If you look only at Biden’s proposed changes in direct taxes on households, including individual income taxes, payroll taxes, and estate taxes, the average tax increase falls by more than half, to about $1,100. – ​Forbes – Taxes ​Read More  

A recent survey of 600+ tax pros conducted by ezCater revealed that 96% of tax professionals are skipping meals to focus on work. – ​Forbes – Taxes ​Read More  

How long do you need to keep old tax returns, tax document and tax records? Like most things financial, it depends. – ​Forbes – Taxes ​Read More  

Today’s Social Security column addresses questions about how spousal benefit rates are calculated, how continuing to work can affect benefit rates and when survivor’s benefits can become available. – ​Forbes – Taxes ​Read More  

IRS Criminal Investigation reports that it has investigated 975 tax and money laundering cases related to Covid fraud, with alleged fraud in these cases totaling $3.2 billion. – ​Forbes – Taxes ​Read More  

The tax information you need all in one place. We’ve put together a master list of helpful articles for your tax situation, whether you’re preparing to file, in the process of filing, or waiting for your refund. If you’re self-employed, we have a section for that too. Let’s dive right…

Storm victims have until October 16, 2023 to file 2022 individual income tax returns, as well as various 2022 business returns normally due on March 15 and April 18. They also have until Oct. 16 to make 2022 contributions to their IRAs and health savings accounts. – ​Forbes – Taxes…

The IRS is again warning taxpayers about phishing and smishing schemes as part of this year’s Dirty Dozen. – ​Forbes – Taxes ​Read More  

Kyle Pomerleau of the American Enterprise Institute discusses the Biden administration’s fiscal 2024 budget and examines how the tax proposals play into the administration’s wider political agenda. – ​Forbes – Taxes ​Read More  

The IRS rolled out a first look at this year’s Dirty Dozen, and there’s a new—but not surprising—entry: improper claims involving Employee Retention Credits, or ERC. – ​Forbes – Taxes ​Read More  

Biden’s policy wishlist would only make 40% of Medicare solvent for one third of its standard projection period — that’s a clear sign more options need to be on the table. – ​Forbes – Taxes ​Read More  

Unless a federal tax bill passes, fire victims must consider their settlements when they do their federal income taxes. It can take considerable ingenuity to turn the gross settlement figure into a viable tax reporting strategy that is defensible to the IRS. – ​Forbes – Taxes ​Read More  

Martin A. Sullivan examines the claims regarding the extremely affluent paying their fair share of taxes made in a recent Wall Street Journal editorial. – ​Forbes – Taxes ​Read More  

Congress might bring back the charitable deduction for non-itemizers. – ​Forbes – Taxes ​Read More  

Today’s Social Security column addresses questions about filing early to enable spousal benefits, whether to take divorced spousal benefits and when the Windfall Elimination Provision (WEP) applies to Social Security retirement benefits. – ​Forbes – Taxes ​Read More  

There’s about a month left in the current tax filing season. If you’re one of the taxpayers who hasn’t yet filed, here’s some last minute tax advice, including on why asking for an extension might be a smart move. – ​Forbes – Taxes ​Read More  

The magical application of Section 1202 for C Corporation shareholders seems too good to be true, with millions of tax dollars being saved. Many S corporation shareholders are wondering why they are still being excluded from this worthwhile benefit. – ​Forbes – Channel Feed ​Read More  

Today’s Social Security column addresses questions about when and how continuing to work can affect benefit rates, when widow’s benefits can be available and how timing can affect spousal benefit rates. – ​Forbes – Taxes ​Read More  

Over the past few years, there has been an uptick in the number of taxpayers asking about married filing separately as a tax status. Here’s what you need to know. – ​Forbes – Taxes ​Read More  

The IRS has posted answers to frequently asked questions focused on whether certain costs related to nutrition, wellness, and general health are medical expenses that may be paid or reimbursed under an HSA, FSA, Archer MSA, or HRA. – ​Forbes – Taxes ​Read More  

Sen. Elizabeth Warren (D-Mass.) and 24 other Senate Democrats asked the Internal Revenue Service to increase audits on richer households and large corporations after the agency received a boost in new funding last year, Bloomberg reported Thursday. – ​Forbes – Taxes ​Read More  

Tax Notes contributing editor Robert Goulder critiques congressional plans for a carbon border adjustment mechanism. – ​Forbes – Taxes ​Read More  

The IRS is getting serious about cryptocurrency. While it’s not a new tax topic, conflicting advice about losses and different wording on Form 1040 are resulting in some head-scratching. – ​Forbes – Taxes ​Read More  

Digital platforms have caused massive disruption across multiple industries. Although many countries involve platforms in the tax collection process, there is no uniform approach to taxing the platform economy. Inconsistent and ambiguous rules are a major problem for global platform operators. – ​Forbes – Taxes ​Read More  

Individual tax returns for 2022 are due April 18, 2023. However, most traders aren’t ready to file on time. They don’t have to rush the completion of their tax returns by April 18. Here are 12 tips for filing extensions and saving you money. – ​Forbes – Taxes ​Read More…

There have been many federal disaster situations around the U.S. these past years. See if you qualify to pay taxes and file tax returns after the original deadline. – ​Forbes – Taxes ​Read More  

Tax Notes contributing editor Nana Ama Sarfo discusses digital services taxes and the OECD’s goal to solve related challenges through the pillar 1 multilateral convention. – ​Forbes – Taxes ​Read More  

The IRS has issued a reminder for retirees about required minimum distributions. – ​Forbes – Taxes ​Read More  

Joseph J. Thorndike examines efforts by members of the Nixon administration to weaponize the IRS through staff changes and putting pressure on the commissioner to abide by and comply with directives from the administration on how and where to use the IRS’s enforcement powers. – ​Forbes – Taxes ​Read More…

On March 9, 2023, President Biden released his official budget. Here’s a look at the top tax-related provisions. – ​Forbes – Taxes ​Read More  

Today’s Social Security column addresses questions about when delayed retirement credits are applied to benefit rates, whether the WEP is fair or not and survivor benefits while working. – ​Forbes – Taxes ​Read More  

The faux gold statue isn’t taxed as income, but all those pricey luxury goods advertisers hand out to stars, they are taxable income. And the gifts are expensive, $126,000 worth this year. At the 37% IRS tax rate, that’s $46,620. Most stars will have to pay California’s 13.3% tax too,…

Filing for an extension during tax season is often seen as an act of desperation. It’s not. It can be—and often is—the result of careful tax planning. – ​Forbes – Taxes ​Read More  

On Thursday, Mar. 9, 2023, the Senate voted to confirm Daniel Werfel to lead the IRS. – ​Forbes – Taxes ​Read More  

