Taxes

Bruce Springsteen sold his music rights to Sony Music Group for $500—$600 million in a deal representing the largest transaction ever for the life’s work of an individual artist. The Wall Street Journal noted the Boss’s good timing and tax savvy too. This year, the federal capital gain tax rate tops out at 20% (although

So what’s on your mind this time of year? If you’re like most people, you’re probably thinking of the holidays. But there’s something less enjoyable that should be on your mind: taxes. That’s because this is the last chance you’ll have to make some of the key decisions that will affect how much you pay

Topline With an estimated 65 million Americans currently receiving monthly tax credit payments of up to $300 per child, Goldman Sachs is warning the economy could rebound more slowly than previously expected if lawmakers don’t reauthorize the payments past their year-end expiration—an unlikely feat given opposition from Sen. Joe Manchin (D-W.Va.), who’s cited the monthly

As the latest wave of Covid-19 cases hits the USA, there is increased speculation that some work may be shifting more permanently from offices to the home.  A large permanent shift would have major implications in many spheres, including the future of office work and downtown Central Business Districts (CBDs).  But although a large-scale work shift may

      The IRS recently put forward an expanded list of IRS audit priorities that serves as a roadmap as to the focus for the agency – and a guide for tax whistleblowers. One of the biggest hurdles for a tax whistleblower is not only making a good submission – but also having the whistleblower’s submission attract the

This time of year media outlets are full of tax tips and ideas for “last minute” tax savings. The best tax professionals will tell you that to be effective tax planning needs to be proactive, not reactive. Tax planning needs to happen all year long, not just during the last few weeks of the year.

Investors have been very focused on capital gains and what to do about them through 2021. You might minimize taxes and maximize after-tax income by cashing in gains using a charitable-giving strategy. Strong appreciation in the stock market the last two years have many people sitting on substantial investment gains. Some are looking to take

The Internal Revenue Service announced standard mileage rates for 2022 today for taxpayers to use in calculating the deductible costs of using a car for business, charitable, medical or moving purposes. That means tax savings if you’re self-employed and drive your own car for business—and likely more money in your pocket if your employer reimburses

Actually the ruination may well extend beyond Christmas or whatever winter holiday America’s low-income children observe (or don’t). The expansion of the Child Tax Credit created under the American Rescue Plan Act expires on December 31, 2021. The final advance payment of the expanded Child Tax Credit hit taxpayers’ bank accounts yesterday. The expansion increased

As America faces a new wave of Covid-19 from the Omicron variant, there are fears it could cause a new shutdown of the economy.  But in some states and cities like New York, the economy never fully recovered from earlier Covid waves.  Austerity is not the answer; New York will need continued public investment and new economic development

As we sail through the holiday season and past Giving Tuesday 2021, more people will get a tax deduction for their philanthropic endeavors. While many Americans are suffering under the weight of the COVID pandemic, the economy is chugging along. Real estate and the stock market values are soaring, and the economy is nearing full

As the U.S. Senate postpones its vote on the Build Back Better Act (BBBA) into next year, it’s becoming increasingly clear that lawmakers’ attempt to enact almost every major program proposed by President Biden on a temporary basis — rather than prioritize a few key programs or find enough revenue to sustainably finance all of

Starting in 2019, as the risk of unilateral enactment of digital services taxes became reality, the U.S. government began to recommend import tariffs on goods from countries that considered or enacted DSTs, justifying them on the grounds that they constitute unfair trade practices. Tariff Rationales U.S. law offers more than one justification for import tariffs. For

While all of us are busy during the holiday season, tax professionals’ heads are spinning more than usual on how best to approach year end planning. With the 2021 calendar year ending in less than 30 days, coupled with tax legislation that could (or could not) be enacted, a myriad of options exist when trying to

Aegis For Dreams sounds like it will be a great movie. It is about the relationship between Alexander Hamilton and George Washington and that relationship’s importance in the American struggle for independence. Lafayette another surrogate son of the childless Washington also plays an important role, which makes this member of the American Friends of Lafayette long to

Topline Billionaire Elon Musk fired back at comments from Sen. Elizabeth Warren (D-Mass.) on Tuesday, telling her to “stop projecting” and calling her “Senator Karen” a day after she criticized the Tesla CEO for not paying enough in taxes.  Key Facts Musk—the second richest person in the world, according to Forbes—was named Time’s Person of

True self-directed IRAs are becoming more popular among IRA owners. But the rules can be complicated and tricky. Two recent court cases show the risks of investing through self-directed IRAs can be extra taxes and penalties when all the rules aren’t followed. Many IRA custodians say they offer self-directed IRAs. In fact, most IRA custodians

Getting major tax legislation across the finish line and onto the president’s desk has never been a particularly neat and tidy process, but even in that context, 2021 presented an unusual case. With Democrats in control of the House, Senate, and White House, the year started off looking promising for tax reform. And there were some big achievements,

The Infrastructure Investment and Jobs Act (H.R. 3684) put crypto in the crosshairs in a comprehensive way. The crypto community was outraged when the measures were first proposed, and pushed back hard. Those efforts resulted in some narrowing, but the provisions were enacted anyway. Some people are still talking about a repeal effort, but that

Today’s Social Security column addresses questions about what affect stopping work at 65 before filing at 67 would have on benefit rates, how to acquire more quarters of coverage to qualify for benefits and how early you can submit your application before actually beginning to receive benefits. Larry Kotlikoff is a Professor of Economics at