Mark Anthony Gyetvay was convicted of failing to file a FBAR, making a false statement to the IRS, and willfully failing to file tax returns. – ​Forbes – Taxes ​Read More  

From friendly wagers to jackpots, gambling winnings are reportable by individuals for tax purposes. And when gambling turns criminal, law enforcement takes an interest. – ​Forbes – Taxes ​Read More  

Instacart’s IPO is a big payday of liquidity for employees with grants of restricted stock units (RSUs) and stock options. Its SEC registration filing shows how it works. – ​Forbes – Taxes ​Read More  

They either provide political cover for lawmakers who want to achieve a goal but are afraid to act without an external push. Or an excuse to duck crucial policy decisions. – ​Forbes – Taxes ​Read More  

The IRS has announced plans to establish a special pass through organization to focus on large or complex pass-through entities. – ​Forbes – Taxes ​Read More  

By refusing to support a House GOP alternative, far-right holdouts leave Speaker McCarthy with little choice but to allow a vote on the Senate’s bipartisan approach. – ​Forbes – Taxes ​Read More  

This will undoubtedly have an effect on legitimate claimants and further complicate the already complicated ERC process. – ​Forbes – Taxes ​Read More  

The FTC is warning five tax preparation companies that they could face civil penalties if they use or disclose confidential data collected from taxpayers. – ​Forbes – Taxes ​Read More  

Joseph Nocito was sentenced to prison for conspiring to defraud the U.S. Nocito was accused of characterizing millions of dollars of personal costs as business expenses. – ​Forbes – Taxes ​Read More  

While in Paris, Arasokun devised a scheme to unlawfully obtain tax refund money by filing fraudulent federal income tax returns. – ​Forbes – Taxes ​Read More  

Tax Notes reporter Andrew Velarde discusses the latest developments on the final regulations for claiming foreign tax credits, including the IRS’s decision to delay implementation and the tax community’s response. – ​Forbes – Taxes ​Read More  

Michael R. Stevenson is better known by his stage name of Tyga. – ​Forbes – Taxes ​Read More  

Under the tax code, whether payments you receive for being injured are taxed depends on your injuries. But non-physical injuries like emotional distress are taxed. – ​Forbes – Taxes ​Read More  

Marie Sapirie examines how the proposed elective payment regulations under the Inflation Reduction Act will affect U.S. territories. – ​Forbes – Taxes ​Read More  

Weeks after the IRS announced plans to ramp up its focus on millionaires, complex partnerships, and large corporations, the agency said it would hire 3,700 new employees. – ​Forbes – Taxes ​Read More  

As companies continue struggling with remote work for their employees, many workers want at least some remote work. But not everyone can get it. Can you? – ​Forbes – Taxes ​Read More  

The idea of the Employee Retention Credit was to get money into the hands of employers during the pandemic. Now, the IRS worries it’s become a money grab. – ​Forbes – Taxes ​Read More  

Tax Notes contributing editor Robert Goulder proposes that the Taxpayer Advocate Service create a special unit to focus on concerns of American citizens living abroad. – ​Forbes – Taxes ​Read More  

Gov. Brian P. Kemp declared a State of Emergency in Georgia, citing inflation and unfavorable economic conditions. The move will save Georgians 31.2 cents/gallon of gas. – ​Forbes – Taxes ​Read More  

A federal jury in Detroit has found Ryan Richmond of Bloomfield, Michigan, guilty on charges including evading federal income taxes and obstructing the IRS. – ​Forbes – Taxes ​Read More  

Professor Clint Wallace of the University of South Carolina School of Law discusses his argument for using tax policy to reinforce democracy. – ​Forbes – Taxes ​Read More  

No matter the transaction, you may have a gain or a loss triggering taxes. And new 1099 reporting rules will make the tax bite more certain. – ​Forbes – Taxes ​Read More  

Ryan Finley asserts that the apparent failure of the United States’ global crusade against digital services taxes should prompt a reassessment of U.S. policy. – ​Forbes – Taxes ​Read More  

The COVID pandemic-induced growth in working from home (WFH) continues rippling through the economy, highlighting tensions for both employees and employers. – ​Forbes – Taxes ​Read More  

Law enforcement has increased in Chester County, Pa., as the manhunt continues for escaped killer Danelo Cavalcante. A similar search years ago cost taxpayers millions. – ​Forbes – Taxes ​Read More  

People who regretted buying time share units could donate them to the charity paying a fee for the transfer. – ​Forbes – Taxes ​Read More  

About 66 million people receive monthly Social Security benefits. To maximize your benefits, report your income each year—and verify that your employer is doing the same. – ​Forbes – Taxes ​Read More  

The IRS has announced new enforcement initiatives targeting millionaires, partnerships, and digital assets—just as questions over funding the agency heat up. – ​Forbes – Taxes ​Read More  