So far, Musk’s proposal seems like a standard suburban development, increasing sprawl while not addressing housing cost issues for lower-income people. – ​Forbes – Taxes ​Read More  

President Biden’s 2024 budget would raise taxes by more than $4.5 trillion over the next decade. – ​Forbes – Taxes ​Read More  

Joseph J. Thorndike considers whether Nikki Haley might be the person to revive the “mostly dead” bipartisan tradition of voluntary tax return disclosure by presidential candidates. – ​Forbes – Taxes ​Read More  

More than 168 million individual tax returns are expected to be filed, with the vast majority coming before the April 18 tax deadline. – ​Forbes – Taxes ​Read More  

Most business owners will not receive a refund from the IRS. Apply these 3 tips to help minimize what you owe at tax time. – ​Forbes – Taxes ​Read More  

The contract indicated that it was for “spousal support” and did not recite the consideration that Cindi was providing. – ​Forbes – Taxes ​Read More  

The IRS has issued a new warning urging people to carefully review the Employee Retention Credit (ERC) guidelines before claiming the credit. Radio, TV and the internet are full of alluring claims of $26,000 per employee with no money down. But don’t claim the credit if you don’t qualify. -…

IRS numbers continue to indicate that taxpayers are getting their returns in and processed more quickly than they did last year. – ​Forbes – Taxes ​Read More  

Tony Santiago of TaxSearch Inc. discusses how the tax profession is changing and offers advice on developing future tax leaders. – ​Forbes – Taxes ​Read More  

If he’s re-elected president, Donald Trump proposes building ten brand-new “freedom cities” on federal land. But that’s not how cities develop. America neglects its existing cities, and any new urban funding should go to help with their many needs. – ​Forbes – Taxes ​Read More  

The IRS has issued a warning to taxpayers of new scams that urge people to use wage information on a tax return to claim false credits in hopes of getting a big refund. – ​Forbes – Taxes ​Read More  

How taxes play out may sound crazy. About 40% might go to her lawyers, but the IRS says the whole amount is taxable, even the amount paid directly to her lawyer. She can argue that her civil rights were violated so she can write off her legal fees on her…

Carrie Brandon Elliot reviews the section 897(l) regs that clarify the exemption from FIRPTA for foreign pension funds. – ​Forbes – Taxes ​Read More  

Today’s Social Security column addresses questions about how soon benefits may be available based on a new spouse’s record, when divorced spousal benefits may be available and taking widow’s benefits while delaying retirement benefits until 70. – ​Forbes – Taxes ​Read More  

Big life events often trigger tax changes, and getting married is one of them. Though often overlooked, one of the most important steps you should take after getting married is updating your Form W-4 with your employer. Should I fill out a new W-4 when married? Yes! Your W-4 tells…

Did you receive a 1099-K tax form this year? If you’ve never seen this form before and are unsure what to do with it, don’t freak out — we can help you understand your Form 1099-K and guide you through reporting any necessary income. How do I use my 1099-K…

The IRS recently announced that it will delay the $600 threshold for Form 1099-K by one year. While this means you may get a reprieve for tax year 2022, many more eBay sellers will begin receiving Form 1099-K next year during the 2023 tax season. Because of this, eBay has…

The value of Bitcoin and other cryptocurrencies has undoubtedly seen better days. But there’s a small silver lining — if you sold crypto at a loss in 2022, you might be able to save on your tax bill this year. What is the definition of cryptocurrency? Cryptocurrency differs from traditional…

The IRS has advised that many people should expect smaller tax refunds for 2022. Here’s why your refund may not be as big as last year’s and some tips on what you can do to maximize your refund amount. Why do you get a tax refund from the IRS? Let’s…

Did you know that collectible sales come with their own tax rules? Here are the tax implications of selling collectibles and how to report the sale of a collectible asset on your income tax return. Does selling collectibles count as income? Yes, selling collectibles on eBay or a similar site…

Effective January 1, 2023, the annuity payout recommended by the American Council on Gift Annuities for an annuitant aged 79 years is 7.4 percent, up sixty basis points from the 6.8 percent recommended rate implemented only six months previously, and up forty basis points from the 6.2 percent rec… -…

When current yields are low, a fixed annuity will tend to deplete trust principal, and this fact is reflected in the present value of the deductible remainder to charity. – ​Forbes – Taxes ​Read More  

If the claimed noncash charitable deduction is more than $5k, you need to attach a completed Form 8283 to your return, and that form needs to be signed not only by the recipient charity, but also by a qualified appraiser. – ​Forbes – Taxes ​Read More  

This article focuses on the noncash charitable reporting requirements themselves, specifically Form 8283, and on how IRS has cited technical noncompliance with these requirements — footfaults, if you will — in disallowing claimed deductions even where there is no actual dispute as to valuation. – ​Forbes – Taxes ​Read More…

Tax Notes Capitol Hill reporter Doug Sword discusses the latest national sales tax proposal in Congress, and contributing editor Robert Goulder shares his thoughts on the challenges of implementing the tax. – ​Forbes – Taxes ​Read More  

States are beginning to take to heart Justice Brandeis’ concept of being a laboratory of economic experiments. One area States are beginning to test the waters is with various wealth tax proposals. – ​Forbes – Taxes ​Read More  

The IRS has announced that businesses can now file Forms 1099 using a new online portal called the Information Returns Intake System, or IRIS. – ​Forbes – Taxes ​Read More  

Laid off tech workers will likely find new jobs, but layoffs signal new stress and tension in the sector and among workers. – ​Forbes – Taxes ​Read More  

Nana Ama Sarfo reviews the OECD’s updated economic impact assessment for pillars 1 and 2 and argues that the updates may be most useful as a framework for additional assessments from the international tax community. – ​Forbes – Taxes ​Read More  

Social Security and Medicare provisions of the Act will automatically adjust the 23% rate so that it will yield what the payroll taxes would have brought in. In the legislation the general revenue rate is fixed at 14.91% but the Social Security and Medicare rates vary from year to year…

Every day, Social Security sends claw-back bills, many massive, to beneficiaries whom it mistakenly overpaid for years/decades. Social Security’s mistake is your mistake. Don’t take a penny before checking what they are going to send you is correct. – ​Forbes – Taxes ​Read More  

Today’s Social Security column addresses questions about when to switch from survivor’s benefits to retirement benefits, survivor’s benefits amounts after taking spousal benefits and whether claims of taking full retirement benefits at 55 are credible. – ​Forbes – Taxes ​Read More  

Updated for tax year 2022 If you frequently drive your car for business purposes, you know how car expenses can quickly add up. And it’s not just the cost of gas, which fortunately has gone down from its high a few years ago. Every time you drive your car, you…

