Taxes

Reports say there’s been a big uptick in interest in leaving America with the overruling of Roe v. Wade, gun violence, political turmoil and more. One popular post advises how to move out of the US and the best places to escape. There are numerous choices, including moving to Canada. But if you go, is

Sometimes you read something in Tax Notes that causes you to stop and do a double take. The people who write for the publication are not immune from this phenomenon. The latest occurrence came as I read Elodie Lamer’s recent article on Hungary’s refusal to support the EU’s pillar 2 directive. An interesting nugget was

While the Internal Revenue Service says its backlog of unprocessed paper-filed returns is going down, it remains clear that a huge volume of mail remains unprocessed. Unfortunately, the end of the regular 2021 filing season and the clearing of the backlog of unprocessed returns are creating more mail for both taxpayers and the IRS. One

Happy Independence Day! While we’re celebrating America’s birthday this weekend, let’s take a look at the taxes that “make government go” and a select handful of some of the most common frivolous tax arguments used by tax protestors to attempt to avoid paying federal income tax. The federal income tax was created by the Sixteenth

An opinion by Tax Court Judge Thomas Wells in the combined cases of Jessica Walters and her parents David and Jean Walters is unusual among hobby loss cases (Section 183). At stake was over $110,000 in tax and penalties for the years 2011 and 2012. The issue was whether the “green construction” activities of the

President Biden is seeking a three-month suspension of the federal gasoline tax. The idea is that a temporary tax holiday would ease the financial hardship on U.S. motorists. Before anyone starts celebrating, let’s do a reality check. It’s no secret that gas prices have skyrocketed. Nationally, the average retail price is hovering around $5 per

In a win for the nation’s taxpayers, the office of the National Taxpayer Advocate Service (TAS) has resumed taking some cases about paper-filed original and amended returns (Forms 1040 and 104-X, respectively). Due to the huge backlog of paper-filed returns that began accumulating during the 2020 filing season, when IRS offices were closed during the

Share to Facebook Share to Twitter Share to Linkedin President Joe Biden’s proposal for a three-month federal gas tax holiday–and his call for similar state gas tax holidays–have gained little traction. But that doesn’t mean inflation-stretched consumers won’t be seeing some tax relief soon. For a second year in a row, states, flush with federal

For small business owners, who don’t want to have to work forever and want to save on taxes, maxing out retirement accounts can be a win-win. Combining a Cash Balance Pension Plan with a Profit-Sharing 401(k) can provide the largest tax savings for high-income business owners. Depending on your income, you could save hundreds of

Ever since 2015, when the F.A.S.T. Act once again allowed the IRS to issue contracts to private collection agencies (PCAs) to help collect delinquent tax debts, the National Taxpayer Advocate (NTA) has been concerned about the effect of PCAs on economically vulnerable taxpayers with IRS debt. Indeed, since 2018 the Taxpayer Advocate Service (TAS) has

Topline Home prices, which have been shooting up since last year, grew at a slower pace in April, showing signs of a potential cool down in the red-hot housing market, according to new data from S&P Case-Shiller on Tuesday. Key Facts Home-price growth slowed in April, rising 20.4% compared to last year but down from

Nordic asset management giant Nordea Bank Abp and several top Danish pension funds have hit Microsoft MSFT with a shareholder proposal urging that the company disclose its public country-by-country tax information in line with the Global Reporting Initiative’s tax transparency standard (GRI 207). Cisco Systems CSCO Inc. is facing an identical proposal filed by three

Elaine Maag of the Urban-Brookings Tax Policy Center looks at lessons learned from the 2021 advance child tax credit and its potential political future. 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: no more

President Biden has declared many times in recent weeks that fighting inflation is his top economic priority. Although the Federal Reserve is primarily responsible for maintaining price stability, Biden’s attitude is the right one at a time when prices are rising at their fastest rate in over 40 years and Americans across the political spectrum

The looming prospect of compliance with the reporting requirements in section 6050I has been a problem for the digital asset industry since the passage of the Infrastructure Investment and Jobs Act (P.L. 117-58) last November. The requirements pose procedural obstacles and privacy concerns for taxpayers, but the government has an interest in ensuring compliance with

President Biden is proposing a three-month federal gasoline tax holiday. He may want to appear to be doing something to address high inflation, which is both an economic concern and a growing political problem for his Administration. But suspending the gas tax is a terrible idea that, on the margin, will make inflation worse, not

The U.S. Supreme Court officially overturned Roe v. Wade on Friday, eliminating the constitutional right to an abortion after almost 50 years. Experts predict it will lead to all but total bans on the procedure in about half of the states. When it comes to how much public money is spent on abortions via Medicaid,

The Supreme Court has been busy the last couple of weeks. In addition to issuing several decisions it granted a writ of certiorari for a case that will determine how penalties apply for non-willful violations of foreign account compliance reporting. But in late May it handed taxpayers with certain types of collections actions before the

Legal advisors will need to come up to speed on the new gun law changes. I hope that this helps. On Tuesday, June 21, the Senate advanced a gun safety bill, the Bipartisan Safer Communities Act, with a vote of 64-34. Just days later, the Supreme Court announced its decision in New York Rifle &

Share to Facebook Share to Twitter Share to Linkedin Is too much inflation crushing your summer vacation plans? President Joe Biden has a holiday for you — at the gas pump. Biden is set to request from Congress a three-month, emergency relaxation of the federal tax on gasoline. By removing that tax of 18.4 cents