As House Republicans engage in a nasty internal battle over whether to raise the $10,000 cap on the state and local tax (SALT) deduction, a new Tax Policy Center analy… – ​Forbes – Taxes ​Read More  

Joseph J. Thorndike compares past administrations’ use of fiscal policy to influence the economy and counter swings in the business cycle with the current administration. – ​Forbes – Taxes ​Read More  

The IRS announced tax relief for taxpayers impacted by Idalia in South Carolina. They now have until Feb. 15, 2024, to file and make tax payments. – ​Forbes – Taxes ​Read More  

Tax Notes Capitol Hill reporters Cady Stanton and Doug Sword preview what to expect from Congress in tax policy this fall, from a potential end-of-year tax package to IRS funding. – ​Forbes – Taxes ​Read More  

As of Sept. 1, the cigarette tax in New York State increased by $1.00 per pack of 20 cigarettes, from $4.35 to $5.35. Most states, however, are keeping rates flat. – ​Forbes – Taxes ​Read More  

Robert Goulder comments on a recent United Nations report on international tax cooperation and questions whether the U.N. can truly bring something new to the table. – ​Forbes – Taxes ​Read More  

46% of U.S. workers who receive paid time off from their employer take less time than they are offered. We need to normalize taking time away from work. – ​Forbes – Taxes ​Read More  

Following the first Republican presidential primary debate, businessman Vivek Ramaswamy seems to be having a moment. – ​Forbes – Taxes ​Read More  

Businesses that are required to file Form 8300, Report of Cash Payments Over $10,000, may be required to e-file instead of filing a paper return beginning next year. – ​Forbes – Taxes ​Read More  

The IRS is actively pursuing individuals that owe back employment taxes. Failure to pay employment taxes can result in a 100% penalty. – ​Forbes – Taxes ​Read More  

The IRS has announced tax relief until Feb. 15, 2024 for those affected by Hurricane Idalia in parts of Florida. The relief applies to those in FEMA disaster areas. – ​Forbes – Taxes ​Read More  

The IRS exempted many state tax refunds and rebates from tax, and expanded on guidance it gave in early 2023 about payments you need to include on your IRS return. – ​Forbes – Taxes ​Read More  

Tax Notes contributing editors Robert Goulder and Joseph J. Thorndike examine Robert F. Kennedy Jr.’s cryptocurrency tax proposal, all in five minutes. – ​Forbes – Taxes ​Read More  

A gift isn’t a gift until it clears the bank. – ​Forbes – Taxes ​Read More  

Student debt is sky-rocketing, but there may be some relief available for those who are working. An educational assistance plan can allow employers to help pay down debt. – ​Forbes – Taxes ​Read More  

John McGowan of HubSync discusses artificial intelligence and its role in the tax field. – ​Forbes – Taxes ​Read More  

Many schools don’t offer classes on financial literacy. The SC Department of Revenue is hoping to change attitudes in the Palmetto State—starting with taxes. – ​Forbes – Taxes ​Read More  

Nana Ama Sarfo explains how the example of foreign tax authorities could help the U.S. as it plans to pilot a direct e-filing system. – ​Forbes – Taxes ​Read More  

Why is it important to know what was paid originally? The cost basis helps determine what, if any, tax is due when the asset is sold. – ​Forbes – Taxes ​Read More  

Under SECURE Act 2.0, high paid workers would have to make their catch-up contributions to an after-tax Roth account beginning in 2024. The IRS postponed that to 2026. – ​Forbes – Taxes ​Read More  

“Copyrighted non-grantor irrevocable complex discretionary spendthrift trust” sprinkled tax fairy dust on your assets so that no taxes need be paid on capital gains – ​Forbes – Taxes ​Read More  

Ryan Finley of Tax Notes provides an overview of amount B from pillar 1 of the OECD’s two-pillar corporate tax reform plan and discusses the fundamental dispute over it. – ​Forbes – Taxes ​Read More  

Considering selling your home? The infamous $1 transfer of the family home is one of those things that can often plague tax and estate lawyers. – ​Forbes – Taxes ​Read More  

Tax Notes contributing editor Nana Ama Sarfo examines the recent trend of social-media-based tax fraud schemes. – ​Forbes – Taxes ​Read More  

The Justice Department and related law enforcement agencies have been working to stop Covid-related fraud and punish those responsible. – ​Forbes – Taxes ​Read More  

Sometimes the pain of a crime includes paying taxes on the stolen money. – ​Forbes – Taxes ​Read More  

You might get your refund, but get audited and be asked to repay the money, including interest and penalties. Even if you relied on advisers, you are on the hook. – ​Forbes – Taxes ​Read More  

Users of tax prep websites in seven states have filed a class action lawsuit against Google, LLC, claiming the company engaged in wiretapping. – ​Forbes – Taxes ​Read More  

Will a Ronald Reagan-like candidate emerge from among all the Republican presidential aspirants? Here’s what to look for in tomorrow night’s GOP debate. – ​Forbes – Taxes ​Read More  