The news is filled with stories about conflicts between taxpayers and tax collectors. We often struggle to properly describe those who aggressively work to minimize their taxes. There is tax avoidance, tax evasion, tax fraud, tax cheats and tax dodgers. But what do all these phrases really mean? – ​Forbes…

Tax Notes contributing editor Robert Goulder comments on congressional consideration of a national sales tax. – ​Forbes – Taxes ​Read More  

Rules around Required Minimum Distributions are changing in 2023. How you can use tax planning to pay fewer taxes on your retirement income. – ​Forbes – Taxes ​Read More  

Whoops! One of the most advertised benefits of SECURE 2.0 may have been accidentally eliminated because someone removed a subparagraph in the thousand-page law. – ​Forbes – Taxes ​Read More  

Our economic attention currently is fixed on national policy, with growing risks from a debt limit deadlock. But a new issue of Economic Development Quarterly outlines state and local needs in economic and workforce development, essential for shared prosperity. – ​Forbes – Taxes ​Read More  

Be alert for the times when there’s a higher payoff from converting an IRA . – ​Forbes – Taxes ​Read More  

Professor Diane Kemker of DePaul College of Law shares her argument for more coverage of the earned income tax credit in tax law casebooks to improve inclusivity. – ​Forbes – Taxes ​Read More  

Inflation is on the mind of everyone these days, even tax authorities. For 2023, the IRS and the Social Security Administration have provided a myriad of inflation adjustments in key tax numbers. This article explains the three big numbers all employees need to know. – ​Forbes – Taxes ​Read More…

The meals and entertainment deduction is changing in 2023. Keep reading for what you need to know about this valuable tax deduction. – ​Forbes – Taxes ​Read More  

Democrats who were on a House panel that released former President Donald Trump’s tax returns last year asked a government watchdog group Monday to investigate the Internal Revenue Service for its alleged failure to properly audit Trump. – ​Forbes – Taxes ​Read More  

Our Mileage Reimbursement Calculator helps to determine the compensation of travel while you are on official business. This amount is calculated as a baseline or minimum by IRS to ensure employees are fairly compensated for their travel expenses. Mileage Reimbursement Basics If you frequently drive your car for work, you…

Marie Sapirie analyzes the December 2022 white paper released by Treasury and the IRS, which offers a preview of proposed section 30D guidance regarding qualification for electric vehicle credits. – ​Forbes – Taxes ​Read More  

The differences between Roth 401(k)s and Roth IRAs recently were changed significantly. – ​Forbes – Taxes ​Read More  

Today’s Social Security column addresses questions about possible of effects of taking retirement benefits early on a spouse’s benefits, making sure benefits begin the month you turn 70 and accounting for continued income after filing. – ​Forbes – Taxes ​Read More  

It’s worthwhile to look at the FairTax Act of 2023 (FTA23) and imagine that it was actually just signed into law, unlikely as that may seem. I’m aiming to explain FTA23 from a practical compliance point of view and also give some planning ideas. – ​Forbes – Taxes ​Read More…

There was a single adjustment, the denial of a $14,014,220 legal expense deduction from an S corporation. – ​Forbes – Taxes ​Read More  

The IRS has given storm victims in parts of Georgia and Alabama until May 15, 2023, to file various federal individual and business tax returns and make tax payments. This includes 2022 individual income tax returns due on April 18. – ​Forbes – Taxes ​Read More  

Tax Notes contributing editor Ryan Finley questions why Brazil needed five years to update its transfer pricing guidelines to align with the OECD’s. – ​Forbes – Taxes ​Read More  

By pushing a national sales tax, Republicans are giving Democrats a belated, but huge, Christmas present. – ​Forbes – Taxes ​Read More  

Tax Notes contributing editor Joseph J. Thorndike discusses the release of former President Trump’s tax returns and how they may influence the discourse around disclosure in the next presidential election. – ​Forbes – Taxes ​Read More  

Today’s Social Security column addresses questions about the potential of continued income to raise benefit rates, who can take spousal benefits before retirement benefits and when they can do so and eligibility for divorced spousal benefits. – ​Forbes – Taxes ​Read More  

The IRS will begin accepting tax returns for the 2022 tax year on January 24th. Here are three of the biggest tax filing mistakes people make. – ​Forbes – Taxes ​Read More  

The inability of Congress to include key tax extenders in the Consolidated Appropriations Act of 2023, will increase the federal income tax bill for the majority of U.S. businesses. – ​Forbes – Taxes ​Read More  

Treasury will undertake “extraordinary measures” this week to put off a debt limit crisis. But these will only buy time, not solve the problem. If Republicans won’t allow Congress to act, President Biden will have to consider historic steps to save the economy. – ​Forbes – Taxes ​Read More  

One of the hardest parts about doing your taxes? Waiting for that refund to hit your bank account. If you’re expecting a tax refund this year, here’s how you can check your tax refund status — and when you can expect to have that cash in hand. Ways to check…

House Republicans say they want to balance the federal budget in 10 years by cutting spending only, and seem to have received a promise from newly-elected House Speaker Kevin McCarthy (R-CA) to bring such a plan to the floor for a vote sometime this year. – ​Forbes – Taxes ​Read…

There are new capital gains tax rates for 2023. What you need to know about short term capital gains and long term capital gains for 2023. – ​Forbes – Taxes ​Read More  

Joseph J. Thorndike explains the circumstances that led to President Lyndon Johnson’s 1968 Vietnam War tax surcharge, aimed at stemming inflation. – ​Forbes – Taxes ​Read More  

In 1994, the U.S. Tax Court decided a key case that gave plaintiff lawyers the ability to accept their contingent legal fees over time rather than in a lump sum. But recently, the IRS has suggested revisiting that. – ​Forbes – Channel Feed ​Read More  

Tax laws were written decades ago in a world of linear supply chains. As companies are switching to circular business models, they need a new approach to managing their tax affairs. – ​Forbes – Taxes ​Read More  

Treasury Secretary Janet Yellen has written to House Speaker Kevin McCarthy, saying that failure to raise the ceiling could cause “irreparable damage to the US economy.” – ​Forbes – Taxes ​Read More  

Today’s Social Security column addresses questions about how accurate SSA’s benefit rate estimates actually can be, the timing of benefit payments each month and taking spousal benefits after retirement benefits. – ​Forbes – Taxes ​Read More  

For the first time in two decades, the IRS just took a critical look at plaintiff lawyer fee deferrals. By analyzing a problematic deferral the writeup tells us how to avoid a failed deferral. – ​Forbes – Taxes ​Read More  

Visceral hatred of the IRS seems to be a major selling point for the FAIR tax, which has been kicking around as a proposal in some form or other for decades. – ​Forbes – Taxes ​Read More  

In her 2023 Annual Report to Congress, National Taxpayer Advocate Erin Collins, writes that “We have begun to see the light at the end of the tunnel.” Progress is being made on the backlog of paper filed returns and correspondence in the IRS inventory. – ​Forbes – Taxes ​Read More…

