Taxes

Robert Goulder of Tax Notes and Jefferson VanderWolk of Squire Patton Boggs (US) discuss the problems with the OECD’s pillar 2 UTPR, formerly known as the undertaxed profits or undertaxed payments rule. This transcript has been edited for length and clarity. Robert Goulder: Welcome to the latest edition of In the Pages, I’m Bob Goulder,

In Japan, young people are drinking much less than previous generations. This should be a good thing, right? From a health perspective it is, but from a revenue perspective, not so much. It turns out that the teetotalism has caused a steep decline in the country’s liquor tax revenue, to the concern of Japan’s National

For years, the IRS has made clear that their first contact with you will not be a text or email. But it turns out that it might be a knock on your door. Residents of Floyd County, Georgia, were shocked recently when they saw a man visiting homes claiming to be from the IRS. Several

Today’s Social Security column addresses questions about whether child-in-care spousal benefits time out, taking retirement benefits before spousal benefits and what effects living and working outside the US might have on Social Security benefits. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc. See

Last year, the US resident population increased by 0.4%, or 1,256,003, to 333,287,557, according to the Census Bureau’s population estimates. The growth was felt most acutely in the South, the fastest-growing and the largest-gaining region, with totals rising 1.1%. Some states—like South Carolina—are increasingly wary of what that means and are considering steps to address

Tax Notes legal reporter Nathan Richman talks with IRS Criminal Investigation Deputy Chief Guy Ficco about the upcoming Advance Collaboration Data Center and other CI initiatives. 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:

Yes, I’ve known for months that my taxes are due by April 18. But I’m changing tax preparers. And I’m really busy at work. And there was the pandemic. And my return is really complicated. That sounds a bit like the IRS’s recent admission that it missed its February deadline to complete a business plan

Tax preparers and advisers use the term ‘disclosure’ frequently. It can sometimes have a negative connotation. Without knowing exactly why, most people do not want to ‘‘disclose’’ unless they must. Discretion and privacy sound better. They may not even know what disclosure actually is. Disclosure sounds like it exposes you to extra audit risk, which

While I know you probably don’t volunteer to get a tax deduction, paying fewer taxes might free up some time to volunteer even more. If you itemize your tax deductions and volunteer, you may be entitled to some valuable deductions. Before taking a tax deduction for your expenses incurred while volunteering, here are a few

The IRS’s victory in 3M v. Commissioner could be the latest sign that an era defined by judicial disinterest in section 482’s commensurate with income standard is finally drawing to a close. The relevance of the commensurate with income standard — the contentious and widely misunderstood requirement set out in section 482’s second sentence since

Early data from the IRS continues to indicate that taxpayers are getting their returns in and processed more quickly than they did last year. The most recent data available compares Feb. 11, 2022, and Feb. 10, 2023, and continues to show an uptick in filing numbers. The IRS received 28,826,000 individual income tax returns in

It has been a wild ride for buyers and sellers in the US housing market over the past year. The year-over-year growth rate for home prices reached 20.1% in April 2022— the highest level in more than two decades. But rates fell after that, dropping to just 8.6% by November. What does that mean? Homeowners

Two California men have been sentenced to prison for their roles in a conspiracy to defraud the Paycheck Protection Program (PPP) and for preparing false tax returns for professional athletes. According to court documents and statements, Thanh Rudin was a principal of Mana Tax Services, a tax preparation business created in 2018. Seir Havana was

A coalition of regulators recently issued warnings about the risks of some self-directed IRAs that many investors aren’t aware of. There are a couple types of self-directed IRAs. Most mutual fund companies and brokers say their IRAs are self-directed. By that, they mean that your IRA can buy any investment on their investment platforms, which

Remember that backlog of unopened IRS correspondence? The agency is taking another step towards offering taxpayers an alternative to adding to the pile: taxpayers who receive specific notices requiring them to send information to the IRS now have the option of submitting their documentation online through IRS.gov. Backlog How bad is the backlog? According to

Today’s Social Security column addresses questions about benefit rates after applying for but not receiving early benefits due to the earnings test, reporting foreign pensions and when it might be advisable to apply for benefits given an age difference between spouses. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and

Need to call the IRS? You’re going to have to wait. Taxpayers and tax professionals alike have reported an uptick in service this season compared to last tax season. That’s likely attributable to new hires—the IRS has hired more than 5,000 new telephone assistors and added more in-person staff to help support taxpayers. Still, earlier

As we begin tax season 2023, small business owners are likely looking for ways to lower their tax bills for 2022. Hopefully, you are sitting on record profits for your highly successful business. However, record profits often mean record taxes. One of the best ways to lower last year’s taxes is to fully fund a

I’m starting to get this question more and more from do-it-yourself types hoping to save money. If computers can beat a world chess champion, they argue, why can’t they perform as good as or better than my local tax advisor? We’ll explore this issue in more detail below, but the short answer is no, artificial

Today’s Social Security column addresses questions about whether Social Security spousal benefits can only be paid for a limited time, eligibility for survivor’s benefits and how Social Security taxed wages are reported to Social Security. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc.