Taxes

The Government Accountability Office (GAO) was asked to report on trends in IRS audit rates, audit results, and resources used for audits across individual taxpayer income levels. Their report, issued this week, analyzed audit rates and results and IRS resources used by taxpayer income for the most recent years data was available. According to the

Today’s Social Security column addresses questions about whether congress is working on a fix for people who turned 60 in 2020, when an application for divorced spousal benefits can be submitted and whether filing early affects the Government Pension Offset. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president

There have been two important opinions in the Low Income Housing Tax Credit Year 15 struggle so far this month. Both favor not-for-profit (NFP) sponsors. They each deserve their own post, so today we will start with JER Hudson GP XXI LLC which came down May 2 from Vice Chancellor Morgan T. Zurn of the

Tax audits are down. By a lot. Internal Revenue Service audit rates of individual taxpayers’ returns have dropped for all income levels from tax years 2010 to 2019, according to a new Government Accountability Office report. On average, individual tax returns were audited over three times more often for tax year 2010 (0.9 percent) than

Tax returns are annual drudgery, but they matter. They matter for individuals, businesses and investment entities. Everybody must file one, or more than one, depending on how many entities you have. You may have state taxes to file too. You might think your filing date is obvious, and hopefully you file before the deadline. The

Why is Congress prepared to spend billions of dollars for new aid to Ukraine without requiring offsetting tax increases or spending cuts at the same time lawmakers are demanding that more COVID-19-related therapeutics and testing be fully paid for? It can’t be about the money. The next round of Ukraine aid will cost about $40

Elodie Lamer and Nana Ama Sarfo of Tax Notes discuss the tax implications of golden visas and passports, which allow affluent foreigners to receive residency or citizenship in exchange for a minimum level of investment. This transcript has been edited for length and clarity. David D. Stewart: Welcome to the podcast. I’m David Stewart, editor

Tax software company Column Tax, which provides an API that enables mobile banking and fintech companies to offer tax products to their users, announced today that it has raised a $21.7 million series A. The round was led by Bain Capital Ventures with participation from Felicis and Not Boring, as well as existing investors Core

Every U.S. Tax Court opinion in an IRC section 482 case dutifully recites some variation of the necessary incantation: The IRS has broad discretion in applying section 482, and its determinations must be upheld unless the taxpayer can establish that the IRS abused its discretion by making adjustments that are “arbitrary, capricious, or unreasonable.” However,

Today’s Social Security column addresses questions about what effects early Social Security spousal benefits can have in various benefit rates, how delayed retirement credits are applied and how a public pension can affect survivor’s benefit? Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc.

ABLE (Achieving Better Life Experience) accounts have been around since 2014, but if you are today years old when you are learning about them don’t be embarrassed. In ancient times, I had ten or so up and coming accountants whose careers I felt responsible for. I counseled them that clients expected them to have general

Time weighted rate of return and IRR (internal rate of return) are identical where there have not been any contributions or distributions from a portfolio during the measurement period. Differences between time weighted rate of return and IRR (also known as “money weighted rate of return” and “dollar weighted rate of return”) arise when there

Should death be taxing? Amid budget surpluses, states started slashing income taxes last year. But only two have made significant changes to their estate or inheritance taxes so far. Last year Iowa legislators decided to phase out the state’s inheritance tax by January 1, 2025. And this year Nebraska legislators made pro-taxpayer tweaks to its

Today’s Social Security column addresses questions about whether the 2022 5.9% COLA applies to benefits filed for after December 2021, when one child’s benefit cessation can increase another child’s benefits and when the Windfall Elimination Provision (WEP) might not be applied. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and

In accelerating forgiveness of certain income-based student loans, President Biden performed minor cosmetic surgery on an atrocious system. Fortunately, there’s a simple solution: Let students and parents borrow as well as refinance their loans at the prevailing Treasury’s 30-year bond rate. In accelerating forgiveness of certain income-based student loans, President Biden performed cosmetic surgery on

Timothy Noonan of Hodgson Russ LLP discusses how some states tax remote employees and the effect of temporary pandemic tax changes. 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: tax and remote work. In

Share to Facebook Share to Twitter Share to Linkedin A misguided group in Congress is trying to hammer out a scheme to levy tariffs on such imports as steel, cement and aluminum, whose production in certain countries supposedly causes a higher output of carbon dioxide. This episode of What’s Ahead explains why this idea is

Rich Strike’s improbable Kentucky Derby win made the owner flush, with a $1.86M purse on a horse that only cost $30,000. There were plenty of other winners too, for anyone bold and prescient enough to take a flier bet on this most unlikely of winners at Churchill Downs. The most amazing type of win would

In recent years there has been a significant rise in fintech businesses; businesses who use technology solutions to help deliver financial service products. Experience has shown that these businesses don’t always appreciate how to calculate the amount of UK VAT they can reclaim on their operating costs. There is often a presumption that all UK

Let’s talk about near misses. Not so long ago the Biden administration proposed a comprehensive financial account reporting regime. Some observers labeled it a domestic version of the Foreign Account Tax Compliance Act. The reference was meant to be pejorative. The proposal was eventually withdrawn. Lawmakers from both parties found something distasteful about authorizing the