Taxes

Today’s Social Security column addresses questions about when applications for benefits can be submitted, who might and might not be able to receive spousal benefits and whether investment withdrawals affect Social Security disability benefits. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc. See

In her 2023 Annual Report to Congress, National Taxpayer Advocate Erin Collins, writes, “We have begun to see the light at the end of the tunnel.” Indeed, earlier this month the IRS announced that it had completed the automatic adjustments of 2020 tax returns related to the exclusion of unemployment income that was passed by

Yesterday the IRS announced that e-filing for individual tax returns (Form 1040) will open on Monday, January 23, 2023. At that time the Service will begin accepting and processing returns for tax year 2022. The IRS has used part of the money they received from the Inflation Reduction Act to hire more than 5,000 new

The federal government doesn’t often slash its fees, especially not something like an 80% cut, but that’s what’s happening with the fee to hand in your passport for good. It isn’t yet a done deal, but as a result of a lawsuit about the unfairness of the fees, it looks like the current $2,350 fee

Topline The Internal Revenue Service has announced it will begin accepting tax returns on January 23—kicking off the 2023 tax season—and announced other key deadlines for the tax season. Key Facts The IRS has just announced that the start of the 2023 tax season would officially begin on January 23 and is expected to end

The first Tax Court hobby loss opinion of the year is a taxpayer win. Paul and Patricia Wondries were facing deficiencies totaling $421,503 for the years 2015-2017. The issue was whether their 1,100 acre ranch was being run with the objective of making a profit. Judge Kathleen Kerrigan called it a close case but concluded

It is easy to write off as mere symbolism the House vote to rescind nearly all the $80 billion IRS funding increase Congress approved last year. After all, the bill passed by House Republicans will be ignored by the Democrat-controlled Senate. And it would be vetoed by President Biden if it miraculously got to his

Robert Goulder and professors Allison Christians and Tarcísio Diniz Magalhães discuss the importance of the OECD’s pillar 2 UTPR (undertaxed profits rule) and its place in international tax law. This transcript has been edited for length and clarity. Robert Goulder: Hello, I’m Bob Goulder, contributing editor with Tax Notes. Welcome to the latest edition of

With Kevin McCarthy (R-CA) becoming Speaker of the House by giving more power to hardcore conservatives, we face a looming crisis when the federal debt ceiling has to be raised later this year. Is there an alternative to a bitter fight and a possible failed vote that could cause a U.S. default? Can the Treasury

California storm victims now have until May 15, 2023, to file various federal individual and business tax returns and make tax payments, the Internal Revenue Service announced. The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA). This means that individuals and households that reside or have a business

Tax Analysts Chief Content Officer Jeremy Scott reviews the 2022 developments in U.S. tax legislation and speculates about what may lie ahead. 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: 2022 wrap-up. We’re continuing

The complexities of the UK’s indirect tax landscape can be challenging for overseas businesses to navigate when selling here for the first time. Those importing goods will need to consider Customs Duty, and the sellers of both goods and services will need to consider VAT too. VAT and Customs Duty are referred to as indirect

The use of third-party payment platforms to easily transfer cash from one person to another is now ubiquitous. Rather than having to split the check at the restaurant or write your buddy a check for those playoff tickets, most Americans “Cash App“ or “Venmo” one another. According to Pew research, 76% of those surveyed have

Inversion regs clarify when a corporation has substantial business activities in a foreign country and describe the calculation of inversion gain. These concepts are pivotal in determining whether an inversion has occurred and, if so, the amount of inversion gain. Reg. section 1.7874-3 defines substantial business activities and reg. section 1.7874-11 provides the calculation of

It is nearly tax time again, and January is a key month for one of the most important tax forms of all: IRS Forms 1099. They usually arrive in late January or early February, reporting how much you were paid in 2022. They can have errors, so check them carefully. Each Form 1099 is matched

Today’s Social Security column addresses questions about not having retroactive payments applied at 70, when spousal benefits can be paid to someone receiving their retirement benefit and what happens to disability benefits at full retirement age (FRA). Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security

Owning a small business is daunting, even for people with loads of management experience. Suddenly finding oneself “where the buck stops” can be anxiety inducing. The consequences of failure for some mistakes can affect more than just you (e.g., your staff or even your family) and can be expensive and time consuming to fix. Whether

The 2022 tax year has ended and tax professionals everywhere are encouraging their small business clients to close their books and start thinking about their tax returns. In a perfect world these clients have worked with their tax and accounting professionals throughout the year to optimize their small business taxes. Of course, we don’t live

Once they finally pick a Speaker, the very first bill House Republicans will adopt likely would make it harder for the IRS to help taxpayers file their returns and easier for tax dodgers to cheat. It doesn’t seem like very smart branding, but what do I know? Of course, that’s not how the House GOP

Today’s Social Security column addresses questions about whether spousal benefits are half what a spouse is actually receiving, the availability of benefit estimates if you’re already collecting another benefit and who can file for children’s benefits. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning,