Taxes

Tax advisors are already working hard to determine how the IRS disaster relief announcements and Internal Revenue Code will impact disaster victims, and those who reside in disaster areas. While the first thoughts of many are how they are able to extend income tax returns that are due October 15th 2022 to February 15th, 2023

Not long ago, the IRS gave Puerto Rico hurricane victims extra time to file their taxes, up to February 15, 2023. And, the IRS has done it again for victims of storms and flooding that began on Sept. 15 in parts of Alaska. They now have until Feb. 15, 2023, to file various federal individual

States and cities constantly try to attract new businesses, through marketing, publicity, and branding events like the Super Bowl or presidential conventions. But among the most expensive things they do—and arguably the most wasteful and distracting—is granting tax and regulatory subsidies to companies, many of whom don’t need them. In New York State, Reinvent Albany

When you work at a public company, you face a unique conundrum in creating wealth. Much of your pay is in the form of company stock, often acquired via grants of stock options and/or restricted stock units (RSUs). You plan to sell company shares to meet financial goals, yet you don’t want to be accused

For those who thought that the wealthier people in the United States already had an advantage in getting their kids through college: you were right. But a new study by a couple of academics shows a previously invisible advantage. Even financial aid provides a boost to those who already have enough money to put into

The IRS has given Hurricane Ian victims throughout Florida until Feb. 15, 2023 to file various federal individual and business tax returns and make tax payments. The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA). This means that individuals and households that reside or have a business anywhere

August was an exciting month for those who follow U.S. transfer pricing litigation. Courts handed down opinions in the high-stakes, long-running Medtronic MDT Inc. v. Commissioner and Eaton v. Commissioner cases. Although it is too soon to predict the long-term consequences of each opinion, for now both represent at least a partial loss for the

In 2021, Congress enacted sweeping legislation that temporarily cut child poverty nearly in half. A key feature was the expanded child tax credit (CTC), which lifted 5.3 million people out of poverty including 2.9 million children. Since the credit returned to its pre-2021 rules, child poverty bounced back up, and families struggled again to make

Share to Facebook Share to Twitter Share to Linkedin Dividend stocks are securities that include a regular distribution of the issuing company’s earnings. They operate like ordinary stocks and represent a share of ownership in a company. The stock price may move up or down. As long as the shareholder owns a stock, they receive

Tax Notes contributing editor Ryan Finley discusses the latest updates in recent transfer pricing cases Eaton and Medtronic II. 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: trials and tabulations. Periodically, we like to

Monday morning, the internet was abuzz with news that the British pound had fallen to historically low levels against the U.S. dollar. The pound sterling lost nearly 5 percent of its value in early trading, coming close to parity with the dollar, before ultimately stabilizing. Economists and other commentators around the internet saw this as

Share to Facebook Share to Twitter Share to Linkedin In recent years Britain has made ghastly mistakes on energy and the economy; consequently, it has the worst-performing economy among major nations. The Biden Administration seems hell-bent on following this disastrous model. However, this episode of What’s Ahead lays out the good news: The Sceptred Isle’s

Share to Facebook Share to Twitter Share to Linkedin For decades, the International Monetary Fund has been the scourge of countries that get into economic trouble, yet its authority has never been seriously challenged. Today, this is especially dangerous. The deadly combination of inflation and food shortages is putting numerous nations on the brink of

After President Biden announced that the federal government would forgive the student loans of millions of Americans, either in whole or in part, borrowers rejoiced. Yet the celebrations may have begun too soon. All told, the estimated amount of debt eligible for forgiveness totals between $300 billion and $519 billion, depending on whom one asks.

Dire warnings about commercial real estate appear almost daily these days. While office markets are stressed due to increased working from home, some real estate professionals see an increasingly bifurcated market, divided “into haves and have-nots.” Investors, renters, and cities—especially those with older, declining buildings— will need to pay close attention in the coming months

An IRS Form W-9 verifies your taxpayer ID number, typically your Social Security Number, or for a company, your employer identification number. Before paying you, many companies will ask for this form so they can issue you an IRS Form 1099. If you want to be paid, refusing to hand over a Form W-9 can

The economics profession continues to struggle with gender inequality, with data showing “the gender gap in economics is the largest of any academic discipline.” So what can we learn from a new biography of a remarkable pioneering woman economist—Janet Yellen? In Empathy Economics, Owen Ullmann shows us a highly competent economist, but also someone with

The National Republican Senatorial Committee blasts on its website ICYMI // How Raphael Warnock Dodges Income Taxes. It’s strong criticism of a practice Republican lawmakers defended as recently as 2018. When the 7th Circuit was considering the constitutionality of the income tax exclusion for cash housing allowances for clergy, 17 members of Congress — all

New York Attorney General Letitia James’ complaint against former President Donald Trump, Donald Trump Jr., Eric Trump, Ivanka Trump, Allen Wesselberg, Jeffrey McConney and ten entities including the Trump Organization is not mainly focused on taxes. It is mostly about Trump gaining advantages such as favorable loan terms and insurance provisions by purportedly misrepresenting his

The optimistically named Inflation Reduction Act pumps up to $80 billion into the IRS. The funds are for increased enforcement, operational improvements, customer service, and systems modernization. That money is more than six times the current annual IRS budget of $12.6 billion. A whopping $45.6 billion is for enforcement so that the IRS can get