Carrie Brandon Elliot addresses rules for qualified derivatives dealers in reg. section 1.871-15(q). – ​Forbes – Taxes ​Read More  

IRS extends tax filing and payment deadlines from Aug. 8, 2023, through Feb. 15, 2024 for businesses and individuals impacted by Hawaii wildfires. – ​Forbes – Taxes ​Read More  

IRS Criminal Investigation officials have identified the individual killed on Aug. 17 in a training incident in Phoenix. – ​Forbes – Taxes ​Read More  

Is Tax Court telling thoroughbred owners they need to turn retired horses into pet food to be counted as businesslike? – ​Forbes – Taxes ​Read More  

Taxpayers must prepare for an audit of ERC Claims because they may lose the opportunity to deduct wages. – ​Forbes – Taxes ​Read More  

Tax Notes contributing editor Carrie Elliot provides an overview of the IRA’s tax-related provisions and subsequent guidance to commemorate its one-year anniversary. – ​Forbes – Taxes ​Read More  

Tax Notes contributing editor Carrie Elliot provides an overview of the IRA’s tax-related provisions and subsequent guidance to commemorate its one-year anniversary. – ​Forbes – Taxes ​Read More  

Tax Notes contributing editor Carrie Elliot provides an overview of the IRA’s tax-related provisions and subsequent guidance to commemorate its one-year anniversary. – ​Forbes – Taxes ​Read More  

Robert Goulder of Tax Notes and Don Susswein, Tony Coughlan, and Kyle Brown of RSM US LLP discuss the exclusion of deferred capital gains as tax expenditures. – ​Forbes – Taxes ​Read More  

IRS Commissioner Danny Werfel said that IRA funding has made an immediate, meaningful difference in how the IRS serves taxpayers, including hiring new employees. – ​Forbes – Taxes ​Read More  

A recent Tax Court examined what taxpayers need to know about business expenses that they’re not hearing on social media—including that they must be ordinary & necessary. – ​Forbes – Taxes ​Read More  

Tom Cullinan, a former IRS official now with Chamberlain Hrdlicka, discusses the basics of the employee retention credit, the recent rise in misleading promotions and fraudulent ERC claims, and the IRS’s response. – ​Forbes – Taxes ​Read More  

Nana Ama Sarfo takes a look at the OECD’s latest report on developing countries and the inclusive framework. – ​Forbes – Taxes ​Read More  

For years, California residents have been forming trusts out of state so trust income isn’t taxed by California. But a new law says these trusts must pay California tax. – ​Forbes – Taxes ​Read More  

The 1982 Tylenol poisonings captivated the country. A former tax preparer was suspected—but never charged—in the murders. He was convicted on related extortion charges – ​Forbes – Taxes ​Read More  

In 2020, Congress passed the CARES Act intended to provide emergency financial assistance during the pandemic. Unfortunately, it also proved to be a magnet for fraud. – ​Forbes – Taxes ​Read More  

The federal moratorium that began with Covid ends on August 31. Borrowers can save money and avoid confusion by taking some key steps right now. – ​Forbes – Taxes ​Read More  

This term, the Supreme Court will consider whether the “mandatory repatriation tax” is constitutional. It’s a reminder of challenges Americans living abroad may face. – ​Forbes – Taxes ​Read More  

Tax Notes contributing editor Robert Goulder comments on Canada’s push for a digital services tax. – ​Forbes – Taxes ​Read More  

A paltry 3.3 million filers used the agency’s Free File system, the troubled joint IRS-industry effort to create a no-cost way to prepare a return. – ​Forbes – Taxes ​Read More  

Marie Sapirie examines the development of guidance implementing the clean hydrogen credit under section 45V(f) ahead of the August 16 deadline for its publication. – ​Forbes – Taxes ​Read More  

Stock options in private companies can be very profitable in the long term, but they come with special risks. Here are planning rules of thumb from an expert advisor. – ​Forbes – Taxes ​Read More  

The winner of the $1.58 billion jackpot has hefty taxes coming. IRS withholding takes $187,992,000 up front, and $101,829,000 more is due April 15, 2024. – ​Forbes – Taxes ​Read More  

Tax Notes White House reporter Alexander Rifaat discusses the Biden administration’s economic plan called “Bidenomics” and its effect on tax. – ​Forbes – Taxes ​Read More  

The US women’s World Cup loss is tied to their impact on women athletes around the world, rooted in Title IX and other legal actions to secure equal rights for women. – ​Forbes – Taxes ​Read More  

Tax credits are available for owners of new and used electric vehicles (EVs). The rules can be complicated and depend on what kind of vehicle you buy and when you buy it. – ​Forbes – Taxes ​Read More  

With deficits on track to increase in perpetuity under current policies, Washington can’t afford to keep hitting the snooze button. – ​Forbes – Taxes ​Read More  

The I-9 requirement is probably the most overlooked form by many small employers. – ​Forbes – Taxes ​Read More  

