Taxes

IRS Forms 1099 generally come in the mail around the end of January and report how much you were paid in the prior calendar year. Don’t ignore them, as each one will be matched against your tax return when you file. Forms 1099 can be wrong, so check them carefully. IRS Forms 1099 remind you

A series of reports in The Wall Street Journal informs readers that U.S. employment will decrease by 1.5 million if, as Democratic leaders wish, the expanded child tax credit (CTC) that was temporarily in effect in 2021 is reenacted and replaces the current-law child credit. In April 2021 President Biden proposed a five-year extension of

The penalty for fairly innocent goofs can run into the millions of dollars. Is there any limit to how unpleasant the IRS can be with people who pay all their taxes but don’t fill out the forms correctly? Monica Toth, 82, is a naturalized American whose family escaped the Nazis. The Boston area resident prepared

As working from home (WFH) becomes more permanent, and fewer workers commute to offices, cities hope to convert unoccupied and excess office space to residences. But we don’t yet know the possible scale and speed of such conversions, and whether they can make a big dent in our housing affordability crisis. There’s definitely action on

Year-end and year-start are key periods for financial and tax planning if you have stock options and restricted stock units (RSUs), participate in an employee stock purchase plan (ESPP), and/or hold company shares. In 2022, year-end planning can be tricky because of the market downturn, volatile stock prices, and job uncertainty. A December webinar held

Share to Facebook Share to Twitter Share to Linkedin What are some good dividend stocks to buy? The right answer depends on your financial goals. With dividend stocks, there’s usually a trade-off between yield and reliability. Said another way, the dividend-payers that generate maximum income for your investment dollar aren’t always the most dependable. And

This time of year, “pay me next year” requests are common with employers, suppliers, vendors, customers and more. On a cash basis, you probably assume you can’t be taxed until you receive money. But technically, if you have a legal right to payment but decide not to receive it, the IRS can tax you nonetheless.

There’s been a sudden spike in worrying about city problems created by declining commercial real estate (CRE) values, especially urban office buildings where increased working from home (WFH) has reduced in-office work. But instead of a CRE “apocalypse” or “urban doom loop” that some are predicting, we may just see increased economic and budget pressures,

In any normal year, an accounting or tax firm is a combination financial expert, compliance high-wire walker, strategist, strategic genius, therapist, and factotum extraordinaire. This is not a normal year. Coming in from the heights are the pandemic and ongoing supply chain issues, labor shortages, tax changes still to be seen from the 2017 code

In the first of a three-episode series, Steven Wlodychak, formerly with EY, discusses the creation of the SALT cap deduction by the Tax Cuts and Jobs Act and how states addressed it and other changes. This transcript has been edited for length and clarity. David D. Stewart: Welcome to the podcast. I’m David Stewart, editor

Tenth Circuit upholding the Tax Court’s ruling in the case of Preston Olsen may signal the revival of a once successful IRS technique for attacking tax shelters. Code Section 183 – Activities not engaged in for profit – is commonly rereferred to as the “hobby loss” rule. That is reasonable in that it seems that

The lame duck Congress will spend the next several weeks arguing over the fate of several key provisions of the 2017 Tax Cuts and Jobs Act (TCJA) and the 2021 American Rescue Plan that either have expired or will disappear at the end of this year. A new Tax Policy Center analysis finds that extending

Back in 2016, the U.S. Department of Justice announced it was hitting Deutsche Bank with a $14 billion fine relating to its dealings in mortgage-backed securities. The irregularities occurred years earlier, during the buildup to the 2008 financial crisis. Around the same time, the European Commission announced it was hitting Apple (indirectly) with a tax

Today’s Social Security column addresses questions about the whether working before filing can incur the earnings test, full retirement age for survivor’s benefits versus retirement benefits and more about widow’s benefits. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc. Will Working Before My

Tax Notes contributing editors Robert Goulder and Joseph J. Thorndike consider the historical context of why the IRS Criminal Investigation division carries guns. This transcript has been edited for length and clarity. Robert Goulder: This past summer Congress passed the Inflation Reduction Act (P.L. 117-169), which boosted IRS funding to the tune of $80 billion

A key subtext to the debate over whether to restore the expanded 2021 version of the Child Tax Credit (CTC) is this: Does the credit help reduce child poverty by giving low-income families much needed money, or does it increase poverty by discouraging work? The debate is especially intense around the 2021 provision that made

Law is rife with deadlines. Indeed, sometimes those deadlines are critical and outcome determinative. Abiding deadlines can mean the difference between having a case heard or a case dismissed, or a taxpayer’s rights being vindicated or not even considered due to timing. As this case highlights, even being a single day late can have big

In Notice 2022-58, 2022-47 IRB 483, the IRS and Treasury asked, “Should indirect book accounting factors that reduce a taxpayer’s effective greenhouse gas emissions (also known as a book and claim system), including, but not limited to, renewable energy credits, power purchase agreements, renewable thermal credits, or biogas credits be considered when calculating the section

Tax Notes chief correspondent Stephanie Soong discusses how countries are approaching implementation of the OECD’s two-pillar corporate tax reform plan and the future of the OECD after Pascal Saint-Amans’s departure. 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

Working from home (WFH) has taken a big jump after the Covid-19 pandemic, and some very smart people think it’s here to stay (as I reviewed in my last blog), because many highly educated workers like it. But others aren’t so sure whether employers will continue supporting it, especially if the economy softens and labor