Taxes

Carl Davis of the Institute on Taxation and Economic Policy discusses the biggest trends in state tax policy this year and those likely next year, including the implications of the Build Back Better Act. This transcript has been edited for length and clarity. Paul Jones: Hi, Carl. Thanks for being with us. Carl Davis: Thanks for having

Today’s Social Security column addresses questions about how stopping working before filing might affect benefit rates, when it can be possible to begin spousal benefits on a spouse’s record and becoming independently entitled to divorced spousal benefits before an ex files. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and

As the year comes to an end, it’s important to start planning your 2021 taxes to reduce your obligations wherever possible. Thinking about your taxes before it’s time to file will allow you to make the most of the deductions and strategies available to you so you can minimize your tax burden. After another unprecedented

BY DEFAULT, the IRS, brokerage firms, and most trade accounting programs use the First-In-First-Out (FIFO) accounting method. If you sell security A, its cost-basis is the first lot purchased — the first one “out” or sold. But there is another option called the Specific Identification (SI) accounting method. Assume you bought several lots of security

Politicians are in the business of selling things: policies, ideas, parties — even themselves, once Election Day rolls around. To help close the deal, they deploy a range of experts, including pollsters, speechwriters, lobbyists, and high-level strategists. Unraveling the process of political salesmanship is no small task; it provides (plausibly) gainful employment to thousands of

Actor Charlie Sheen may be most famous for his TV role in Two and a Half Men, but now he’s hoping for a better role from the IRS. He owes the tax man millions, is tired of their collection efforts, and has been trying to negotiate a deal with the agency. This story isn’t fit for a

The drama over the attempts to raise the state and local tax deduction above the $10,000 limit included in the Tax Cuts and Jobs Act has become more of a soap opera recently. The rehashed story line has gotten stale, but the furor over the limit has an irresistible political attraction that ensures its longevity.  Congress’s current

Mike Kowis, author of American Tax Trivia: The Ultimate Quiz on U.S. Taxation, challenges the Tax Notes Talk team to a game of tax trivia and discusses his new book.  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: trivial

The Build Back Better Act, which has been passed by the House and awaits passage by the Senate, contains a provision that would give individual IRS agents more power and strip taxpayers of important protections that were enacted in 1998. Internal Revenue Code section 6751 currently provides that before the IRS can assess penalties against

Wouldn’t it be satisfying to say this to the IRS? “Sorry, IRS, you missed your deadline, it’s too late to audit me!” The IRS usually has three years after you file to audit you. But there are many exceptions that give the IRS six years or longer. No one wants to be audited by the IRS. Even if

In a surprising move for a state that has long favored giving employers the freedom to do business with relatively few constraints, the Florida legislature and Governor DeSantis passed House Bill No. 1-B which prohibits any private employer from imposing a COVID-19 vaccination mandate for any full-time, part-time or contract employee without providing the individual

Today’s Social Security column addresses questions about when spousal benefits may be available and how they can be paid, marriage and disability benefits and potential reductions due to filing early. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc. See more Ask Larry answers

Corporate leaders are demanding more and more from their tax and accounting partners. Is your firm on top of the latest Internal Revenue Service guidance on Paycheck Protection Program loan forgiveness? Does it offer Environmental, Social and Governance (ESG) reporting services? Does it use data analytics to help you grow your business? “If you’re going

A prediction: When Congress finally passes the Build Back Better bill, Hill leaders will quietly slip in at least one obscure, last-minute tax break to benefit an elite group of wealthy taxpayers. Few lawmakers will know it is there. Journalists won’t discover it until after the measure has passed. It won’t be the first time.

Robert Goulder of Tax Notes and professor Daniel N. Shaviro of New York University School of Law discuss generational swings in the U.S. appetite for residence-based taxation of multinationals’ foreign profits.  This transcript has been edited for length and clarity. Robert Goulder: Hello everyone. I’m Bob Goulder with Tax Notes. Welcome to the November edition of “In the Pages.”

Wow! 2021 has been yet another wild and crazy year. Many people have seen their incomes jump in 2021, while others have been out of work and have seen their incomes plummet. Either way, year’s end is the time to do some proactive tax planning to help reduce your 2021 income taxes. Why pay more

Hanukkah is a time of celebration and generosity. Spreading the gifts throughout the days of Hanukkah helps facilitate greater enjoyment and the expression of gratitude over a longer period of time. And why not have Uncle Sam chip in to make the gifts even sweeter.  The following tax opportunities can be considered for the remaining

Today’s Social Security column addresses questions about spousal benefit rate reductions when taken before full retirement age, requesting benefit recalculation to ensure accuracy and potential effects of early retirement benefits on later survivor’s benefits. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc. See

The House passed the Build Back Better Act (BBBA) on November 19, 2021 and sent the bill to the Senate, where it will languish until it doesn’t. It will almost certainly be picked over and re-negotiated, but nothing is likely to happen until other government priorities are resolved, like the short-term spending bill that is

Happy Cyber Monday! As you digest your leftovers and cruise the internet looking for online shopping deals remember to be security forward. The 6th Annual National Tax Security Awareness Week starts today and runs through December 3. The IRS and its Security Summit partners have set aside this week to focus on helping taxpayers and tax