Nana Ama Sarfo reviews the OECD’s latest Tax Transparency in Africa report. – ​Forbes – Taxes ​Read More  

The Covid-19 pandemic caused major population losses in many US cities, but city populations appear to be stabilizing from increased immigration and more births. – ​Forbes – Taxes ​Read More  

IRS Commissioner Danny Werfel says the agency’s paperless processing initiative builds on progress that has already begun, thanks to Inflation Reduction Act funding. – ​Forbes – Taxes ​Read More  

Swift reportedly gave bonuses totaling millions to those working on her show. Here’s what that means for tax purposes. – ​Forbes – Taxes ​Read More  

In June of 2023, Hunter Biden was charged with tax and gun charges as part of a plea deal. This week, new information about the related plea agreement was made available. – ​Forbes – Taxes ​Read More  

The IRS is using Inflation Reduction Act funding to improve customer service at the agency but funding alone may not be enough to effect real change. – ​Forbes – Taxes ​Read More  

In total, Leon Haynes is accused of preparing and filing at least 1,387 false Forms 941 claiming a total of $124,751,995.08 in fraudulent tax refunds. – ​Forbes – Taxes ​Read More  

The Mega Millions jackpot has jumped to an estimated $1.1 billion for its next drawing on Tuesday, the lottery’s fourth-largest prize ever—though the winner could receive less than half that amount after paying required taxes. – ​Forbes – Taxes ​Read More  

Manal Corwin, the new director of the OECD’s Centre for Tax Policy and Administration, discusses her vision for the organization and the latest updates on the inclusive framework and two-pillar project. – ​Forbes – Channel Feed ​Read More  

Tax advisors are not allowed to charge a percentage of what they save you on your return. But amended returns, refund claims and refund suits can be success based. – ​Forbes – Taxes ​Read More  

The tax is directed to a state fund—the WA Cares program—that can be accessed during lifetime to pay for long-term care costs, including needs like food and mobility. – ​Forbes – Taxes ​Read More  

Rewards earned from staking cryptocurrency are income when received according to the IRS. – ​Forbes – Channel Feed ​Read More  

A taxpayer’s best defense when they owe the IRS money is to educate themselves about the IRS and its ability. – ​Forbes – Taxes ​Read More  

Joseph J. Thorndike explores the role of a Tax Analysts report in bringing about an audit of President Richard Nixon’s tax returns. – ​Forbes – Taxes ​Read More  

Today, the Internal Revenue Service announced the selection of David Padrino to serve as the Chief Transformation and Strategy Officer, a recently created role at the … – ​Forbes – Taxes ​Read More  

The provisions of the Corporate Transparency Act affect every LLC in the U.S. and yet many small- to medium-sized businesses remain unaware of the CTA’s requirements. – ​Forbes – Taxes ​Read More  

Golf season is in full swing in parts of the U.S. but Sen. Ron Wyden is making golf news this week by introducing bills targeting The PGA Tour and its tax-exempt status. – ​Forbes – Channel Feed ​Read More  

Tax Notes contributing editor Ryan Finley explains how the OECD plan for establishing a streamlined transfer pricing approach for baseline distribution hit a roadblock. – ​Forbes – Taxes ​Read More  

Biden should invite lawmakers from both parties to join him in tackling the underlying cause of ballooning student debt: the skyrocketing cost of higher education. – ​Forbes – Taxes ​Read More  

A pandemic-related tax credit continues to be in the news—and the focus of IRS scrutiny. Fraudulent ERC claims are clearly a concern for the tax agency. – ​Forbes – Taxes ​Read More  

Depending on traffic you can drive to Times Square from Ramapo in as little as an hour. – ​Forbes – Taxes ​Read More  

While many measures within the ViDA proposals will benefit SMEs, some may lead to increased compliance costs and potential disruptions to their commercial practices. – ​Forbes – Taxes ​Read More  

The IRS is actively stepping up enforcement of Employee Retention Credit (ERC) claims — and warning businesses to be wary of scam artists. What should you be doing. – ​Forbes – Taxes ​Read More  

Professor Hank Adler of Chapman University discusses the income realization requirement dispute in the transition tax case Moore v. United States before the Supreme Court, and its implications on the U.S. tax system. – ​Forbes – Taxes ​Read More  

The IRS says it has processed all paper and electronic individual returns received before April 2023, and they are opening mail within normal time frames. – ​Forbes – Taxes ​Read More  

The nation’s tax agency is making a major policy change: it will end most unannounced visits to taxpayers by agency revenue officers. – ​Forbes – Taxes ​Read More  

The risk of inflation is important when swapping real for nominal dollars. Rather than ending the fear of outliving your 401(k), QLACs can exacerbate it. – ​Forbes – Taxes ​Read More  

Joseph J. Thorndike considers the potential presidential run of Sen. Joe Manchin III, D-W.Va., and how it could boost his upcoming Senate reelection campaign. – ​Forbes – Taxes ​Read More  

