Taxes

The Internal Revenue Service has announced annual inflation adjustments for tax year 2022, meaning new tax rate schedules and tax tables and cost-of-living adjustments for various tax breaks. Most numbers are up more than in recent years because of higher inflation. Note, these numbers, for the tax year beginning January 1, 2022, are what you’ll

The Centers for Medicare & Medicaid Services has announced Medicare Part B premiums for 2022, and the base premium increases 14.5% from $148.50 a month in 2021 to $170.10 a month in 2022. That $21.60 monthly increase ($260 a year) compares to a $3.90 monthly increase last year. Meanwhile income-related surcharges for high earners have been

More people are dying in car crashes in the pandemic even though commuting to work has decreased, a troubling trend that is now getting an additional boost in federal aid. The Infrastructure Investment and Jobs Act, signed by President Biden earlier this month, creates new grant programs for states to pay for things like software

The official estate and gift tax exemption climbs to $12.06 million per individual for 2022 deaths, up from $11.7 million in 2021, according to new Internal Revenue Service inflation-adjusted numbers. And the gift tax annual exclusion amount jumps to $16,000 for 2022, up from $15,000 where it’s been stuck since 2018.  The new numbers essentially

According to a recent report from the Social Security trustees, the trust fund that pays for retirees’ benefits (OASDI, or Old Age and Survivors Insurance fund) will become depleted by 2033. This means that the fund will be exhausted and nothing will be left in its portfolio to help pay benefits. It does not mean,

In a new analysis, the Tax Policy Center estimates that the major tax changes in the latest version of President Biden’s Build Back Better plan would cut taxes on average for nearly  all income groups in 2022. The exception: Those in the top 1 percent, who will make about $885,000 or more. They’d pay about

Something seems amiss as Congress appears ready to revise US tax policy again. Should we expect our tax system to undergo wholesale changes every 4 or so years? After all, the enactment of the Tax Cuts and Job Act significantly overhauled the tax system in 2017. Now the 2021 Build Back Better Act proposes tax increases,

Robert Goulder of Tax Notes and Jeffery M. Kadet of the University of Washington School of Law discuss the House Ways and Means Committee proposal to eliminate key features of the subpart F regime. This transcript has been edited for length and clarity. Robert Goulder: Hello everyone. I’m Bob Goulder, contributing editor with Tax Notes. Welcome to the October

Speculation is increasing that the UK will trigger Article 16 of the Northern Ireland Protocol in the coming weeks, if not days and that the EU is hurriedly preparing its response. The Northern Ireland Protocol is the arrangement agreed between the UK and the EU to ensure that goods can move freely between the Republic

If you’re an executive or key employee, you may be eligible to participate in your company’s nonqualified deferred compensation (NQDC) plan, along with receiving grants of stock options or restricted stock. For NQDC plan participants, year-end is the time to make like an autumn squirrel and decide how much to store for the future. In

Every year, it seems like I talk to more people who are getting an additional tax bill thanks in part to the 3.8% Medicare surtax. They often call me after the fact, looking for ways to minimize the sting of this additional tax which they often weren’t even aware of. Proactive tax planning can help

Professor Goldburn P. Maynard Jr. of the Indiana University Kelley School of Business discusses the U.S. tax code’s effect on wealth inequality and how race has shaped the distribution of wealth. 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

Across the country one of the hardest appointments for the wealthy to get this past summer wasn’t reservations at a hot restaurant or seats for a sporting event. Rather the most sought-after appointment was one with their estate and tax attorney. The reason is quite simple:  the current version of estate tax law was about to be

Are vaccine manufacturers profiteering on the COVID-19 pandemic? They’re certainly raking in some healthy profits amid a global disaster. And according to the dictionary, that sounds a lot like profiteering: “the act of taking advantage of a situation in order to make a profit, usually by charging high prices for things people need.” But is profiteering really the

Under President Biden’s new Build Back Better framework, the financial account information reporting proposal has been dropped from the budget reconciliation process. One of the chief concerns about that proposal was its potential to compromise taxpayers’ privacy interests. That concern is still relevant even though it is somewhat reduced because of the shift away from added reporting.

Forbes spent months digging into how and why some of the world’s richest have parked​ nearly $30 billion of assets—from airplanes and helicopters to vineyards and luxury hotels—in holding companies in the European financial hub half the size of Delaware. IN August, French mogul Bernard Arnault—the world’s third-richest person and the chairman of luxury conglomerate

Depending on who you ask, Call EnQ is either a brilliant time-saving technology for hardworking tax professionals or it is a technology that is effectively mounting a denial of service attack on IRS customer service lines. It is either privatizing what many expect to be public resources or it is simply capitalism recognizing a need

SpaceX and Tesla CEO Elon Musk just launched a Twitter poll that is literally worth over $25 billion. Musk, who doesn’t take a significant salary and whose wealth is therefore protected from taxation as his companies’ valuations grow, is asking his Twitter followers if he should sell Tesla stock in order to pay tax. This

It is often said that investing is a bit of a science and a bit of an art. This applies to asset allocation, stock selection and managing risk. But the truth is, most investors often overlook one of the key elements in making sure their portfolio is running efficiently. That element is taxes. Can a focus

Topline The House passed one of the largest infrastructure packages in U.S. history Friday night after months of bipartisan negotiations and tense political infighting, shoring up $1.2 trillion in funds, including $550 billion in new investments, for the nation’s bridges, airports, waterways, public transit and more—here’s everything you need to know about where the massive