Yesterday the IRS announced that e-filing for individual tax returns (Form 1040) will open on Monday, January 23, 2023. At that time the Service will begin accepting and processing returns for tax year 2022. – ​Forbes – Taxes ​Read More  

The start of the 2023 tax season was officially announced by the IRS and here is what to expect this year. – ​Forbes – Taxes ​Read More  

You can receive Form 1099-K for a variety of reasons. How you report the income listed on your 1099-K depends on how you made that income, which can be confusing if you’ve never seen this form before. In late December 2022, the IRS delayed an anticipated change in 1099-K reporting…

Even leaving America can be costly. You must prove 5 years of IRS tax compliance. If you have a net worth greater than $2 million, or average annual net income tax for the 5 previous years of $190,000 or more, you must pay an exit tax. – ​Forbes – Taxes…

Judge Kathleen Kerrigan called it a close case but concluded that petitioners had engaged in ranching for profit and the activity was not a hobby. – ​Forbes – Taxes ​Read More  

If you engaged in crypto trading in 2022, it’s possible you could receive Form 1099-K this year. But what is this form telling you, and what should you do with it? Let’s break it down together. To make virtual currency trading more user-friendly, crypto exchanges (like Coinbase, Gemini, Kraken, etc.)…

Robert Goulder and professors Allison Christians and Tarcísio Diniz Magalhães discuss the importance of the OECD’s pillar 2 UTPR (undertaxed profits rule) and its place in international tax law. – ​Forbes – Taxes ​Read More  

It is easy to write off as mere symbolism the House vote to rescind nearly all the $80 billion IRS funding increase Congress approved last year. – ​Forbes – Taxes ​Read More  

Today’s Social Security column addresses questions about when applications for benefits can be submitted, who might and might not be able to receive spousal benefits and whether investment withdrawals affect Social Security disability benefits. – ​Forbes – Taxes ​Read More  

How can a tax whistleblower best look to increase their award percentage — which the IRS can provide 15 – 30%. How do you get your award closer to 30%. A recent Tax Court decision in Luu — provides some illumination as to how the IRS goes about making award…

Can the Treasury mint a trillion dollar coin and avoid a debt ceiling meltdown and possible default on U.S. bonds? – ​Forbes – Taxes ​Read More  

Though considered unlucky, Mega Millions said six jackpots have been won in previous Friday 13th draws, four from Michigan. – ​Forbes – Taxes ​Read More  

Tax Analysts Chief Content Officer Jeremy Scott reviews the 2022 developments in U.S. tax legislation and speculates about what may lie ahead. – ​Forbes – Taxes ​Read More  

California storm victims now have until May 15, 2023, to file various federal individual and business tax returns and make tax payments, the Internal Revenue Service announced today. – ​Forbes – Taxes ​Read More  

Yesterday, in a largely symbolic gesture, newly elected Speaker of the House, Kevin McCarthy (R-CA), proposed and the Republican-controlled House passed a bill to “repeal the funding for 87,000 new IRS agents.” – ​Forbes – Taxes ​Read More  

Your wedding day is one of the most exciting and memorable days of your life. It makes all the hectic planning leading up to the big day well worth it. But as you walk down the aisle to say “I do,” you probably aren’t thinking about your income taxes. Yet,…

Leaders must figure out how to continue paying the nation’s bills after Kevin McCarthy’s speakership bid empowered the far right to dominate a narrowly divided House. – ​Forbes – Taxes ​Read More  

The complexities of the UK’s VAT and Customs Duty rules can be difficult for overseas businesses to navigate. – ​Forbes – Taxes ​Read More  

Hard-core conservative Republican demands over the federal debt ceiling could cause a financial and economic crisis later this year. – ​Forbes – Taxes ​Read More  

Carrie Brandon Elliot reviews the inversion-related definitions in reg. sections 1.7874-3, -11, and -12, including the definitions of substantial business activities in a particular country and inversion gain. – ​Forbes – Taxes ​Read More  

As the year ended, the news and my social media feeds were dreading the implementation of this change for fear it would create an additional tax form to deal with for many and could unintentionally cause personal transactions to count as business transactions. – ​Forbes – Taxes ​Read More  

All Forms 1099 are reported to the IRS based on your Social Security number. If there are errors on a Form 1099, tell the payer immediately. If you can’t get it corrected, you should report and explain it on your return. Failing to report a 1099 nearly guarantees you and…

At the end of 2022 many digital trading platforms were promoting the message that loss harvesting now would reap tax savings in a few months. Taxpayers who believed that could be in for a nasty surprise. – ​Forbes – Taxes ​Read More  

Today’s Social Security column addresses questions about not having retroactive payments applied at 70, when spousal benefits can be paid to someone receiving their retirement benefit and what happens to disability benefits at full retirement age (FRA). – ​Forbes – Taxes ​Read More  

People often talk about the tax breaks that come with getting married — but that doesn’t mean unmarried people are out of luck when it comes to getting the most back on their taxes. In fact, there are several reasons why a single filing status may come in handy during…

Owning a small business is daunting, even for people with loads of management experience. Taking some time in January to mark the following four items off of your “to do” list will reap rewards when it’s time to file your tax return. – ​Forbes – Taxes ​Read More  

Right now tax professionals are encouraging their small business clients to close their books and start thinking about their tax returns. Clients are often surprised at how much their business made and how much tax they owe. But some tax optimization strategies can be used after the tax year ends.…

Valerie Dickerson of Deloitte Tax LLP discusses key developments in state tax policy from 2022 that will likely remain relevant in 2023, including new incentives from the CHIPS and Science Act. – ​Forbes – Taxes ​Read More  

Today’s Social Security column addresses questions about whether spousal benefits are half what a spouse is actually receiving, the availability of benefit estimates if you’re already collecting another benefit and who can file for children’s benefits. – ​Forbes – Taxes ​Read More  

Once they finally pick a Speaker, the first bill House Republicans will adopt likely would make it harder for the IRS to help taxpayers file their returns and easier for tax dodgers to cheat. – ​Forbes – Taxes ​Read More  

You may have heard about new tax reporting rules for businesses using third-party payment apps such as PayPal, Cash App, Venmo, etc. This has caused some confusion for app users, but we’re here to help you understand how it will (or won’t) affect your taxes next year. These changes were…

Nana Ama Sarfo sits down with Grace Perez-Navarro, director of the OECD’s Centre for Tax Policy and Administration, and Tax Notes International’s Person of the Year, to discuss her career highlights, lessons, and hopes for the OECD’s future. – ​Forbes – Taxes ​Read More  