The 2023 Women’s World Cup prize money increases as the teams move on. Controversy is still a factor—here’s a look at money and taxes in this year’s tournament. – ​Forbes – Taxes ​Read More  

“The parties have not pointed to any regulations, IRS guidance, or case law for their interpretation of this language, and I have found none.” – ​Forbes – Taxes ​Read More  

Whether it is manufacturers, clothing designers, software developers, plant breeders, or engineers, businesses across New York are shocked at their federal income tax bill. – ​Forbes – Taxes ​Read More  

Joseph J. Thorndike examines the No Labels third-party manifesto and its unfortunate reliance on the language of “taxpayerism.” – ​Forbes – Channel Feed ​Read More  

The winner cab take the billion in 30 annual installments over 29 years, or as an up-front, $558.1 million lump sum. But taxes take a lot either way. – ​Forbes – Taxes ​Read More  

A judge ruled that a Florida couple is liable for taxes on $1.2 million in retirement income, much of which was fraudulently taken from them by their own daughter. – ​Forbes – Taxes ​Read More  

IRS delays final ruling on changes to inherited IRA required distributions until 2024, and extends the RMD penalty waiver to 2023 for certain beneficiaries. – ​Forbes – Taxes ​Read More  

Recent SEC actions and federal criminal indictments for alleged insider trading during the pandemic offer jolting lessons in securities law for us all. – ​Forbes – Taxes ​Read More  

This ruling did not do that The DOJ only dismissed the case after years of litigation and they dismissed the case, citing that the DOJ questioned the petitioner’s like… – ​Forbes – Taxes ​Read More  

Marna Ricker, EY’s global vice chair of tax, discusses how international tax advisers and corporate tax clients have handled recent tax reforms and what to expect next. – ​Forbes – Taxes ​Read More  

According to the Lincoln Institute of Land Policy, public schools are typically supported by state and local funding. But what happens when that funding is eliminated? – ​Forbes – Taxes ​Read More  

If you die before the check hits your bank account, it may not count as a completed gift. – ​Forbes – Taxes ​Read More  

Ryan Finley explains the recent advocate general opinion in the EU state aid case involving an APA granted to Amazon may restrict the European Commission’s abilities. – ​Forbes – Taxes ​Read More  

We all know that feeling when you’ve made a mistake, but you don’t have to stay in trouble. Here are tips and actionable steps to help you get out of the tax doghouse. – ​Forbes – Taxes ​Read More  

Frank Butselaar, an international tax advisor, has been charged for his role in what the government claims is a tax fraud scheme involving high net worth taxpayers. – ​Forbes – Taxes ​Read More  

The IRS announced today that it is reopening taxpayer assistance centers (TACs) and starting a series of Community Assistance Visits. – ​Forbes – Channel Feed ​Read More  

It appears that the green energy tax breaks included in last year’s Inflation Reduction Act (IRA) are more popular among businesses than Congress imagined when it pass… – ​Forbes – Taxes ​Read More  

The issue is whether Swanson was taking people out on the fishing boat to make a profit or just for the halibut, – ​Forbes – Taxes ​Read More  

Victims of flooding in Vermont now have until November 15, 2023 to file individual and business tax returns and to pay any taxes that were originally due between July … – ​Forbes – Taxes ​Read More  

As has been widely reported, Hunter Biden only ended up with misdemeanor charges, to which he plead guilty. Wesley Sniped plead not guilty but was convicted at trial. – ​Forbes – Taxes ​Read More  

Millions of taxpayers’ personal information has been shared to Meta, Google, and other Big Tech firms according to the results of a recent Congressional investigation. – ​Forbes – Taxes ​Read More  

In May 2019, two handwritten wills were found in Aretha Franklin’s home. Those wills became the focus of a lawsuit involving Franklin’s children. – ​Forbes – Taxes ​Read More  

Professors Kathleen DeLaney Thomas and Erin Scharff discuss fake tax news and the effect it has on public policy. – ​Forbes – Taxes ​Read More  

California is enacting a new and shocking income-redistribution scheme. – ​Forbes – Taxes ​Read More  

The SEC just shut down Binance and Coinbase, which, no surprise, did a number on crypto prices. – ​Forbes – Taxes ​Read More  

When every dollar counts, taking advantage of state sales tax holidays can help reduce costs. Here’s a list of states offering back-to-school sales tax holidays in 2023. – ​Forbes – Taxes ​Read More  

Robert Goulder weighs in on efforts to extend the global digital services tax moratorium. – ​Forbes – Taxes ​Read More  

Minnesota’s $3 billion tax bill made headlines when it passed earlier this year. It’s making news again—for a $352 million mistake. – ​Forbes – Taxes ​Read More  

Rising interest rates have brought one technique to the fore that had gone out of favor- the structured installment sale (SIS). – ​Forbes – Taxes ​Read More  

