Taxes

Within the last five years, the voices calling for the repeal of sales and use taxes on menstrual hygiene products (MHPs) have grown louder and more insistent. And they are being heard. Since 2016, of the 45 states and the District of Columbia that levy sales and use taxes, 15 (including the District) have exempted

Despite the narrowest of margins in both houses of Congress, Democrats want to enact a sweeping, radical agenda that would remake the country. That’s why they want to abolish the filibuster. Instead of having to attract 60 votes to pass a measure in the Senate, Democrats would only need 51. Properly employed, the filibuster insures

Two weeks after the American Rescue Act, which authorized round 3 stimulus payments of $1,400, was signed into law, nearly 30 million Social Security beneficiaries are still waiting for their third round stimulus payments, says Rep. Richard Neal, chair of the House Ways & Means Committee, who is blaming the Social Security Administration. In a

“Nobody making under 400,000 bucks would have their taxes raised. Period. Bingo.” – Joe Biden, May 22, 2020 Enacting good tax policy is hard under the best of circumstances. President Biden made it immeasurably harder, if not impossible, by promising to spare everyone earning less than $400,000—more than 95 percent of Americans—from any tax increases. By

You should not solely rely on amounts reported on IRS Form 1099-K to prepare your crypto taxes. Since this tax form doesn’t take cost basis information into consideration, amounts reported are overstated significantly. Reporting these numbers on your tax return without accounting for cost basis will lead to inaccurate capital gains and a higher tax

In this episode of Tax Notes Talk, Martin A. Sullivan of Tax Notes and Tynisa Gaines, an enrolled agent, discuss the tax provisions of the new coronavirus relief package and its impact on the economy and the tax community. David Stewart: Welcome to the podcast. I’m David Stewart, editor in chief of Tax Notes Today International. This week: tax

Economists hate cliffs. Not, not the Thelma and Louise kind, but the idea that tax subsidies and other government supports end abruptly. Their fear: If by making an extra dollar of income you lose thousands in tax cuts or other benefits, you will do whatever you can to avoid making that extra dollar, including working

The recently passed American Rescue Act brings some sorely needed relief to American families, especially for lower and middle-income households. One of the most valuable pieces of the legislation for these families is the new child tax credit. According to the Institute on Taxation and Economic Policy, about 80 million children live in households that

An unresolved issue in the OECD’s base erosion and profit-shifting 2.0 reform project is when and how countries will remove their unilateral digital tax measures once a solution is brokered. The OECD has made it clear that inclusive framework members are expected to revoke unilateral measures and refrain from introducing new ones when that time comes. Yet after

After passing President Biden’s $1.9 trillion American Rescue Plan, Congress is beginning to move on enacting the rest of his “Build Back Better” recovery agenda. This next bill presents a unique opportunity to finally fund long-neglected public investments in infrastructure and scientific research that lay the foundation for robust economic growth. But at a time

As many individuals rejoiced to see the Form 1040 due date extended from April 15, 2021, to May 17, 2021, it is important to understand what the extension applies to and whether you will get the relief you expect. As highlighted above, the IRS extension only applies to 2020 federal income tax filings for individuals. For

Today’s column addresses questions about potential effects of not having income for several years before filing at 70, how extra money can affect Supplemental Security Income benefits and receiving benefits for a year before withdrawing and repaying them and refiling later. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and

Many workers began working from home or some location other than their employer’s facilities during the pandemic, making them remote workers. Some level of remote work is likely to be commonplace. Also, a previous trend continues of people moving from high-tax states to lower-taxed states, and the pandemic seems to have further accelerated the trend.

As we enter the middle of Tax Season 2021, I’m hearing a lot of people asking the following questions about their mortgage interest, “Can I still deduct my home equity line of credit? Should I refinance to make it tax-deductible again? How do I know if I can deduct the home equity line of credit

The days of widespread underreporting of income from online platform work are coming to a close, but the tax challenges for individual participants in the platform-based economy and the IRS are far from over. Many more gig economy workers will start receiving tax information reporting from the digital platforms they use than before because of

The name of a tax bill introduced in the Senate says it all: the ‘End Double Taxation of Successful Consumer Claims Act.’ Should plaintiffs in consumer lawsuits have to pay taxes on money paid directly to lawyers—fees the plaintiffs don’t get to keep? It sounds like a silly question, and most people would say no. In

The Internal Revenue Service’s backlog of tax returns is way down, but it’s still significant, according to IRS operations statistics updated yesterday. As of January 29, the IRS said it had 6.7 million 2019 tax returns in line for processing. The new number: As of March 5, the IRS had 2.4 million individual tax returns

It’s official: The Internal Revenue Service has pushed the April 15 tax day deadline to May 17, according to a statement by U.S. Rep. Bill Pascrell, Jr., the chairman of the House Ways & Means Subcommittee on Oversight, who had been leading a push to make tax day later this year due to the pandemic

New Hampshire and Massachusetts are fighting over whether the Bay State still has the right to tax the incomes of 103,000 former commuters now working from home in New Hampshire. But this tax spat deals with issues that spread far beyond the Massachusetts border — it has national implications and could impact millions of Americans.

Today’s column addresses questions about whether there’s a universal maximum retirement benefit rate based on high income, when to file to ensure full unreduced benefits and how divorced spousal benefits are calculated and whether they affect other benefit rates. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of