The Washington Post is finally exposing Social Security’s malfeasance. But it’s just scratching the surface. – ​Forbes – Taxes ​Read More  

Updated for tax year 2022. Campaign contributions total hundreds of millions of dollars, and they continue to rise. With this level of fundraising, one question is sure to come to mind: Are political contributions tax deductible? The short answer? No. Most political contributions, whether local, regional, or national, are not tax-deductible…

Updated for tax year 2022. No matter what self-employment looks like for you, you’re responsible for ensuring the taxes on your net earnings are paid to the Internal Revenue Service (IRS). And the self-employment tax (SE tax) is part of that. Officially known as the Self-Employment Contributions Act tax, the SE tax…

The intersection of taxes and bankruptcy present interesting issues. A recent bankruptcy case demonstrated this by considering whether Earned Income Tax Credit refunds can be exempt from creditors in a bankruptcy proceeding. The case shows how the answer can depend on where you live. – ​Forbes – Taxes ​Read More…

The SECURE 2.0 Act of 2022, which was included in the $1.7 trillion omnibus spending bill signed by President Biden on December 29, 2022, has a small gift… – ​Forbes – Taxes ​Read More  

When it comes to the IRS it may be best to apply a version of Hanlon’s Razor that substitutes “bureaucracy” for “stupidity.” – ​Forbes – Taxes ​Read More  

In 2015 and 2016 he had significantly higher dividend income ($718,317 in 2015 and 292,068 in 2016), which might suggest that he had at least $50 million or more in stocks at the start of 2015 but sold most of these in 2015 and 2016. – ​Forbes – Taxes ​Read…

As corporate finance professionals brace for a fresh set of twists and turns, 2023 is looking like it’s going to be just as disruptive as each of the previous three years. C-suites will have to navigate some sharp turns on the road ahead, and vigilance will be the silver bullet.…

Tax Notes reporters recap some of the weirdest stories they encountered in 2022, from the tax troubles of reality stars to a fight over a rather large tax bill for Christmas trees. – ​Forbes – Taxes ​Read More  

Some cities may be attracting affluent, educated people working from home, but that’s not a novel strategy, or one that others can easily copy. – ​Forbes – Taxes ​Read More  

My partner often remarks that I should find more interesting things to write about. – ​Forbes – Channel Feed ​Read More  

Congress has passed legislation permitting later distributions from IRAs – ​Forbes – Taxes ​Read More  

Tax Notes State recognizes Sharonne Bonardi, executive director of the Federation of Tax Administrators, as its person of the year. – ​Forbes – Taxes ​Read More  

The Tax Court agreed that the IRS valuation of the easement at $470,000 was better than the $5.1 million deduction that the Brookses had claimed for an easement on a part of the property that they had acquired a year before donation for $1.35 million. – ​Forbes – Taxes ​Read…

The “Santa Shortage” has helped bring more men of color into portraying the holiday role. But women—almost half the workforce—are excluded from the role. – ​Forbes – Taxes ​Read More  

The IRS announced on Dec. 23, 2022, that it would delay the $600 reporting threshold for Form 1099-K that was set to go into effect during the 2022 tax year. Instead, these requirements have been pushed back one year to allow taxpayers more time to prepare for the change. Form…

The Internal Revenue Service today announced a delay in reporting thresholds for third-party settlement organizations set to take effect for the upcoming tax filing season. – ​Forbes – Taxes ​Read More  

The law, requiring payment platforms like PayPal to file Form 1099-Ks for anyone receiving over $600 (down form $20,000) threatened mass taxpayer confusion. – ​Forbes – Taxes ​Read More  

The long awaited and much discussed Act finally passes. Did it deliver the goods as promised? – ​Forbes – Taxes ​Read More  

Joseph J. Thorndike asks why the IRS failed to audit Donald Trump for the first two years of his presidency — ignoring its own rules — and why it began those audits only after Congress started asking about them. – ​Forbes – Taxes ​Read More  

As 55% of Americans say they don’t have enough saved for retirement, this bipartisan legislation primarily seeks to make it easier to contribute to retirement plans and use those funds appropriately for their needs in retirement. – ​Forbes – Taxes ​Read More  

Tax Notes contributing editor Nana Ama Sarfo examines whether the results of recent tax transparency shareholder proposals at Amazon, Cisco, and Microsoft suggest a baseline level of support for public corporate tax disclosures. – ​Forbes – Taxes ​Read More  

The two new reports on the IRS’s handling of former President Donald Trump’s tax returns raise more questions than answers. The most important one is: Why has the agency been so slow to review Trump’s returns? – ​Forbes – Taxes ​Read More  

With the introduction – and likely passage – of the SECURE 2.0 Act bill in the next few days, RMD changes again loom large. – ​Forbes – Taxes ​Read More  

Avoid leaving money on the table for the IRS answering these questions. – ​Forbes – Taxes ​Read More  

He expects the cost to small businesses (and regular taxpayers) for the associated administrative compliance (including resolving CP2000 matching notices) could get big, especially if a large volume of the new forms are incorrect. – ​Forbes – Taxes ​Read More  

Persistent abuses of 10b5-1 plans, which are supposed to help prevent insider trading, have led the SEC to tighten the rules. Here’s what you need to know. – ​Forbes – Taxes ​Read More  

After a years-long legal battle over President Donald Trump’s tax returns, a House Committee report released Wednesday revealed he paid $1.1 million during his presidency, but $0 in 2020, ending the former president’s efforts to keep them private. – ​Forbes – Taxes ​Read More  

Since it was an election year in the US and elsewhere and a year of eventful tax legislation, we were left with many misbegotten ideas to choose from. Here are 10 of the worst. – ​Forbes – Taxes ​Read More  

Do taxes apply? You bet, the IRS gets a piece of just about everything. Some people say that tax is due when you catch it. But it’s certainly taxable when you sell it for cash. after turning down $3M, the auction price was half that. – ​Forbes – Taxes ​Read…

Recent reports say working from home (WFH) is becoming more permanent, but other experts caution about its potential downsides, and what impact a recession might have. – ​Forbes – Taxes ​Read More  

In the third of a three-episode series, former senior Treasury official Chip Harter discusses his experience creating the international tax guidance for the Tax Cuts and Jobs Act and the evolution of those provisions. – ​Forbes – Taxes ​Read More  

Amber Heard’s case was personal, not business, so she probably cannot deduct her settlement payment to Depp or even her legal fees. If it was a business expense, a tax deduction would have made the payments much less painful. – ​Forbes – Taxes ​Read More  

As Mr. Streckfus puts it: The reality is that organizations that deserve exemption (real charities helping the poor and needy) usually don’t have much income to report so exemption from tax provides no benefit. – ​Forbes – Taxes ​Read More  