If you are in California for more than nine months, you are a resident, and more than six months usually does too. California often audits those who leave. – ​Forbes – Taxes ​Read More  

Tax Notes reporters Cady Stanton and Michael Smith discuss the recently passed Chile-U.S. tax treaty and the importance of tax treaties on both a national and international scale. – ​Forbes – Taxes ​Read More  

The adoption of electric vehicles is on the rise, yet the VAT treatment of transactions in the e-mobility sector still remains uncertain. – ​Forbes – Taxes ​Read More  

Tax Notes contributing editor Robert Goulder urges the United Kingdom not to adopt citizenship-based taxation. – ​Forbes – Taxes ​Read More  

Victories in defamation lawsuits often pay less than expected after tax. A plaintiff pays tax on the gross recovery, including what their lawyers keep. – ​Forbes – Taxes ​Read More  

The 2023 ETAAC annual report to Congress proposes actionable recommendations that align with the IRS strategic plan. – ​Forbes – Taxes ​Read More  

IRS continues to see third parties aggressively promoting Employee Retention Credit (ERC) schemes. – ​Forbes – Taxes ​Read More  

Marie Sapirie writes that the proposed regulations on the direct-pay and transferability provisions of sections 6417 and 6418 are less expansive than many wanted, but there is still hope. – ​Forbes – Channel Feed ​Read More  

What’s so significant about July 4? Here’s a quick look at how taxes and tea contributed to a break from Great Britain, resulting in American Independence Day. – ​Forbes – Taxes ​Read More  

The IRS is warning taxpayers about a new scam involving tax refunds. – ​Forbes – Taxes ​Read More  

A Neymar fan explained that he had tried to turn over his assets during his lifetime but was advised instead to draw up a will. – ​Forbes – Taxes ​Read More  

A recent case demonstrates the impact that a stock-purchase agreement and life insurance can have (or not have) on the value of a closely held company for estate taxes. – ​Forbes – Taxes ​Read More  

Tax Notes contributing editor Ryan Finley looks at transfer pricing proposals in Canada and the U.K. and suggests the United States’ system could also use an update. – ​Forbes – Taxes ​Read More  

The IRS is sending a special follow-up mailing to taxpayers in several states affected by disasters to let them know they have additional time to pay their taxes. – ​Forbes – Taxes ​Read More  

Richard Ravitch’s death reminds us of when elites and unions worked together to save New York City from bankruptcy. Unions are essential to any restoration of equality. – ​Forbes – Taxes ​Read More  

Once the IRS determines the taxpayer’s deficiency, under Section 6502, the IRS possesses a collection statute of limitations of 10 years. – ​Forbes – Taxes ​Read More  

A Nigerian national who targeted elderly U.S. victims has been sentenced to nearly seven years in prison for his role in the inheritance fraud scheme. – ​Forbes – Taxes ​Read More  

House Republicans propose changes to the tax code in the new American Families and Jobs Act. Key changes may mean tax savings to individuals and business owners. – ​Forbes – Taxes ​Read More  

Steve Rosenthal of the Urban-Brookings Tax Policy Center reviews the GOP tax package approved by the House Ways and Means Committee, specifically the proposed individual and business tax cuts. – ​Forbes – Taxes ​Read More  

Think carefully when you come to the penalties of perjury language on your tax return. And remember, you do not have attorney client privileged with your accountant. – ​Forbes – Channel Feed ​Read More  

The Supreme Court has agreed to consider whether the “mandatory repatriation tax” created under the TCJA is unconstitutional under the Sixteenth Amendment. – ​Forbes – Taxes ​Read More  

Try to avoid getting anywhere near the deadline and when push comes to shove give yourself enough time to print the thing out and bring it to to the post office – ​Forbes – Taxes ​Read More  

Nana Ama Sarfo discusses a recent U.N. policy brief outlining ways to improve the international tax system for the benefit of developing countries. – ​Forbes – Taxes ​Read More  

While an SAO is ultimately a compliance requirement – and penalties may be imposed on both SAOs and companies who fail to comply – it’s also an invaluable tool to driv… – ​Forbes – Taxes ​Read More  

As part of the Inflation Reduction Act , $391 billion of governmental funding was allocated to clean energy initiatives. Businesses are hopeful to monetize these credits as soon as possible. – ​Forbes – Taxes ​Read More  

When the tax authorities came for their share of French dairy farmers’ profits hundreds of years ago, the farmers got creative. The result was Reblochon cheese. – ​Forbes – Taxes ​Read More  

In an IRS audit—plaintiff lawsuit settlements are frequent the subject of IRS tax audits—the IRS usually asks for the settlement agreement. – ​Forbes – Taxes ​Read More  

A bill in House committee would cut IRS funding, restrict the use of funds, and put the brakes on the planned develop of a free e-file system for taxpayers. – ​Forbes – Taxes ​Read More  

