Taxes

The Senate’s infrastructure bill is out, and as expected, it includes tax information reporting on cryptocurrencies. What will this mean for the digital currency industry? And why has Congress suddenly decided to require this information reporting?  Let’s answer the second question first: $28 billion. That’s the estimate of how much the proposed reporting requirements might

The Senate released 2,702 pages of the latest version of the bi-partisan infrastructure bill early Sunday evening. Notably absent is funding for increased IRS enforcement, but notably included is increased information reporting for cryptocurrency exchanges, or “brokers” of cryptocurrency transactions. Increased information reporting necessarily includes increased information reporting penalties. And these particular information reporting penalties

Today’s column addresses questions about how spousal benefit rates are calculated, whether it’s possible to reapply to increase benefits and whether early spousal benefits would reduce later survivor’s benefits. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc, which markets Maximize My Social Security

Henry David Thoreau was a supremely efficient tax protester. Measured in terms of social impact per unit of personal sacrifice, he managed something remarkable 175 years ago, when he was jailed — briefly, but significantly — for refusing to pay his taxes in Concord, Massachusetts.  On July 23, 1846, Thoreau was walking from his rustic

The Internal Revenue Service is delivering a fourth round of special tax refunds this week to 1.5 million taxpayers who paid taxes on unemployment benefits when they filed their 2020 tax returns. For this round, the average refund is $1,686; direct deposit refunds started going out Wednesday, and paper checks today. Still waiting for your

Even during the best of times, the work environment for tax practitioners during tax season can be described as toxic. Return volume is high, time is short, and clients are often—problematic. Then along came Covid-19. In 2020 even though deadlines were extended to help taxpayers and tax practitioners cope with the effects of the lockdowns

It has been two weeks since the new Advanced Child Tax Credit started paying out to taxpayers.  For many taxpayers, the tax credit payment has been a relatively straightforward process given the direct deposit into their bank accounts. However, this is a program the IRS anticipates involving 39 million American families. Given the scope, there were

The headlines about corporate tax would have you believe that the world was finally starting to agree on some standards for global corporate tax rates. With the U.S. leading the charge for a 15% minimum rate, the G7 quickly got on board and the G20 agreed shortly thereafter. It looked as though an issue that

A year after many public pools across the country shuttered due to the pandemic, some of them are being forced to close again thanks to the ongoing shortage of chlorine. Those that aren’t closing are warily keeping an eye on the rising cost of chlorine, which has nearly doubled in some places. “For the past

“Invert, always invert.” – Carl Jacobi, 19th Century Mathematician A friend of mine who’s a fan of Charlie Munger recently talked with his son about his goal of making the high school basketball team. My friend asked, “What sort of things would you do if you wanted to be sure you won’t make the team?”

Thanks in large part to federal aid over the last year, most state government budgets have recovered from the pandemic and many have surpluses that have prompted them to cut taxes. So far this year, 11 states have cut individual and/or corporate income taxes. Nearly all are Republican-led states with the exception of New Hampshire.

Tax increases may be looming. If you have stock options, restricted stock units, or company shares, now’s the time to analyze whether President Biden’s proposed tax changes could impact your financial planning, whether directly or indirectly. Some of the potential tax increases, such as a major hike in the top rate of capital gains tax,

Tax Notes chief correspondent Stephanie Soong Johnston recaps the historic agreement reached by the majority of the OECD’s inclusive framework countries on its two-pillar corporate tax reform proposal. 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: two-pillar

Bottlenecks are nothing new to the Internal Revenue Service. IRS issues with mail processing, return processing, and issuing refunds have been well publicized. Nevertheless, one of the most common IRS bottlenecks is one that many taxpayers, including many members of Congress, are unaware of. IRS notices about return adjustments, balances due, delays in refund processing,

Famously, all children, except one, grow up. The child tax credit’s recent growth spurt highlights the question of what the near-term growing pains might look like as Congress begins to consider extending the advance child tax credit beyond 2021. The major issue for the credit remains whether and for how long the advance credit for 2021 enacted

Celebrity Chef Mario Batali and his ex-partner are paying $600,000 for claims of sexual harassment of employees at Batali’s restaurants. Batali and TV food show judge Joe Bastianich’s $600,000 will be divided among at least 20 workers, New York Attorney General Letitia James announced. Batali was accused of groping and forcibly kissing women, among other things. After investigating, authorities

If you know you have an old bitcoin or dogecoin account somewhere but haven’t gotten around the digging up your login information, you may have a nasty surprise waiting for you. With the rise of cryptocurrency, nine states have now adopted rules that include it as a form of unclaimed property and several more are

Brooklyn Law School professor Steven Dean’s recent piece “A Plea to President Biden to Stop Perpetuating Racist Tax Policy” declares that failure to address racist domestic and international tax policies, like the disparities between the majority Black countries among blacklisted countries and tax havens such as Ireland and Switzerland, would prevent the fulfillment of President Biden’s promises to rid our nation of systemic

At some point, enough is enough. You enjoy your business, but making money simply doesn’t have the same appeal as it once did. You have enough. But you love your business so much you aren’t ready to give it up. So, you begin to consider strategies to use those continuing earnings in a way that

If you’re used to getting one refund check from the U.S. Treasury after you file your individual tax return with the Internal Revenue Service, you might be surprised this year to keep getting checks—or direct deposit payments. What’s going on? The IRS is still sending out third round stimulus payments, plus-up stimulus payments for those