Taxes

It can be pretty satisfying to tell the IRS they are too late to audit you. But when might you be able to say that? Your exposure is at least three years after when you file your return, but many people are surprised that you might be a risk for years more. The time periods

As it stands now, Edward Brown will remain in federal prison until 2034, when he will be 91 years old. I recently covered his unsuccessful sentence appeal. This piece will provide background on his first conviction for tax related offenses. It was his reaction to that conviction that led to a much longer sentence for

There is a saying that the road to clarity begins with confusion. For your advisor’s sake, we hope that is true. The IRS issued Proposed Regulations on February 23, 2022 and they are quite extensive. The Proposed Regulations interpret many provisions of the SECURE Act relating to See-Through Trusts. Specifically, the proposed regulations help us

The deadline to file 2021 federal taxes for most people is Monday, April 18. You can forget special Covid extensions this year, but why April 18th? It turns out that April 15 is Emancipation Day, a holiday in Washington, D.C. So the IRS is giving the nation a an extra weekend. Late tax returns incur

The U.S. Government has recently put a rocket on a here-to-fore quiet whistleblower award program targeting kleptocrats – announcing a multilateral Russian oligarch taskforce. The effort will be to work with our allies to sanction (including asset freezes, civil and criminal asset seizure) individuals and entities that are in league with and enabling Putin and

What can you say about the OECD/G-20 global tax reform proposal that hasn’t already been said? Assuming the megadeal comes to fruition, it will represent the biggest change in international corporation taxation in almost 100 years. If you’ve been paying attention, you know the plan consists of two distinct pillars. Pillar 1 seeks to reallocate

Internal Revenue Service Commissioner Charles Rettig told Congress today the backlog of tens of millions of tax returns from last year will be processed by December. Speaking to the House Ways and Means Committee Oversight Subcommittee, Rettig said this year’s filing season which began January 24 has gotten off to a strong start with returns

Tax returns are notoriously tricky when they involve income from equity compensation: stock options, restricted stock or restricted stock units (RSUs), employee stock purchase plans (ESPPs), and sales of company stock. Mistakes can lead to overpaid tax, overreported income, IRS penalties, or even an IRS audit. The myStockOptions webinar Preventing Tax-Return Errors With Stock Comp

The Internal Revenue Service entered this tax filing season severely backlogged and shorthanded—the result of decades of underfunding exacerbated by Covid-19 related strains. As of early last month, the agency had 23.5 million tax returns and pieces of correspondence awaiting manual processing, including some paper returns filed as far back as April of 2021. Last

As of early last month, the Internal Revenue Service had 23.5 million tax returns and pieces of correspondence awaiting manual processing, including some paper returns filed as far back as April of 2021. Nina E. Olson, a tax lawyer and the founder and executive director of the Center for Taxpayer Rights, describes the current problems

Careful analysis of the employee retention credit (“ERC”) provided under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) and the 199A limitations set forth under the Tax Cuts and Jobs Act of 2017 (“TCJA”) may lead to unexpected tax consequences this tax season. Just when we thought the discussion surrounding 199A was on

Professor Richard Schmalbeck of Duke University Law School discusses college sports and taxation, including the potential effect of compensation for coaches and athletes on colleges’ tax-exempt status. 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

Even as Republican governors blast President Biden and congressional Democrats for both causing inflation and failing to address it, they are promoting their own tax cuts that likely will add to consumer demand and raise prices. Putting more money in people’s pockets will increase demand for goods at a time of supply shortages. That will

This financial advisor thinks tax planning should be part of every client relationship. Reducing your taxes is an integral part of a comprehensive financial plan as well as any wealth-building strategy. Even among clients who are just utilizing a financial advisor for investment management, tax efficiency is essential to optimal portfolio performance (after all, it’s

Last week’s article discussed why the IRS should increase transparency in its development, acquisition, and use of technology that affects taxpayers. This week we’ll look at what the IRS can do for identity verification to better respect taxpayers’ privacy interests than it did with its implementation of the facial recognition system last year. Congress may

It’s the middle of every American’s favorite time of the year … to hate: tax season. Starting on Jan 24th, the IRS started accepting tax returns for the 2021 tax year. Here are three of the most common tax season mistakes you don’t want to make: 1) Missing last minute tax-saving opportunities. While it’s too

Inflation is going nuts — it’s now running at 8 percent annually, the highest rate recorded in 40 years. The risk that inflation will stay high or go even higher is real. The chance of inflation rising more than expected in the short term is, ironically, actually increased by the Federal Reserve Chairman, Jerome Powell’s,

Today’s Social Security column addresses questions about a disability benefit can affect the family maximum that can be claimed on a single record, survivor benefits after delaying until 70 and spousal benefits with a foreign pension. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning,

A recent decision by the First Circuit appears to have left Edward Brown with a virtual life sentence. After speaking with the Commander of the Constitution Rangers, I am not so sure. Edward Brown currently at the Federal Correctional Institute in Glenville WV is 79 and has a release date in 2034. When I spoke

As economic sanctions against Russia for its invasion of Ukraine spread, state and local public pension plans are looking at selling off their Russian-related assets and some are already doing so. Lawmakers in at least a dozen states are pressuring their pension funds to divest from Russian-related investments. Divestment isn’t likely to have much impact