Once again, the most popular names for babies born in the United States are Liam and Olivia—Liam has topped the list for six years in a row, and Olivia has been the top choice for new parents for four years. The rankings are determined by Social Security Administration (SSA) data based on applications for Social
Taxes
Earlier today, my husband asked me if I had heard about the woman who bought a house… “Stop right there,” I interrupted him. “I already know what you’re going to say. And please don’t say it.” House Of Snakes The story of Amber Hall, who bought her first home in Colorado earlier this year, only
Republicans have refused to raise or suspend the debt limit – which multiple independent forecasters have warned could cause the government to default on its debts for the first time in history as soon as June 1st – unless “substantive reforms” to federal spending are made. Biden spent most of this year refusing to indulge
Crypto taxes are back in the news. On Tuesday, President Joe Biden tweeted out an infographic that suggested that Congress should cut “Tax Loopholes That Help Wealthy Crypto Investors ($18 billion).” The language had some in the industry scratching their heads: What’s the $18 billion loophole? The White House did not clarify where the dollar
Goldman Sachs has agreed to pay $215 million to settle claims for gender discrimination against nearly 3,000 former employees. While the tax treatment of proceeds at settlement is sometimes unclear, and unfair, the parties in this case will have an unusually straightforward result. In short, Goldman can deduct its settlement payment and legal fees. The
As cities continue wrestling with myriad problems, most noticeably empty office buildings due to increased working from home, urbanists Edward Glaeser and Carlo Ratti in the New York Times NYT propose a new role for cities—the “Playground City.” While they have some useful ideas, their analysis ignores economic, structural and equity problems facing cities which
Tax Day might have passed, but some taxpayers may still have tax questions—it’s tax law, after all. To help taxpayers resolve outstanding issues and solve problems, the IRS will open IRS Taxpayer Assistance Centers (TACs) on Saturday, May 13, 2023, from 9 a.m. to 4 p.m. Normally, TACs are open on weekdays by appointment. These
With Tax Day in the rearview mirror for some (not including those of us on extension), fingers are crossed that IRS processing times may be getting back to normal. According to the IRS, all paper and electronic individual returns received before January 2023 have been processed. Additionally, the agency claims it is opening mail within
The new Chairman of the House Ways and Means Committee Jason Smith (R-MO) recently held a hearing on charitable hospitals. The hearing continued a long bipartisan/bicameral interest of Congress in considering the substantial tax and spending benefits charitable hospitals receive from federal/state/local government — which unfortunately far outweigh the amount of charity care that these
Tax Notes reporter Andrew Velarde discusses the penalty dispute in Farhy v. Commissioner and the case’s implications for other penalties and future refund decisions. 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: no penalty
Former Real Housewives of Atlanta star Kim Zolciak-Biermann has denied reports of financial difficulties for some time—but it appears that the bills are finally catching up to her. The IRS has filed federal liens against Zolciak-Biermann and her husband, former NFL outside linebacker Kroy Biermann, in excess of $1.1 million. Real Estate Last fall, the
The U.S. Department of Justice has filed a complaint seeking to bar nine Florida tax return preparers and their associated business from assisting in preparing federal income tax returns for others. Background According to the complaint, Richard Louis—sometimes known as the “Taxman,” Teddy Davis, James Merrill, Daniel Ouku, Demetrius Knowles, Harold Bornelus, Joseph Garrett, Marlyne
Does it matter for your taxes if you spend $500 on your hobby, or if you spend the same amount promoting your side hustle where you earn extra money? It sure does. If your activity is a hobby, your expenses are not tax deductible. But if you are running a business (even a very small
Today’s Social Security column addresses questions about how continued work might be able to increase retirement benefit rates, how survivor’s benefits are calculated and how a non US citizen might be eligible for US Social Security benefits. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security
If you mine digital assets—like cryptocurrency—your job might soon become a little more expensive. The White House has announced plans to ask crypto miners to pay a premium for energy consumption. President Biden’s proposed budget for the 2024 fiscal year includes a Digital Asset Mining Energy (DAME) tax equal to 30% of the electricity used
US banks continue facing severe financial pressures, with First Republic’s failure now being followed by intensified pressure on PacWest, Western Alliance and others previously thought to be healthy. A key driver is banks’ exposure to falling commercial real estate values, driven in part by the rise in working from home and reduced demand for commercial
Some people thrive on butting right up against deadlines. I am not one of those people. I don’t like taking chances—especially when it comes to tax deadlines. There’s always a chance that a rush of Swifties to get concert tickets could take out the internet while I’m attempting to e-file a return. Or that a
With Armageddon slated to arrive on or about the first of next month, it seems like a good time to get started with those debt limit negotiations. President Biden, of course, says he won’t bargain over raising the ceiling; only a “clean” increase will do. But the president has also invited House Speaker Kevin McCarthy,
House Republicans have, at least temporarily, redefined what they mean by a tax increase. By doing so, they have turned their backs on their decades-old pledge to never, ever, not under any circumstances, raise taxes. And they have opened the door, if only a crack, to a possible way to use revenues to reduce budget
A Louisiana man was sentenced to 10 years in prison for money laundering related to a fraudulent scheme involving Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) Program loans. The Scheme According to court documents, Michael Ansezell Tolliver submitted nine fraudulent PPP and EIDL Program loan applications for several purported companies that Tolliver
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