Waiting on your refund? For some taxpayers, it’s about to become a lot faster. The IRS has announced that taxpayers who file their amended returns (Form 1040-X) electronically will now be able to select direct deposit for their refund. E-Filed Amended Returns For years, filing an amended return has been a time-consuming process. Paper filing
Taxes
Chances are that when you get your paycheck, you don’t look closely at anything beyond the net pay—the amount deposited into your account. But your Form W-2, Wage and Tax Statement? That’s a different story. Tax season is the first—and often only—time during the year that many taxpayers seriously consider how much money is taken
Today’s Social Security column addresses questions about how early retirement benefits can affect later spousal benefits, whether there are lifetime limits for disabled children and about mitigating the effects of years with no income on benefit rates. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security
In the early days of blockchain technology, there was a lot of excitement about its potential to transform the tax system and the way tax is collected. In a 2015 survey by the World Economic Forum, 73% of respondents (over 800 business leaders) predicted governments would be collecting taxes via blockchain by 2023. Well, that
Tax Notes reporters Sarah Paez and Kiarra Strocko discuss what they found in an exploration of the OECD-supported mediation process for multinational corporations. 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: multinational mediation. With
The recent rising 7520/AFR interest rate impacts the present value of a fixed annuity, and what this has implied as yields on mid-term Treasuries rose rapidly in recent months for tax planning involving charitable gift annuities and charitable lead or remainder annuity trusts. But, of course, not every planned gift involves a fixed annuity. We
It’s no secret that people are leaving the tax and accounting industry. They are either retiring or simply choosing another field. It’s also no secret that bringing new talent into the industry is not easy. This week, for obvious reasons, I’ve been thinking quite a bit about why this might be and thinking about the
The Readers Digest version of the Fair Tax Act of 2023 is that it replaces the income tax, payroll taxes that fund Social Security and Medicare and transfer (estate and gift) taxes with a very broad sales tax. For 2025 the tax inclusive rate is 23% which translates to an add on rate, as sales
President Joe Biden will deliver the 2023 State of the Union Address tonight, on Tuesday, Feb. 7, 2023, at 9:00 p.m. EST. The President is expected to stress what he deems to be the successes of his administration during challenging times. History and Authority The State of the Union Address—sometimes referred to as SOTU—is delivered
Final regs generally don’t require taxpayers to recognize gain or loss when modifying contracts to replace discontinued interbank offered rates. However, to qualify for this favorable treatment, the contract modifications must meet specific conditions related to replacement interest rates and cash payments between borrowers and lenders. Published on January 4, 2022, T.D. 9961 contains final
One of the confusing things about tax season for many taxpayers is that the rules and brackets may be very different from year to year. For example, more than 60 tax provisions posted in Revenue Procedure 2021-45—made public about a year and a half ago—apply to the current filing season’s tax return. As you pull
Federal taxability of state-issued stimulus payments is causing frustration for taxpayers and tax professionals. Indeed, whether or not state-issued stimulus payments are federally taxable may be the most asked question of this filing season. For California’s taxpayers the frustration and confusion boiled over into the Procedurally Taxing blog where guest blogger Bob Kamman, a Phoenix-area
It’s that time of year again. IRS Forms 1099 remind you that you earned interest, received a consulting fee, or were paid some other kind of income. Most Forms 1099 arrive in late January or early February, but some companies issue forms throughout the year when they issue checks. Whenever Forms 1099 arrive, don’t ignore
Today’s Social Security column addresses questions about whether it may or may not be worth delaying filing until full retirement age (FRA), effects on other benefits when the higher earning spouse files and how spousal benefits are calculated. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic
I have been having silly arguments with Fair Tax enthusiasts. The Fair Tax Act of 2023 would be a tremendous simplification of federal taxation. It does not, however, reduce 70,000 pages to 131 and it does not entirely eliminate the Internal Revenue Code. Also it does not abolish the IRS. It renames parts of it
For various reasons, the charitable remainder annuity trust has long been underutilized as a gift planning vehicle. At any given moment there may be somewhat over a hundred thousand split interest trusts in existence, but only about one in eight of these is a CRAT. But with interest rates rapidly rising over the past year,
As the COVID-19 pandemic recedes many medical testing services businesses have been diversifying and bringing to market new products aimed at the growing health and wellbeing market. For example, blood and DNA testing and screening services. The VAT status of these new offerings is not always clear and recent VAT case-law, and commentary issued by
Tax season opened on January 23, 2023. With fewer pandemic restrictions in place and more tax authorities back to work—including new hires at the IRS—many are hopeful that means that tax season will be a little less stressful than in the last few years. So far, that feels like it might be the case. Tax
Today’s Social Security column addresses questions about the effect of rolling a public pension over into an IRA, survivor’s benefits and the earnings test and how military credits can be applied to benefit amounts. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc. See
It won’t be long before the IRS releases its proposal for how to use the almost $80 billion in supplemental funding that Congress granted it over the next 10 years in the Inflation Reduction Act (IRA, P.L. 117-169). The plan is supposed to be out in mid-February. Although more than half of the $80 billion
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