Taxes

A group of U.S. Representatives has introduced the American Family Act, legislation that would make the previously expanded and improved monthly child tax credit permanent. Background During Covid-19, the American Rescue Plan Act provided relief for American families through a series of payments and credits. One of those was a “super-charged” version of the child

It’s the type of job computers (even really old computers running arcane software) should be good at— “IF” a ZIP code = [some number] “THEN” [do something]. Or don’t do something. In this case, IF a ZIP code is one that is on the list as being in a California county that was affected by

Representatives Nicole Malliotakis (R-NY) and Michelle Steel (R-CA) have introduced the Working Families Tax Cut Act to increase the standard deduction – which would increase the fixed amount of income exempt from taxes. This might not seem like something that would pass as standalone legislation, but it could be attached to a larger bill. At

This opinion piece puts the transferability component of the Inflation Reduction Act’s (IRA, P.L. 117-169) energy tax credit changes into historical context. A musical accompaniment is necessary to properly set the stage. Since readers probably shouldn’t play YouTube clips at work, we’ll have to rely on memories here. It’s 1924, and a group of young

Share to Facebook Share to Twitter Share to Linkedin Governor Ron DeSantis recently and forcefully slapped the issue of dealing with the fearful wrongdoing of the IRS and the monstrous tax code it enforces on the campaign table. In the past he and a number of Republicans have endorsed a national sales tax as a

The IRS has announced that it will grant penalty relief for corporations that did not pay estimated tax in connection with the new corporate alternative minimum tax, or CAMT. Background As part of the Inflation Reduction Act of 2022, Congress created the CAMT. The change, which is reflected in section 55 of the Tax Code,

The Fiscal Responsibility Act of 2023 (H.R. 3746) is a done deal. The federal government avoided a debt default, at least for now. Shortly before President Biden signed the legislation, House Speaker Kevin McCarthy, R-Calif., made an interesting remark. Acknowledging that the new law was a stopgap measure, he proposed a bipartisan commission to explore

Tax Analysts’ chief economist Martin Sullivan provides an overview of the state of the economy and how the recent debt limit bill could affect it. 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: once

I prompted Bing’s ChatGPT to write blog posts on “trader tax benefits” and “trader tax status.” See my comments in yellow highlight. I also used Grammarly. ChatGPT did a good job, but gave rudimentary advice. There are nuances in our content that ChatGPT missed. GreenTraderTax and my Forbes articles are a source for ChatGPT’s blog

In April the International Monetary Fund released a working paper explaining how tax authorities can better leverage anti-money-laundering (AML) measures to improve tax compliance and boost domestic revenue mobilization. The idea is not new, but it’s been a challenging concept for tax authorities to execute. Why? Well, tax crimes and money laundering historically have been

If you are an American taxpayer who lives and works out of the U.S., you have about two more weeks to file your 2022 federal income tax return. Those taxpayers, including U.S. citizens and residents abroad, face a due date of Thursday, June 15. June 15 Deadline The June 15 filing deadline applies to taxpayers

In response to a request from House Speaker Rep. Kevin McCarthy (R-CA), the Congressional Budget Office (CBO) has estimated the impact of the debt ceiling agreement. The analysis found that under the May 28 version of the bill, budget deficits would be reduced by about $1.5 trillion over the next decade, and interest on the

U.S. taxpayers living and working abroad must file their 2022 tax returns by June 15. This deadline applies to both U.S. citizens and resident aliens abroad, including those with dual citizenship. A taxpayer qualifies for the June 15 filing deadline if: (1) Both their tax home and abode are outside the United States or Puerto

Lance Wallach is an expert on abusive tax transactions – in a good way. He warns people about them and then helps the ones who didn’t hear his warnings or did not take the warnings seriously enough. A couple of weeks ago he called me to encourage me to write about the Employment Retention Credit

As the debt limit drama plays out, Americans might be wondering if there is a better way to prevent defaulting on U.S. debts and perhaps inducing a global recession or depression. President Joe Biden, along with many commentators, has speculated that a president can bypass Congress by using the 14th Amendment to the Constitution. But

Terry Savage and I are collecting Social Security horror stories and posting them at my substack site, larrykotlikoff.substack.com. Sign up for free and take a read. If you have a story, send it to terry@terrysavage.com. I copy below a story we just received. I thought I’d heard it all. But here we have the case

Former IRS Commissioner David Kautter, now with RSM, discusses the recently released report on the feasibility of an IRS-run direct file program. 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: cutting out the middleman.

House Speaker Kevin McCarthy (R-CA) and President Joe Biden reached an agreement over the weekend to limit spending for a small fraction of the federal government for a couple of years. But it would not come close to materially reducing annual deficits or slowing the growth of the national debt, which the Congressional Budget Office

A German lawyer widely regarded as the mastermind of a massive tax fraud scheme has been sentenced to an additional eight years and three months in jail. Hanno Berger had already received an eight-year jail sentence last December for his role in the cum-ex scheme, which has been called “the biggest tax theft in the

For decades, the idea of being subjected to an Internal Revenue Service (IRS) audit has inspired fear in the minds of taxpayers. For Black Americans, that fear has escalated due to the disproportionate number of audits completed for the demographic. The recent cash infusion of $80 billion dollars to the IRS has lawmakers and taxpayers