Taxes

The IRS has appealed the Tax Court’s second decision in Medtronic Inc. v. Commissioner, and the Eighth Circuit’s ruling will have major reverberations for a particularly high-stakes and litigation-prone area of tax law. In early September, the IRS wisely decided to appeal the Tax Court’s decision in Medtronic II, T.C. Memo. 2022-84. The appeal is

Professor Jeremy Bearer-Friend of the George Washington University Law School discusses poll taxes in the 20th century and how they were used to target taxpayers based on race and ethnicity. 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

The Department of Justice continues to focus on pandemic-related fraud. This week, a federal grand jury in the Western District of Tennessee returned an indictment charging ten individuals for their roles in schemes to defraud the Economic Injury Disaster Loan (EIDL) program and the Paycheck Protection Program (PPP). Grand Juries And Indictments When it comes

The former Republican House Speaker from Wisconsin, Paul Ryan, recently warned that a “lot of the tax code would be unconstitutional” if the U.S. Supreme Court rules for the petitioners in Moore v. United States, a case that challenges whether Congress may tax “unrealized” income. Among the laws in danger are those that Congress over

As Americans absorb agonizing reports about Hamas’ brutal terrorist attacks on Israeli civilians and Israel’s bombing of Gaza in retaliation, many may want to give to help those suffering. Giving money in times like these can be tricky since, in addition to making sure your dollars are used wisely and get where you intended for

The most important recent development in the government’s long battle against abusive syndicated conservation easements. what I call the industry based on nonsense, has to be the outcome of the trial of Jack Fisher, James Sinnott and Clay Weibel. The jury convicted Fisher and Sinnott on multiple counts, while acquitting Weibel. Fisher and Sinnott may

Boomers and their elders control $93 trillion, or two-thirds of America’s household wealth. Forbes 400 members Phil Knight, Charles Koch, Barry Diller and Harold Hamm give a master class in how to make sure your money goes to charity and children. By Matt Durot, Forbes Staff “There’s four seasons in Oregon: fall, winter, spring and

Share to Facebook Share to Twitter Share to Linkedin In her last days, Feinstein’s daughter and step-daughters battled in court over the Senator’s access to assets left by her very rich late husband, Richard C. Blum. It got nasty, with accusations of elder abuse. There are lessons here for all blended families–even those of more

Starting in January, eligible electric vehicle buyers can receive a federal tax credit as an upfront discount at the dealership, making savings more immediate, the U.S. Treasury Department announced Friday. Prior to the new guidance, buyers – including those who bought electric vehicles this year – have had to claim EV credits after the fact,

The IRS has warned taxpayers to watch for promotions involving exaggerated art donation tax deduction deals that target high-income filers. The IRS even offers tips to avoid getting caught in a scheme. There are ways to properly claim donations of art. But some unscrupulous promoters may use direct solicitation to promise values of art that

The IRS is continuing to expand online services available to tax professionals who use ta Tax Pro Account. A Tax Pro Account allows tax professionals to access a digital self-service portal to view and manage certain taxpayer information. Tax Pro Account If you aren’t familiar with the Tax Pro Account, you can find it online

If you’re a paid preparer looking to renew your Preparer Tax Identification Number in 2024, it’s going to cost you… less. The IRS has again reduced the cost of PTIN fees, according to an interim final rule published this week. In 2024, the cost to renew or obtain a PTIN will be just $19.75 ($11

The Internal Revenue Service (“IRS”) released Notice 2023-63 on Friday, September 8th, providing guidance surrounding the requirement to capitalize Section 174 research and experimental (“R&E”) expenditures for the 2022 taxable year. While many tax accountants and business professionals welcome the additional guidance, the timing was not ideal. The guidance was issued seven days before the

It may feel like you just filed your 2022 taxes, but now is the time for you to lower your 2023 tax bill. Year’s end will be here before you know it, and this is the deadline for several valuable tax-planning strategies available to the self-employed. If you don’t want to leave the IRS a

With a boost from a growing number of cities and states, the souped up two-wheelers are increasingly displacing cars for short trips — and outselling EVs. By Rina Torchinsky, Forbes Staff Last Tuesday, at 11 a.m. local time, the city and county of Denver put the latest batch of applications for e-bike rebates online. By

The Supreme Court will not hear a Michigan foreclosure case related to a tax delinquency. On Oct. 2, 2023, the nation’s highest court denied the petition for a writ of certiorari. The focus of the case was whether foreclosing on a home for not timely paying property taxes constituted a violation of the federal Takings

Robert Kerr, formerly with the IRS and now with Kerr Consulting, discusses latest developments from the IRS, including the tax agency’s plans for a government shutdown and its handling of the employee retention credit. This transcript has been edited for length and clarity. David D. Stewart: Welcome to the podcast. I’m David Stewart, editor in

Share to Facebook Share to Twitter Share to Linkedin Some encouraging news for economic freedom and sanity is coming from, of all places, Argentina. That country has long been notorious for rotten economic policies—mainly high taxes, crushing regulations and, most infamously, chronic bouts of hyperinflation. A century ago, Argentina was one of the richest, fastest-growing

Five Texas men have pleaded guilty in a scheme to fraudulently obtain and launder millions of dollars in forgivable Paycheck Protection Program (PPP) loans. PPP Loans PPP loans were designed to help small businesses keep their workers on payroll during the Covid-19 pandemic. While loans were obtained from various lenders, they were guaranteed through the

Who killed local and print journalism? The industry will tell you that Google and Meta are at fault because of their massive transformation of information sharing — and tight control over digital advertising. Google and Meta will tell you that they’re not to blame; rather, the internet fundamentally changed how we encounter and consume news