Taxes

As America faces a new wave of Covid-19 from the Omicron variant, there are fears it could cause a new shutdown of the economy.  But in some states and cities like New York, the economy never fully recovered from earlier Covid waves.  Austerity is not the answer; New York will need continued public investment and new economic development

      The IRS recently put forward an expanded list of IRS audit priorities that serves as a roadmap as to the focus for the agency – and a guide for tax whistleblowers. One of the biggest hurdles for a tax whistleblower is not only making a good submission – but also having the whistleblower’s submission attract the

Starting in 2019, as the risk of unilateral enactment of digital services taxes became reality, the U.S. government began to recommend import tariffs on goods from countries that considered or enacted DSTs, justifying them on the grounds that they constitute unfair trade practices. Tariff Rationales U.S. law offers more than one justification for import tariffs. For

As the U.S. Senate postpones its vote on the Build Back Better Act (BBBA) into next year, it’s becoming increasingly clear that lawmakers’ attempt to enact almost every major program proposed by President Biden on a temporary basis — rather than prioritize a few key programs or find enough revenue to sustainably finance all of

Topline Billionaire Elon Musk fired back at comments from Sen. Elizabeth Warren (D-Mass.) on Tuesday, telling her to “stop projecting” and calling her “Senator Karen” a day after she criticized the Tesla CEO for not paying enough in taxes.  Key Facts Musk—the second richest person in the world, according to Forbes—was named Time’s Person of

Aegis For Dreams sounds like it will be a great movie. It is about the relationship between Alexander Hamilton and George Washington and that relationship’s importance in the American struggle for independence. Lafayette another surrogate son of the childless Washington also plays an important role, which makes this member of the American Friends of Lafayette long to

Adam Feinberg with Miller & Chevalier Chtd. discusses air travel taxation, how it affects passengers, and the biggest issues for airlines.  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: plane and simple. While there may be

Getting major tax legislation across the finish line and onto the president’s desk has never been a particularly neat and tidy process, but even in that context, 2021 presented an unusual case. With Democrats in control of the House, Senate, and White House, the year started off looking promising for tax reform. And there were some big achievements,

The Infrastructure Investment and Jobs Act (H.R. 3684) put crypto in the crosshairs in a comprehensive way. The crypto community was outraged when the measures were first proposed, and pushed back hard. Those efforts resulted in some narrowing, but the provisions were enacted anyway. Some people are still talking about a repeal effort, but that

Today’s Social Security column addresses questions about what affect stopping work at 65 before filing at 67 would have on benefit rates, how to acquire more quarters of coverage to qualify for benefits and how early you can submit your application before actually beginning to receive benefits. Larry Kotlikoff is a Professor of Economics at

Pedants object to referring to Code Section 183 – Activities Not Engaged In For Profit – as the “hobby loss rule”, because, strictly speaking it is not just about hobbies. Besides being used against people who want to take deductions for things that they just feel like doing, Section 183 has been an IRS weapon in

Ah, December. It always feels like this month sneaks up on us. For many, it is the last chance to impact their tax planning. But in the year end rush, there is a lot to consider. The past 18 months have been a wild ride in the capital markets. From the lows of March 2020 to the highs

When the Santa hats, holiday lights, and Christmas movies come on, it’s time for year-end financial and tax planning. This is especially crucial for the millions of employees in the United States who have stock compensation such as stock options and restricted stock units (RSUs), participate in an employee stock purchase plan (ESPP), and/or have

Should you make after-tax Roth or pre-tax contributions to your 401(k)? Roth accounts can be powerful wealth-building tools. But paying tax early doesn’t always make sense, especially for taxpayers with significant income. Here’s when to consider pre-tax vs Roth 401(k) contributions. Quick recap on pre-tax vs Roth 401(k)s Both pre-tax and Roth accounts grow tax-deferred,

If you own any Treasuries, take a grim look at what’s left after inflation and taxes. Inflation has already crossed the 6% mark. Are we going to see 7%? What does that do to savers? My answers are “Yes, soon” and “They get slaughtered.” The inflation rate, as measured by the one-year gain in the

As Congress struggles to pass the Build Back Better bill, some congressional Democrats are exploring new proposals to raise the $10,000 cap on the state and local tax (SALT) deduction. These would increase the deduction limit to $25,000 for all taxpayers or, alternatively, raise the cap to $25,000 only for those making $400,000 or less.

Who wants to think about taxes around the holidays? What if a few simple year-end moves could save you thousands of dollars off your 2021 tax bill? For example, there’s tax loss harvesting, topping up retirement account contributions, and giving to charity. These are moves you can make even though the fate of the Build

In a recent case, the Fifth Circuit analyzed whether the $10,000 maximum non-willful FBAR penalty cap applies for each failure to file an annual FBAR or each failure to report an account. In an opinion that reversed the district court and that departs from a recent 9th Circuit opinion, the Fifth Circuit held that each

Two versions of the Child Tax Credit (CTC) are on the books for the next five years, and a third is included in the House Build Back Better (BBB) plan now awaiting Senate action. The long-term future of the CTC is anyone’s guess, however. Congress should address this uncertainty by making the CTC permanent and predictable and

Prince’s Estate has settled its tax dispute with the IRS over the value of the star’s assets on his death. Prince died without a will in 2016, and that set off a number of legal proceedings. He did not have a spouse or children, but he had half-brothers and half-sisters who stood to inherit. Because