National Taxpayer Advocate (NTA) Erin Collins has delivered her midyear report about the IRS to Congress. The report is one of two that the NTA delivers each year. – ​Forbes – Taxes ​Read More  

Tax Notes contributing editor Nana Ama Sarfo examines proposed legislation that would collect emissions information and put the U.S. on the road to a carbon border tax. – ​Forbes – Taxes ​Read More  

Scott Peterson of Avalara discusses the South Dakota v. Wayfair decision, including how companies and states are faring five years later and what could be next. – ​Forbes – Taxes ​Read More  

Heirs need to know when they might be personally liable for the tax obligations of an estate or trust. – ​Forbes – Taxes ​Read More  

Biden is expected to plead guilty to two tax misdemeanors. His cooperation likely kept them from being charged as felonies. – ​Forbes – Taxes ​Read More  

Ryan Finley explains that casting the 2017 Tax Cuts and Jobs Act’s anti-base-erosion measures as a failure is premature. – ​Forbes – Taxes ​Read More  

How a retired Pennsylvania couple changed the lives of hundreds of struggling families by appealing the inflated real estate tax assessments on their mobile homes. – ​Forbes – Taxes ​Read More  

The greatest soccer player in the world chose state income-tax free Florida, a destination for other big names in sports like Tiger Woods, Derek Jeter, and Tom Brady. – ​Forbes – Taxes ​Read More  

There have been many schemes to avoid paying taxes. The Tax Court rejected another one in a recent case. – ​Forbes – Taxes ​Read More  

The IRS hopes to make a free direct e-file tax return system a reality for some taxpayers for the 2024 tax filing season. Key to the process is the taxpayer experience. – ​Forbes – Taxes ​Read More  

Tax Notes contributing editor Carrie Elliot summarizes the effect of recent legislation on the TCJA and explains changes set to occur in upcoming years. – ​Forbes – Taxes ​Read More  

Suppose that you sue (or threaten to sue) your landlord and are about to collect a settlement. You might end up paying taxes on all of it, even on your legal fees. – ​Forbes – Taxes ​Read More  

Robert Goulder, Benjamin Alarie, and Susan Massey discuss the benefits and drawbacks of using generative AI models to assist with complicated tax questions and research. – ​Forbes – Taxes ​Read More  

Companies are exploring not only offering rewards but also threatening punishments to get remote workers back to the office. – ​Forbes – Taxes ​Read More  

Former Italian prime minister Silvio Berlusconi spent much of his life embroiled in scandal—from tax fraud to those infamous “Bunga Bunga” parties. – ​Forbes – Taxes ​Read More  

Tax Notes reporter Alexander Rifaat discusses the tax implications of the recently passed debt ceiling bill and gentleman’s agreement over IRS funding. – ​Forbes – Taxes ​Read More  

The Build It In America Act addresses rising interest expense rates, the need for an immediate expensing of R&E, and maintaining 100% bonus depreciation. – ​Forbes – Taxes ​Read More  

Joseph J. Thorndike examines Jimmy Carter’s tax policy stumbles during his presidential campaign. – ​Forbes – Taxes ​Read More  

There are no tax charges, but there are still lessons here for taxpayers. When it comes to the IRS, the coverup is often worse than the crime. – ​Forbes – Taxes ​Read More  

The European Union is planning to introduce new rules that will substantially broaden tax and customs compliance obligations for e-commerce platforms. – ​Forbes – Taxes ​Read More  

The IRS typically assesses a penalty when you owe taxes or haven’t filed a tax return. – ​Forbes – Taxes ​Read More  

Shortly after the announcement, Rep. John Garamendi (D-CA) teed up legislation that would strip the PGA Tour of its tax-exempt status. – ​Forbes – Taxes ​Read More  

Reps Malliotakis (R-NY) and Steel (R-CA) have introduced the Working Families Tax Cut Act to increase the standard deduction; CTC expansion would help more. – ​Forbes – Taxes ​Read More  

Marie Sapirie considers whether the IRA’s tax credit transfer provision will be as hastily revoked as the 1981 safe harbor leasing provision of the ERTA. – ​Forbes – Taxes ​Read More  

California taxpayers are receiving CP14 balance due notices on taxes that are not due until October 16, 2023. – ​Forbes – Taxes ​Read More  

Message to GOP presidential candidates: A 30% national sales tax is not the cure for our horrific tax code and an abusive IRS. – ​Forbes – Taxes ​Read More  

A group of U.S. Representatives have introduced the American Family Act, which make the previously expanded and improved monthly child tax credit permanent. – ​Forbes – Taxes ​Read More  

The change, which is reflected in section 55 of the Tax Code, imposes a 15% minimum tax on the adjusted financial statement income of large corporations. – ​Forbes – Taxes ​Read More  

We’ve lost a great economist and a champion for Black equality, and for all working people. – ​Forbes – Taxes ​Read More  

Tax Notes contributing editor Robert Goulder comments on recent calls for a bipartisan commission on the federal government’s long-term budgetary issues. – ​Forbes – Channel Feed ​Read More  

