Taxes

Sujata Yalamanchili Sujata Yalamanchili Buffalo, New York, has been called the “queen city.” Yet other women of power grace its streets, such as Sujata Yalamanchili, a partner in the Hodgson Russ law firm. She is the firm’s real estate practice leader as well as its retail sector industry leader. At Hodgson Russ, Yalamanchili has served on the board of directors, and

Thanks to decades of spending, many local police departments now resemble well-armed military squads. But budget shortfalls and protests will likely force a change. Among Delaware’s beach towns, Dewey Beach, sandwiched between artsy Rehoboth to the north and family-friendly Bethany Beach to the south, is known as a place to party after a day of

Getty As I reported earlier, as the Internal Revenue Service (IRS) re-opens, it has some catching up to do: The estimated backlog of unopened IRS mail stands at 11 million. According to the Taxpayer Advocate, during the shutdown, the IRS generated more than 20 million notices; however, these notices were not mailed to taxpayers.  Think about

IRS building in Washington DC. Please see my portfolio for other travel and tax related images. Getty Offer For Cases Being Litigated The IRS is following up a major Tax Court win against sketchy conservation shelters with a purportedly “take it or leave it” offer. For background you might want to check out my piece

TOPLINE The Federal Reserve on Thursday placed new restrictions on the banking industry for the first time since the aftermath of the 2008 financial crisis, requiring big banks to temporarily suspend share buybacks and cap dividend payments at current levels. The Fed cracked down on big banks in an effort to protect the economy during

In part two of Tax Notes’ three-part series: Paying for the Pandemic, watch William G. Gale, co-director of Urban-Brookings Tax Policy Center, make a case for raising revenue with a progressive value-added tax. Here are a few highlights… On forecasting the GDP ratio William G. Gale: The estimates that we did [in my article] involve this scenario called

Getty Will he or won’t he? That’s the question on the minds of taxpayers and tax professionals alike as Treasury Secretary Steven Mnuchin continues to mull extending the tax filing deadline for 2020. As it currently stands, the 2019 tax filing deadline remains July 15, 2020.  Last year, the Internal Revenue Service (IRS) received and processed

Department of Justice sign, Washington DC. Getty On June 19, 2020, the Tax Division of the U.S. Department of Justice filed a Petition To Enforce Summons against the Delaware Department Of Insurance, which seeks testimony and certain documents relating to Artex Risk Solutions, Inc. and Tribeca Strategic Advisors, LLC in connection with its promoter audits

TOPLINE President Trump has told his aides that he supports sending another stimulus payment directly to Americans, the Washington Post reports, even though some officials in his administration aren’t on board—the revelation comes as lawmakers disagree on how to approach the economy in the wake of the coronavirus pandemic.  President Donald Trump speaks with reporters

Paper with Required Minimum Distributions RMD on a table Getty Marty Davidoff of PragerMetis has given me a heads up to accommodations the IRS is making to follow through on the spirit of some of the relief that Congress has given taxpayers under the CARES Act and the SECURE Act. This is about required minimum

TOPLINE The market finished higher on Tuesday—with the Nasdaq hitting a new record high—after stocks recovered from overnight losses when White House trade adviser Peter Navarro walked back his earlier comments that the U.S.-China trade deal is “over.” Big tech stocks led the market higher on Tuesday. Spencer Platt/Getty Images KEY FACTS The Dow Jones

High income households will be facing two different IRS enforcement initiatives when the IRS reopens on July 15. First, the IRS announced an effort to get high-income non-filers to come in and file tax returns. Second, the IRS announced it is preparing to examine “several hundred” high-income households that have either a related pass-through entity

Getty If you follow me on Twitter, you’d know that our law firm didn’t take out a Paycheck Protection Program (PPP) loan. But if we had, you might soon know the details – down to how much money we had received: Treasury and the Small Business Administration (SBA) have agreed with the bipartisan leaders of the U.S.

A mini online shopping cart filled with packages on a laptop. Getty Tax Notes legal reporter Jennifer McLoughlin interviews Richard Cram, director of the Multistate Tax Commission’s National Nexus Program, on the state of the sales tax landscape two years after the Supreme Court ruling in South Dakota v. Wayfair Inc.  McLoughlin moderates a discussion between Bradley

For those who pay estimated taxes, 2020 presents special issues and potential hardships. Getty Tax Day 2020 is July 15, and for some taxpayers it could be a financial nightmare. Covid-19 prompted the IRS to delay the usual April 15 federal tax-return deadline to July 15, but it isn’t just 2019 tax returns that are

Getty Recent reports indicate that the IRS is launching an audit campaign that will focus on hundreds of returns filed by high-wealth taxpayers.  The initiative, which was confirmed by Douglas O’Donnell, head of the IRS’s Large Business and International Division (“LB&I”), last week, is expected to begin around July 15th, and will likely involve taxpayers with

Economic Security Planning, Inc. Today’s column addresses questions about early spousal benefits before full retirement benefits, survivor benefits, which month to start benefits to avoid early filing reductions, unpaid Social Security and Medicare taxes and benefits on an ex’s record after remarriage. Larry Kotlikoff is a Professor of Economics at Boston University and the founder

COLUMBUS, OH – MAY 12: Shoppers explore a mostly empty mall. (Photo by Matthew Hatcher/Getty Images) Getty Images Should Congress manipulate the timing of business tax benefits to support firms in the midst of the COVID-19 economic slump? And if so, how? That debate may be the next big battleground as Congress begins to focus

Getty So, there’s some good news: The Internal Revenue Service (IRS) is processing paper tax returns. And then there’s some not-so-good news: The estimated backlog of unopened IRS mail stands at 11 million. That’s the report from Sunita Lough, IRS Deputy Commissioner for Services and Enforcement, and is consistent with statements made at the beginning

It should be a last resort, but it’s easier than ever to break into your nest egg if you’ve been … [+] hurt by the coronavirus pandemic. Getty The Internal Revenue Service’s official guidance on Covid-19-related 401(k) and Individual Retirement Account loans and distributions is out, and it expands the list of who can qualify