Cities are central to prosperity as hubs of innovation and growth, but they labor with persistent inequality, driven by America’s deeply entrenched and racially biased anti-urban policies and politics. – ​Forbes – Taxes ​Read More  

Both public and private companies would need to break out the amount of income taxes they pay at not only the federal and state level, but also in each foreign jurisdiction in which they operate. That emphasis on detailed, country-by-country reporting ratchets up the complexity level. – ​Forbes – Taxes…

Marie Sapirie reviews the 2022 tax policy achievements of Senate Majority Leader Charles E. Schumer, D-N.Y., including securing enough Republican support for the CHIPS and Science Act and the subsequent political maneuvering that resulted in passage of the landmark Inflation Reduction Act. – ​Forbes – Taxes ​Read More  

It’s getting too easy to cut taxes on your investments. Politicians who like to “close loopholes” are going to notice. – ​Forbes – Taxes ​Read More  

Tax Notes contributing editor Carrie Brandon Elliot examines how quantum computing could shake up the tax world. – ​Forbes – Taxes ​Read More  

Getting out of IRS penalties is sometimes more art than science. There are lots of different grounds, but one of the biggest and most misunderstood is that you had reasonable cause and acted in good faith. – ​Forbes – Taxes ​Read More  

Early on businesses either weren’t aware of the Employee Retention Credit (ERC) — or they embraced myths about ERC and why they didn’t qualify. Now, businesses know about ERC but they now have to grapple with myths as to why they do qualify. Sharpen your pencil and see if ERC…

In the second installment of a three-episode series, Jennifer Acuña, now with KPMG and former tax counsel for the House Ways and Means Committee, discusses how guidance for the Tax Cuts and Jobs Act is still evolving. – ​Forbes – Taxes ​Read More  

Talks on the Child Tax Credit appear to have stalled, with a key sticking point being opposition of some lawmakers to making the credit fully refundable – or allowing low-income families to qualify for the maximum credit regardless of how much they earn. Tax Policy Center presents alternatives. – ​Forbes…

Griffin, who’s worth an estimated $31.9 billion, is seeking punitive damages and a trial by jury. – ​Forbes – Taxes ​Read More  

Year-end tax planning is likely to be different in 2022, especially for retirees and investors. – ​Forbes – Taxes ​Read More  

As prices and hunger rise, a record 11 food banks make Forbes’ 2022 list of America’s Top 100 Charities, ranked by private donations. – ​Forbes – Taxes ​Read More  

Given that the market for undeveloped land, imperfect as it may be, is not populated with idiots, promoters cannot routinely acquire properties and have them in relatively short order be worth a multiple of what they acquired them for. – ​Forbes – Taxes ​Read More  

IRS Forms 1099 notify the IRS that you received income. Each Form 1099 is matched to your Social Security number, so the IRS can easily spew out a tax bill if you fail to report one. If you don’t you’re almost guaranteed an audit or a tax notice. – ​Forbes…

Martin A. Sullivan analyzes the child tax credit in the Tax Cuts and Jobs Act and the American Rescue Plan Act’s expansion of it, and he explores how extending the credit could affect poverty and the economy. – ​Forbes – Taxes ​Read More  

IRS is turning up the heat on OnlyFans contributors. – ​Forbes – Taxes ​Read More  

The penalty for fairly innocent goofs can run into the millions of dollars. – ​Forbes – Taxes ​Read More  

Cities hope to convert office buildings to residences, and there is a lot of market action now. Conversions can help with the housing shortage, but they are only one tool for cities. – ​Forbes – Taxes ​Read More  

In 2022, year-end planning for stock options, RSUs, and other forms of equity comp can be tricky because of market volatility and uncertainty. Here are some insights from leading financial and tax planners with expertise in this area. – ​Forbes – Taxes ​Read More  

Empty offices and declining commercial real estate could hurt cities. But American cities have always faced unfair and unequal economic and social policies. – ​Forbes – Taxes ​Read More  

In the first of a three-episode series, Steven Wlodychak, formerly with EY, discusses the creation of the SALT cap deduction by the Tax Cuts and Jobs Act and how states addressed it and other changes. – ​Forbes – Taxes ​Read More  

Robert Goulder considers the recent CJEU state aid decision in Fiat, and the implication for the European Commission’s appeal in Apple. – ​Forbes – Taxes ​Read More  

The lame duck Congress will spend the next several weeks arguing over several key provisions of the 2017 Tax Cuts and Jobs Act (TCJA) and the 2021 American Rescue Plan. A Tax Policy Center analysis finds extending them would reduce federal revenues by $1.1 trillion from 2023 to 2032. -…

Last couple of decades the hobby loss rule has been about, you know, hobbies which I define mostly as things that seem like they must be fun when you are thirteen or so – boats, planes, horses – even being a writer if you are nerdy. – ​Forbes – Taxes…

Market research company Statista surveyed thousands of accounting and tax professionals and their clients to come up with this list of the best firms. – ​Forbes – Taxes ​Read More  

“Pay me next year” requests are common with employers, suppliers, vendors, customers, and more. You probably assume you can’t be taxed until you receive money. But technically, if you have a legal right to payment but decide not to receive it, the IRS can tax you nonetheless. – ​Forbes -…

Today’s Social Security column addresses questions about the whether working before filing can incur the earnings test, full retirement age for survivor’s benefits versus retirement benefits and more about widow’s benefits. – ​Forbes – Taxes ​Read More  

High quality dividend stocks can provide reliable income. – ​Forbes – Taxes ​Read More  

A key subtext to the debate over whether to restore the expanded 2021 version of the Child Tax Credit (CTC) is this: Does the credit help reduce child poverty by giving low-income families much needed money, or does it increase poverty by discouraging work? – ​Forbes – Taxes ​Read More…

Tax Notes contributing editors Robert Goulder and Joseph J. Thorndike consider the historical context of why the IRS Criminal Investigation division carries guns. – ​Forbes – Taxes ​Read More  

Marie Sapirie breaks down the IRS and Treasury guidance on how indirect book accounting factors should be considered when calculating the Inflation Reduction Act’s section 45V credit. – ​Forbes – Taxes ​Read More  

Experts say working from home presents real challenges to management. Some CEOs like Elon Musk and Jamie Dimon of Chase Bank want to cut it back, or stop it entirely. – ​Forbes – Taxes ​Read More  

Tax Notes chief correspondent Stephanie Soong discusses how countries are approaching implementation of the OECD’s two-pillar corporate tax reform plan and the future of the OECD after Pascal Saint-Amans’s departure. – ​Forbes – Taxes ​Read More  

TPC estimates more than 60 percent of the benefits would go to the highest-income 20 percent of households, with more than 40 percent going just to those in the top 5 percent, who will make about $400,000 or more in 2026. – ​Forbes – Taxes ​Read More  

