Taxes

On Sunday, July 31, 2022 Senator Joe Manchin of West Virgina did a “full Ginsburg” that is he appeared on the five major Sunday morning talk shows on the same day, including ABC’s This Week, Fox News Sunday, CBS’s Face the Nation, NBC’s Meet the Press, and CNN’s State of the Union. The reason for

Everyone is still paying more than they’d like at the pump. Even after falling from a record high of over $5 per gallon in mid-June, national average gas prices are still $4.50 a gallon, with California tipping the scales of an average price of $5.69 a gallon. There are plenty of reasons for it –

In a qui tam action, whether brought under federal or state law, it is axiomatic that the government, as the real party in interest, can intervene in the proceeding at any time before or after it commences, even if the government initially declined to intervene. If it decides to intervene, it must follow the procedural

Martin A. Sullivan, Tax Analysts’ chief economist, revisits the United States’ economic path to inflation and discusses mitigation efforts for a possible recession. 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: racing toward recession?

The IRS has announced that Storm victims in parts of Kentucky now have until Nov. 15, 2022, to file various individual and business tax returns and make tax payments. The IRS gives the relief to any area designated by the Federal Emergency Management Agency (FEMA) as qualifying for individual or public assistance. Currently, individuals and

If passed, The Inflation Reduction Act of 2022 (IRA) would restore incentives for new wind and solar projects over the next decade. On July 27, 2022, Senator Schumer and Manchin announced they reached an agreement on a reconciliation bill which includes a significant adjustment to Section 45, the renewable electricity production tax credit (PTC). Background

Senators Pat Toomey (R-PA) and Kyrsten Sinema (D-AZ) have proposed exempting cryptocurrency transactions of $50 or less from capital gains taxes. While it seems like a modest tax change, it could have profound effects on how crypto is perceived and used. And it would give crypto a tax advantage over other investments. Like many crypto

In a major win for automakers and future electric vehicle buyers, tax credits for the purchase of EVs are likely to get a new lease on life, thanks to a surprise deal between Sen. Joe Manchin (D-W.V.) and Senate Majority Leader Chuck Schumer (D-N.Y.). The pair had been covertly negotiating to revive select components of

Today’s Social Security column addresses questions about spousal benefits after taking early retirement benefits, who will and who won’t get the 5.9% COLA and when survivor’s benefits can be available. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc. See more Ask Larry answers

US Tax Court Chief Judge Kathleen Kerrigan’s order and decision recognizing Aegis For Dreams Foundation as a 501(c)(3) organization effective July 2, 2022 is the best tax news I have heard this year. Matthew Ryan, currently the foundation’s sole trustee, has the idea of raising at least $30 million to make a highly accurate film

Someone in Illinois bought the winning ticket, and if he or she does like most winners, they will take the lump sum, not the annuity. The $1.28 billion prize, which is the second-largest jackpot in Mega Millions lottery history, can be claimed in a lump sum or over time. The 1.28 billion is only if

Yesterday the IRS issued a statement acknowledging that “some payments made for 2021 tax returns have not been correctly applied to joint taxpayer accounts, and these taxpayers are receiving erroneous balance due notices (CP-14 notices) or notices showing the incorrect amount.” The problem started being reported by tax professionals on social media in early June.

After more than a year of often-fraught negotiations, Sen. Joe Manchin (D-WV) said he has agreed to a slimmed down tax, health care, climate, and energy bill. The details of the agreement, which Manchin brokered with Senate Majority Leader Chuck Schumer (D-NY), were closely held until late Wednesday, and it remains unclear whether enough Democrats

The estimated second-quarter Gross Domestic Product (GDP) data released on Thursday shows the U.S. economy teetering on the edge of recession, with an overall inflation-adjusted GDP decline of 0.2%. And if we get a full-blown recession, it will be tied to the sharp declines in housing and residential investment, which fell by 14% in the

The Mega Millions jackpot has risen to $1.1 billion, up from $810 million. With eye-popping numbers, it’s easy to get lottery mania. Winning would be great, but the taxes are big too. Lottery winnings are taxed, with the IRS taking up to 37%. Curiously, though, only 24% is withheld and sent directly to the government.

Topline Pending home sales—a leading indicator for housing market activity—plunged by a more than expected 20% in June compared to a year ago, according to new data from the National Association of Realtors on Wednesday, with experts warning that higher mortgage rates will continue to negatively impact demand. Key Facts Pending home sales, which measure

Tax Notes chief correspondent Stephanie Soong Johnston recaps the agreement on the OECD’s two-pillar corporate tax reform plan and discusses recent roadblocks to full implementation. 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: pillars

The Superfund Excise Tax went into effect on July 1, 2022, and many companies are still struggling to understand whether it applies to their operations and how to properly estimate their potential liability. Even though the Superfund Excise Tax has been implemented in the past, it last expired over 25 years ago. Under the reinstated

Families with children in elementary and high school are expecting to spend on average of $864 on back-to-school clothes, supplies, electronics and other items this summer, up 24% from the $697 they figured to spend in pre-pandemic 2019, according to an annual survey by the National Retail Federation. With inflation now the highest in 40

Since its invasion of Ukraine on February 24, the Russian government has denied access to a lot of financial statistics, but the data we can see show that Russia’s tax revenue in the first five months of 2022 was sky-high. Calendar year 2021 was a year of strong revenue collections for the Russian government. Still,