Taxes

Often, tax policy debates can be settled by splitting the difference. You like a tax rate of 28 percent. I prefer 20 percent. Let’s settle on 24 percent and call it a day. But a key disagreement over the future of the Child Tax Credit (CTC) is about far more than a number. It is

On Wednesday, January 26, 2022, a bi-partisan group of nearly 200 members of the U.S. House sent a letter to Treasury Secretary Janet Yellen requesting relief for taxpayers in light of “unprecedented challenges” being faced by the Internal Revenue Service. The letter highlights the problems faced by small businesses who have followed IRS and Small

It can be mesmerizing to watch Jeopardy! especially when someone you are rooting for is doing well, is super smart, and makes you think. That was so with Amy Schneider, but her 40-game streak has come to an end. She is a fan favorite but has lost to a Chicago librarian. Even so, she still can

Admitting that they expect another chaos-filled filing season, Treasury and the IRS have been vehement (almost rabid) about encouraging taxpayers to file their 2021 tax returns electronically. They have also been encouraging taxpayers who received advance payments of the Child Tax Credit (CTC) to watch for Letter 6419, which reports the amount of the credit

President Biden is still pushing for big tax increases. But this segment of What’s Ahead points out that the mood of the country is increasingly hostile to the idea. This is one reason that a growing number of states are moving to eliminate or sharply reduce their income taxes.  Republican candidates should aggressively promote the

The IRS lost my 2020 tax return. Well, according to the notice I got yesterday, the IRS says it “never received” the return. But I’m sticking with “lost.” Let me explain: As TaxVox readers may remember, I—and at least 3.4 million other tax filers—got caught in an IRS security trap last year. In a well-intended

Tax-return season for 2021 income has officially begun. However, don’t forget to look ahead and consider your tax planning for 2022. Key numbers in tax-law provisions are adjusted for inflation at the start of each year. Some of these adjustments are important for employees, their paychecks, and their planning. As many tax-code sections are annually

Two weeks ago the Treasury Department warned American taxpayers that the 2022 filing season would probably be messy and that many taxpayers could once again experience delayed tax refunds. As daunting as the warning is for regular do-it-yourself filers and tax professionals, it may have first-time filers paralyzed with fear. Bill Smith, National Director for

Beverly Winstead of the Law Office of Beverly Winstead LLC and Paul Miller of Miller & Co. LLP discuss the 2022 filing season’s challenges and considerations in the third year of the pandemic. 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

No one likes receiving Forms 1099, since they saddle you with income you have to report. Actually, of course, if you have income, you must report it, whether or not you receive a Form 1099. But think of the Form 1099 as a pretty strong nudge, you better list it. And seeing the dollars reported

This week we dabble in cross-disciplinary thinking. The proposition is that wisdom from other social sciences can help explain some of the odd things we encounter in the tax world — specifically regarding EU governance. Strategic forbearance has been gaining intellectual traction in recent years, thanks in part to the writing of Alisha Holland, an

Today’s Social Security column addresses questions about whether a new application is necessary to receive retirement benefits after taking spousal benefits, taking early survivor’s benefits before retirement benefits and when Social Security considers you to be 70. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security

Clergy housing is back in the news as Supreme Court Justice Neil Gorsuch dissented from the Court’s decision to not hear the appeal in the case of Trustees of the New Life in Christ Church v. City of Fredericksburg. The economic issue was real estate tax exemption for a residence on Church property occupied by Josh

The beauty of Combined Federal State Filing is that you don’t have to report the same information twice for your federal and state/local taxes. But last year, the IRS didn’t include its new form for reporting non-employee compensation (1099-NEC) in the program. The form is used by business like Uber UBER and Doordash that hire

Sadly, yet again, the Roth IRA contribution limits will not be increasing in 2022. On a brighter note, the income levels that allow for a Roth IRA contribution have increased. This could enable some workers to contribute larger amounts. Investing in a Roth IRA is a great way to increase your tax-free income in retirement.

Will Morris, former chair of the tax committee at Business at OECD, reflects on his nearly decadelong tenure and experiences leading the business community through OECD global corporate tax reform projects. 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

For months, we have heard about workers quitting jobs and leaving the labor market in a supposed “Great Resignation,” which allegedly is hurting the economy.  But that story is proving to be wrong.  Although quit rates are high (especially for lower-wage workers), many are staying in the labor market and getting better jobs, in what White House economists

Someone should write a country song about trying to call the IRS. I called the IRS today. I called three times before I could even wait on hold. The first two times, I got a message that the phone lines were too busy and I needed to call back. The third time was a charm,

Any tax audit can be frightening, but criminal tax cases are the worst. And since it’s time for Americans to start thinking about the 2021 tax returns and filing by April 18, the IRS has some reminders for us all. The IRS Criminal Investigation Division took to Twitter to count down the top 10 cases

The creative process of individuals, and the medium through which a Creator works, is constantly expanding, including digital assets such as Non-fungible Tokens. NFTs that are created, bought, sold or exchanged are considered property by the IRS, and so these are taxed like art buying, selling or exchanging art. For the Creator of an NFT               For