Taxes

Welcome to the Tax Policy Center’s annual Lump of Coal Award for the year’s biggest tax policy blunders, Build Back Better edition. Even by the usual low standards, 2021 saw more than its share of terrible ideas, and worse execution. Here are the Top Ten: 10. A little help on remote work, Supreme Court? The pandemic

You have to like this news if you live in one of six states that were impacted by Hurricane Ida. Back in September, the IRS extended the Oct. 15 tax filing deadline for Ida victims until January 3, 2022. But now, victims of Hurricane Ida in six states have until Feb. 15, 2022 to file

January 1st Stark Law Deadline Exposes Group Medical Practices to Significant Penalties All medical practices that bill Medicare for services rendered must comply with the Stark Law regulations in order to be able to bill for “Designated Health Services” (DHS) DHS , which are defined below. If the practice does not follow the rules for

The Internal Revenue Service said today that it’s starting to send out information letters to the 36 million families who got advance child tax credit payments this year. It’s important to hold onto the letter. If you got advanced child tax credit payments, you’ll need the letter when you file your taxes for tax year

One of those “deja vu all over again” periods is going on with a sudden outbreak of inflation. According to the historical inflation rates table at US Inflation Calculator, we were at 4.2% in April 2021, over 5% May to September, 6.2% in October and 6.8% in November. The last time we had an April to

Tax Notes contributing editors Robert Goulder and Joseph J. Thorndike debate the need for a tax on unvaccinated people in the United States, all in five minutes. This transcript has been edited for length and clarity. Robert Goulder: With the omicron variant threatening to plunge the world into another cold COVID winter, some would say it’s finally time

Benjamin Alarie with Blue J Legal discusses how technology is influencing and changing the tax field and the future of tax jobs. David D. Stewart: Welcome to the podcast. I’m David Stewart, editor in chief of Tax Notes Today International. This week: tax jobs of the future, today. Technology is an ever increasingly important aspect of the

For folks still waiting on the Internal Revenue Service to deliver their special tax refunds for the unemployment compensation tax exclusion for 2020, don’t count on the money for the holidays. The IRS updated its IRS Operations During Covid-19 web page, as of December 20, with a new section showing the status of unemployment compensation

The vehicle for these changes, the House version of Biden’s Build Back Better social spending, climate, and tax bill, is now in legislative limbo following Sen. Joe Manchin’s (D-WV) declared opposition. But since some new version is likely to surface early next year, it is instructive to look at the evolution of its tax provisions so

Sen. Joe Manchin (D-WV) opposes parts of President Biden’s signature Build Back Better Act, especially the expanded Child Tax Credit (CTC) payments. Yet, those payments, which started in July 2021 as part of the American Rescue Plan, have proven crucial for families to pay their bills. Without action, the payments are on track to expire

So what’s on your mind this time of year? If you’re like most people, you’re probably thinking of the holidays. But there’s something less enjoyable that should be on your mind: taxes. That’s because this is the last chance you’ll have to make some of the key decisions that will affect how much you pay

Topline With an estimated 65 million Americans currently receiving monthly tax credit payments of up to $300 per child, Goldman Sachs is warning the economy could rebound more slowly than previously expected if lawmakers don’t reauthorize the payments past their year-end expiration—an unlikely feat given opposition from Sen. Joe Manchin (D-W.Va.), who’s cited the monthly

As the latest wave of Covid-19 cases hits the USA, there is increased speculation that some work may be shifting more permanently from offices to the home.  A large permanent shift would have major implications in many spheres, including the future of office work and downtown Central Business Districts (CBDs).  But although a large-scale work shift may

Today’s Social Security column addresses questions about how suspending a benefit taken at 62 while working more might have on benefit rates, filing for spousal benefits after taking retirement benefits and whether to take benefits early when children are part of the equation. Larry Kotlikoff is a Professor of Economics at Boston University and the

While all of us are busy during the holiday season, tax professionals’ heads are spinning more than usual on how best to approach year end planning. With the 2021 calendar year ending in less than 30 days, coupled with tax legislation that could (or could not) be enacted, a myriad of options exist when trying to

This time of year media outlets are full of tax tips and ideas for “last minute” tax savings. The best tax professionals will tell you that to be effective tax planning needs to be proactive, not reactive. Tax planning needs to happen all year long, not just during the last few weeks of the year.

Investors have been very focused on capital gains and what to do about them through 2021. You might minimize taxes and maximize after-tax income by cashing in gains using a charitable-giving strategy. Strong appreciation in the stock market the last two years have many people sitting on substantial investment gains. Some are looking to take

The Internal Revenue Service announced standard mileage rates for 2022 today for taxpayers to use in calculating the deductible costs of using a car for business, charitable, medical or moving purposes. That means tax savings if you’re self-employed and drive your own car for business—and likely more money in your pocket if your employer reimburses

As we sail through the holiday season and past Giving Tuesday 2021, more people will get a tax deduction for their philanthropic endeavors. While many Americans are suffering under the weight of the COVID pandemic, the economy is chugging along. Real estate and the stock market values are soaring, and the economy is nearing full

Actually the ruination may well extend beyond Christmas or whatever winter holiday America’s low-income children observe (or don’t). The expansion of the Child Tax Credit created under the American Rescue Plan Act expires on December 31, 2021. The final advance payment of the expanded Child Tax Credit hit taxpayers’ bank accounts yesterday. The expansion increased