s starting to send out information letters to the 36 million families who got advance child tax credit payments this year. It’s important to hold onto the letter. If you got advanced child tax credit payments, you’ll need the letter when you file your taxes for tax year

January 1st Stark Law Deadline Exposes Group Medical Practices to Significant Penalties All medical practices that bill Medicare for services rendered must comply with the Stark Law regulations in order to be able to bill for “Designated Health Services” (DHS) DHS , which are defined below. If the practice does not follow the rules for

You have to like this news if you live in one of six states that were impacted by Hurricane Ida. Back in September, the IRS extended the Oct. 15 tax filing deadline for Ida victims until January 3, 2022. But now, victims of Hurricane Ida in six states have until Feb. 15, 2022 to file

Welcome to the Tax Policy Center’s annual Lump of Coal Award for the year’s biggest tax policy blunders, Build Back Better edition. Even by the usual low standards, 2021 saw more than its share of terrible ideas, and worse execution. Here are the Top Ten: 10. A little help on remote work, Supreme Court? The pandemic

One of those “deja vu all over again” periods is going on with a sudden outbreak of inflation. According to the historical inflation rates table at US Inflation Calculator, we were at 4.2% in April 2021, over 5% May to September, 6.2% in October and 6.8% in November. The last time we had an April to

Tax Notes contributing editors Robert Goulder and Joseph J. Thorndike debate the need for a tax on unvaccinated people in the United States, all in five minutes. This transcript has been edited for length and clarity. Robert Goulder: With the omicron variant threatening to plunge the world into another cold COVID winter, some would say it’s finally time

Benjamin Alarie with Blue J Legal discusses how technology is influencing and changing the tax field and the future of tax jobs. David D. Stewart: Welcome to the podcast. I’m David Stewart, editor in chief of Tax Notes Today International. This week: tax jobs of the future, today. Technology is an ever increasingly important aspect of the

For folks still waiting on the Internal Revenue Service to deliver their special tax refunds for the unemployment compensation tax exclusion for 2020, don’t count on the money for the holidays. The IRS updated its IRS Operations During Covid-19 web page, as of December 20, with a new section showing the status of unemployment compensation

The vehicle for these changes, the House version of Biden’s Build Back Better social spending, climate, and tax bill, is now in legislative limbo following Sen. Joe Manchin’s (D-WV) declared opposition. But since some new version is likely to surface early next year, it is instructive to look at the evolution of its tax provisions so