Taxes

Most high profile and widely reported tax charges involve felonies, but not all of them. And sometimes prosecutors go for felony convictions but fall short. As has been widely reported, Hunter Biden only ended up with misdemeanor charges, to which he plead guilty. These days, few people talk about or remember another high profile case

It appears that the green energy tax breaks included in last year’s Inflation Reduction Act (IRA) are more popular among businesses than Congress imagined when it passed the bill. That likely will further increase the federal deficit but also reduce carbon emissions more than first forecast. Which raises the question: On net, is that a

The IRS announced today that it is reopening previously closed taxpayer assistance centers (TACs), adding additional TACs, and starting a series of Community Assistance Visits to assist taxpayers in areas where the closest TAC is prohibitively far away. Funding from the Inflation Reduction Act provided the means for the IRS to increase its in-person customer

An international tax advisor has been re-arrested and charged for his role in a conspiracy to engage in tax fraud for over seven years. Frank Butselaar, a citizen of the Netherlands, was charged with one count of conspiracy to defraud the U.S. and five counts of aiding and abetting the filing of false tax returns.

Flooding victims anywhere in Vermont now have until Nov. 15, 2023, to file various 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), including postponing various tax-filing and tax-payment deadlines for any taxpayer with an address of record in

Two Tax Court decisions last month emphasize the wisdom of keeping separate accounts for your losing side gig. Donald Swanson had a charter fishing business. Susan & James Mercier played slots. In neither case were they able to establish that their activities were businesslike enough to avoid the curse of Section 183, commonly referred to

Victims of flooding in Vermont now have until November 15, 2023 to file individual and business tax returns and to pay any taxes that were originally due between July 9, 2023 and November 15, 2023. The specific relief postpones the filing deadline for any returns with deadlines starting on July 9, 2023. The relief includes

Millions of taxpayers’ personal information was shared by popular online tax filing services to Meta, Google, and other Big Tech firms, according to the results of a recent congressional investigation. The probe was opened by Senators Elizabeth Warren (D-MA), Ron Wyden (D-OR), Richard Blumenthal (D-CT), Tammy Duckworth (D-IL), Bernie Sanders (I-VT), Sheldon Whitehouse (D-RI) and

When Aretha Franklin—the Queen of Soul—died in 2018, it was widely reported that the singer had no will. Don Wilson, a Los Angeles lawyer who worked for Franklin for nearly 30 years, told The Guardian, “I tried to convince her that she should do not just a will but a trust while she was still

Professors Kathleen DeLaney Thomas and Erin Scharff discuss fake tax news and the effect it has on public policy. 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: unbelievable. The tax field and tax system

Share to Facebook Share to Twitter Share to Linkedin California is one of the most overtaxed states in the nation. But as this episode of What’s Ahead warns, residents are in for a new jolt: Electricity bills will not only be based on the amount of juice consumed but also on personal incomes. That’s right.

We’re a month or so into summer, and my inbox is already filling up with back-to-school offers. According to the National Retail Federation, 80% of shoppers expect higher prices this year—and more than 2/3 of shoppers typically plan shopping around sale events. When every dollar counts, taking advantage of state sales tax holidays can help

Las Vegas has 21,000 conferences a year. Yet, the 21,000-member-strong American Economic Association has never held its annual convention in Sin City. It hasn’t been invited. No surprise. Vegas wants to host special people — people who know how to have fun, who love the glitz, the lights, the noise, the attractive staff, the booze,

There are two international events that I’ll be following this July. Both take place in France. The Tour de France has been a midsummer treasure for more than 100 years. It’s a spectacle of human endurance — a bit like running a marathon a day, every day, for three consecutive weeks. The participants have every

Mistakes happen. But when they happen in tax legislation, it can result in millions of dollars of unexpected taxes. That’s what happened in Minnesota—to the tune of $352 million. One Minnesota Budget The legislature’s $3 billion tax bill made headlines when it passed earlier this year. Included in the new law were provisions approving rebate

When that ship of yours that is coming in is visible on the horizon – a business that you have built or some assets that you shrewdly purchased long ago now ripe for sale- you need to think about how to deal with the associated tax on your gain. Just for perspective you should calculate

If you live in California, leaving the Golden State and skipping California’s 13.3% rate can be alluring. It’s especially true if you are about to sell appreciated stock, crypto or your company. After all, California taxes ordinary income and capital gain at the same rates. Not long ago, a tax bill would have upped California’s

Tax Notes reporters Cady Stanton and Michael Smith discuss the recently passed Chile-U.S. tax treaty and the importance of tax treaties on both a national and international scale. 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.

Defamation verdicts and settlements regularly make the news. But we rarely learn what plaintiffs keep from their victories. After fees and taxes, it can be shockingly little. This may be true of what Alex Jones eventually pays the Sandy Hook families. And of defamation winnings E. Jean Carroll receives from former President Donald Trump. Surprisingly,

The adoption of electric vehicles is on the rise among businesses and consumers, driven by the goal of reducing carbon emissions. According to the European Green Deal, the European Commission aims to have at least 30 million zero-emissions cars on European roads by 2030. To support this transition, new business models have emerged, offering tailored