A recent Tax Court case examines one of the key deadlines in tax controversy work—§ 6213, which provides 90 days to file a deficiency petition in the Tax Court. – ​Forbes – Taxes ​Read More  

Wondering what’s changed in the tax world from last year? We put together the top six 2022 federal tax changes that taxpayers like you should know about before filing your income tax return in 2023. Tax year 2021 saw major tax changes due to the coronavirus pandemic, but many of…

Economists at a recent Boston Fed conference say working from home is here to stay, emphasizing choices by workers and seeing firms largely reacting to those. – ​Forbes – Taxes ​Read More  

If you have stocks, ETFs, or mutual funds with large embedded gains, consider donating the asset to charity with a donor-advised fund. – ​Forbes – Taxes ​Read More  

Nana Ama Sarfo reviews upcoming priority actions for the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes, including the use of treaty-exchanged tax information to fight illicit financial flows. – ​Forbes – Taxes ​Read More  

You might be able to give more or receive a bigger tax break by using an IRA strategy to donate. – ​Forbes – Taxes ​Read More  

Today’s Social Security column addresses questions about how deductions due to the earnings test can affect future benefit rates, whether to take spousal benefits at 62 and whether high earners should wait until 70. – ​Forbes – Taxes ​Read More  

At the holidays, many people give gifts or donations, but telling them apart is pretty important for tax purposes. – ​Forbes – Taxes ​Read More  

Tax Notes contributing editors Robert Goulder and Joseph J. Thorndike break down the 2022 congressional midterm election results and their potential effects on tax policy. – ​Forbes – Taxes ​Read More  

Businesses making investments in research are baffled that the current federal tax law severely limits tax incentives for innovation. Concerns loom over whether Congress will be able to compromise before the negative economic impact sets in. – ​Forbes – Taxes ​Read More  

Stephanie Hunter McMahon of the University of Cincinnati College of Law discusses why labor performed by incarcerated workers should be subject to tax. – ​Forbes – Taxes ​Read More  

The IRS is horrible in litigation as their attorneys have no practical valuation experience or understanding. The petitioner attorneys are working them over. – ​Forbes – Taxes ​Read More  

Harvesting capital losses to offset against capital gains is a popular year-end strategy for taxes. But beware: the IRS rules on wash sales can mess up your tax planning. Here’s what you need to know to avoid this tax blunder. – ​Forbes – Taxes ​Read More  

Running a business or a side hustle isn’t for the faint of heart. Whether you’re just starting out or you’ve been doing this for a while now, the self-employed tax jargon can be a little overwhelming. Let’s take a quick refresher with a helpful glossary of common business finance and…

The most common variety is Form 1099-MISC, for miscellaneous income. But the newest one is Form 1099-NEC, and it covers the waterfront for any independent contractor. The IRS likes these forms, which allow computer matching of your Social Security Number against your tax return. – ​Forbes – Taxes ​Read More…

Roxanne Bland examines market-based sourcing, and where and how to determine the right market. – ​Forbes – Taxes ​Read More  

Being your own boss comes with a variety of perks. But it also forces you to handle work typically taken care of by a human resource or finance department. For example, you must find your own healthcare plan and deduct taxes from your paycheck. And, when it comes to saving for retirement, it’s your responsibility to start…

Gift, estate and GST exemption amount will be increased in 2023 by an additional $860,000 as a result of the automatic inflation adjustment. What might this mean for your planning? – ​Forbes – Taxes ​Read More  

Republican control of the House means cities can’t expect help from a divided Congress. They must look to the executive branch and President Biden’s cabinet for the next two years. – ​Forbes – Taxes ​Read More  

A global deal on corporate minimum tax remains elusive, a stateside answer may have arrived in in the form of the Inflation Reduction Act. – ​Forbes – Taxes ​Read More  

Joseph J. Thorndike explains why the U.S. debt limit should be abolished. – ​Forbes – Taxes ​Read More  

Due to changes in what companies are required to report to the IRS this tax year, more taxpayers will receive Form 1099-K than in previous years. For some, the arrival of this unexpected tax form may be confusing and stressful — but don’t panic. We’re here to help you report…

The result will be little or no major tax legislation in 2023. – ​Forbes – Taxes ​Read More  

A good tax opinion discusses the facts, legal arguments, and tax authorities. They do more than just protect you from IRS penalties. In an audit, they are invaluable for quickly writing letters and briefs to defend your tax position. – ​Forbes – Taxes ​Read More  

In the second of a two-episode series, Orly Mazur of SMU Dedman School of Law discusses her views on the tax implications of increasing automation and the alternatives to a robot tax. – ​Forbes – Taxes ​Read More  

Many California taxpayers saw their tax deductions limited via the State and Local Tax cap in the Trump tax plan. With proactive tax planning some California business owners can avoid getting hit with more taxes via the SALT CAP – ​Forbes – Taxes ​Read More  

New Biden Administration programs could help economically distressed regions, but there must be a strong worker voice. – ​Forbes – Taxes ​Read More  

Ryan Finley explains that the frequent depiction of the comparable profits method as flawed and appropriate only as a last resort is based in part on a far-fetched interpretation of section 482. – ​Forbes – Taxes ​Read More  

Resolving lawsuits usually involves taxes. Plaintiffs hope to minimize taxes they face. But until Dennis Rodman, there was little controversy about the tax treatment of confidentiality provisions. – ​Forbes – Taxes ​Read More  

The United States Tax Court has held Notice 2017-10 is invalid, striking a blow to IRS enforcement against syndicated conservation easements. – ​Forbes – Taxes ​Read More  

The cash win is $997.6 million, but only 24% is withheld and sent to the IRS. But since tax rates go up to 37%, you owe another 13%—a whopping $129,688,000 on April 15. That’s a big check to write. And don’t forget state taxes, depending where you live. – ​Forbes…

There’s nothing wrong with filing taxes early. In fact, getting a head start on federal tax filing may be more beneficial than most people realize. Officially, it doesn’t matter how early taxpayers file their tax return if you meet the IRS original or extended tax deadline. For tax year 2022,…

The IRS is working to get the tax whistleblower program back on track, appointing John Hinman to be the new Director of the Whistleblower Office. In a recent summit with whistleblower attorneys, Mr. Hinman and IRS officials outlined a program of reforms and also best practices for whistleblowers. – ​Forbes…

In the first of a two-episode series, professor Ryan Abbott of the University of Surrey discusses his views on the tax implications of increasing automation and the need for a robot tax. – ​Forbes – Taxes ​Read More  

Today’s Social Security column addresses questions about how spousal benefit rates are calculated, when spousal benefits can become available and when to inform SSA of monthly earnings. – ​Forbes – Taxes ​Read More  

The computations involved in the Section 41 Credit for increasing research activities defy easy summary. To understand Judge Jackson’s opinion you don’t have to understand the computations. The judge concluded that there was actually no research eligible for the credit at all. – ​Forbes – Taxes ​Read More  

Yes, it’s the opportunity for most employees to select which benefits they will choose for the following year. Here are some of the most common mistakes we see people make: – ​Forbes – Taxes ​Read More  

Joseph J. Thorndike analyzes the historical resonance and practical reality of President Biden’s recent threat to impose a windfall tax on the “war profiteering” of oil companies. – ​Forbes – Taxes ​Read More  

Democrats have been avoiding the economy as an election issue, but the party and Biden have a strong record to run on, even with inflation. – ​Forbes – Taxes ​Read More  

The taxpayer properly elects deferral by making an election on or before the due date (including extensions) for filing the tax return for the year in which the QSBS is sold. – ​Forbes – Taxes ​Read More  

Dividend income is taxable, but the tax rate is determined by a handful of factors. Here are important details. – ​Forbes – Taxes ​Read More  

Robert Goulder of Tax Notes and professor David Kamin of the New York University School of Law discuss the purpose and political importance of book minimum taxes, particularly the global anti-base-erosion agreement. – ​Forbes – Taxes ​Read More  

Republicans are poised to win control of Congress on Tuesday. What should they do? – ​Forbes – Taxes ​Read More  

Securing these essential programs will require a far more serious conversation than the one voters have been hearing in the closing weeks of this election. – ​Forbes – Taxes ​Read More  

Tax Notes contributing editor Robert Goulder says it’s time to stop waiting for the EU to get its house in order and time to move ahead with pillar 2 implementation. – ​Forbes – Taxes ​Read More  

The Supreme Court on November 2nd heard oral argument in Bittner v. United States. Some observers reading the tea leaves from the Justices questions think the Court will rule for the government and its whopping penalties. – ​Forbes – Taxes ​Read More  

The Fed’s push for a recession so far hasn’t torpedoed commercial real estate although there are signs of weakness and some worries about an “apocalypse.” – ​Forbes – Taxes ​Read More  

Former IRS Commissioner Mark Everson, now with Alliantgroup, discusses the need to identify the agency’s next leader and how the IRS should use its additional funding from the Inflation Reduction Act. – ​Forbes – Taxes ​Read More  

Today’s Social Security column addresses questions about who can get new COLAs, how soon spouses can apply for spousal benefits and how filing early can affect spousal and survivor’s benefits. – ​Forbes – Taxes ​Read More  

Now that the novelty, and frankly, some of the fear factor, around AI has begun to fade, we’re entering a generation in which technology will just be better. – ​Forbes – Taxes ​Read More  

Congress should look to strengthening taxpayer rights (and improving the whistleblower program) in light of the recent expansion of IRS funding. Improved taxpayer rights enjoys bipartisan support — can be passed by Congress — and will provide meaningful assistance to taxpayers. – ​Forbes – Taxes ​Read More  

A sold-out blockbuster play about New York’s master builder Robert Moses raises important questions about cities, development, and democracy. – ​Forbes – Taxes ​Read More  

For participants in nonqualified deferred compensation (NQDC) plans, year-end is the time to decide how much of next year’s salary to defer and squirrel away for the future. This decision often depends on IRS limits for qualified retirement plans. The IRS just set those for 2023. – ​Forbes – Taxes…

Joseph J. Thorndike explores the various administrative and substantive tax reforms during the presidency of Dwight D. Eisenhower. – ​Forbes – Taxes ​Read More  

Today’s Social Security column addresses questions about how spousal benefit amounts are calculated, whether previous COLAs can increase spousal benefit rates and when spousal benefits can be higher than retirement benefits. – ​Forbes – Taxes ​Read More  

Judge Lauber goes on to note that this was not Schweizer’s first 8283 rodeo so even if the preparer gave him the bad advice, he should have known better. – ​Forbes – Taxes ​Read More  

New York’s Skyscraper Museum shows how Wall Street office buildings have been successfully converted to residences, encouraging downtowns struggling with COVID-19s aftermath. – ​Forbes – Taxes ​Read More  

Don’t wait until tax time in April; arrange tax savings before year-end. Learn about deferring income, accelerating deductions, tax-loss selling, avoiding wash sale losses, paying estimated taxes, and trader entity tax-savings strategies. – ​Forbes – Taxes ​Read More  

Structured settlements are offering better returns and being used more now that courts are reopening. They offer several benefits, including one that brokers are not allowed to tell plaintiffs about – protection from state guaranty funds. – ​Forbes – Taxes ​Read More  

About 60 percent of non-payers make less than $30,000 and another 28 percent make between $30,000 and about $60,000. – ​Forbes – Taxes ​Read More  

A tax credit is a dollar-for-dollar reduction in the taxes you will owe in a year. 3 New tax credit you need to know about now to help save the planet and save some money. – ​Forbes – Taxes ​Read More  

Nana Ama Sarfo reviews a recent lawsuit against Liberty Tax for allegedly cheating customers by luring them with a cash bonus program, while secretly increasing their preparation charges. – ​Forbes – Taxes ​Read More  

Recent changes make 529 savings plans even better estate planning tools than before. – ​Forbes – Taxes ​Read More  

Having taxing systems that are tied into tangibility versus intangibility may not work so well as time goes on. – ​Forbes – Taxes ​Read More  

Progressive writer and social critic Mike Davis dies at age 76. Davis wrote “The Case for Letting Malibu Burn” among many other works, always emphasizing economic injustice. – ​Forbes – Taxes ​Read More  

U.S. Tax Court Chief Judge Kathleen Kerrigan discusses the court’s post-COVID transition and case management system, and how the additional funding from the Inflation Reduction Act may be used. – ​Forbes – Taxes ​Read More  

While many of these initial teething challenges have been resolved, there remain several areas where uncertainty and unexpected costs continue to occur. – ​Forbes – Taxes ​Read More  

The differences can be important at key points in your life. – ​Forbes – Taxes ​Read More  

Today’s Social Security column addresses questions about earning delayed retirement credits (DRCs) while receiving child-in-care spousal benefits, the possibility and advisability of taking spousal benefits before retirement benefits and withdrawing a spousal benefit application – ​Forbes – Taxes ​Read More  

If the Fed causes a recession, it could undo much of hard budget work cities and states have done after the pandemic. – ​Forbes – Taxes ​Read More  

The higher your income, the more valuable proactive tax planning guidance can be. There is some good news from the IRS as they announce the new standard deduction and new tax brackets for 2023. – ​Forbes – Taxes ​Read More  

In the dystopian nightmare that Claud Clark III lays out the course called “The Bluff” designed by Jack Nicklaus would become a residential subdivision. – ​Forbes – Taxes ​Read More