Not only will lawmakers have to refight the debt limit battle, but they’ll have to do so with the fate of trillions of dollars of tax increases at stake. – ​Forbes – Taxes ​Read More  

Tax Analysts’ chief economist Martin Sullivan provides an overview of the state of the economy and how the recent debt limit bill could affect it. – ​Forbes – Channel Feed ​Read More  

I prompted Bing’s ChatGPT to write blog posts on “trader tax benefits” and “trader tax status.” See my comments in yellow highlight. I also used Grammarly. – ​Forbes – Taxes ​Read More  

Nana Ama Sarfo discusses how a recent IMF paper on anti-money-laundering measures and tax crimes is important for tax compliance and domestic revenue mobilization. – ​Forbes – Taxes ​Read More  

Former LNG exec Meg Gentle says it’s serious and some smart money, including from Porsche and Baker Hughes, agrees with her. – ​Forbes – Taxes ​Read More  

Irresistible impulse to use the Tax Code as the Swiss Army Knife of social policy while refusing to be serious about funding IRS enforcement. – ​Forbes – Taxes ​Read More  

President Biden says the Constitution’s 14th Amendment might avoid future debt crises. Why does this anti-slavery Amendment from 1868 have a potential debt limit role? – ​Forbes – Taxes ​Read More  

Former IRS Commissioner David Kautter, now with RSM, discusses the recently released report on the feasibility of an IRS-run direct file program. – ​Forbes – Taxes ​Read More  

It would reduce that spending authority in fiscal year 2024 then increase it by 1% annually from 2025-2029. – ​Forbes – Taxes ​Read More  

I have a similar scenario I’ve been dealing with for about 2 years. – ​Forbes – Taxes ​Read More  

Federal law requires U.S. citizens to file tax returns and to report worldwide income, and to declare foreign bank accounts and other assets. Penalties are steep. – ​Forbes – Taxes ​Read More  

The bill would reduce the deficit about $1.5 trillion over the next decade. – ​Forbes – Taxes ​Read More  

If you are an American taxpayer who lives and works out of the U.S., you have about two more weeks to file your 2022 federal income tax return. – ​Forbes – Taxes ​Read More  

A German lawyer widely regarded as the mastermind of a massive tax fraud scheme has been sentenced to an additional eight years and three months in jail. – ​Forbes – Taxes ​Read More  

The IRS admits its audit selection process makes Black taxpayers up to five times more likely to be selected. Lawmakers call for swift reform to the agency’s policies. – ​Forbes – Taxes ​Read More  

Most people are looking through the rearview mirror when it comes to taxes. Proactive tax planning can save business owners millions of dollars over their working lives. – ​Forbes – Taxes ​Read More  

Carrie Brandon Elliot reviews the comments questioning the tax book value method for characterizing remittance income in reg. section 1.861-20. – ​Forbes – Taxes ​Read More  

While your state’s 529 Day promotion may be tempting, there could be better options for you and your family. As always, it’s best to understand the pros and cons of each. – ​Forbes – Taxes ​Read More  

After a few days of speculation about the debt ceiling agreement between President Joe Biden and House Speaker Kevin McCarthy, we finally have the details. – ​Forbes – Taxes ​Read More  

The bill will rescind $21 billion in IRS funding. Some Republicans want deeper cuts, especially to funding those 87,000 new IRS agents. – ​Forbes – Taxes ​Read More  

With the significance of honoring the fallen, it is important to remember how we can help these “Gold Star Families”, a term coined during World War I. . – ​Forbes – Taxes ​Read More  

A new Netflix documentary has rekindled interest in the late Playboy model who almost walked away with $475 million from her 90-year-old husband, J. Howard Marshall. A look back at the tabloid tale that made its way to the Supreme Court—twice. – ​Forbes – Taxes ​Read More  

If you own a small business, you must follow record-keeping rules and if for no reason at all it is to save on attorney fees during an audit. – ​Forbes – Taxes ​Read More  

Effective January 1, 2023 if you are age 70-1/2 or older, you can distribute up to $50,000 from your traditional IRA directly into a charitable remainder trust or gift… – ​Forbes – Taxes ​Read More  

Powered by advances in artificial intelligence and natural language processing, it is poised to revolutionize how charities assist donors in making effective giving de… – ​Forbes – Taxes ​Read More  

Though no major tax legislation has recently been passed, federal income tax payments are skyrocketing. – ​Forbes – Taxes ​Read More  

Tax Notes contributing editors Robert Goulder and Joseph J. Thorndike examine the looming debt ceiling crisis and its likely effect on the IRS’s budget, all in five minutes. – ​Forbes – Taxes ​Read More  

Tax Notes reporter Andrea Muse provides an update on the state and federal lawsuits challenging Maryland’s digital advertising tax. – ​Forbes – Taxes ​Read More  

Do you know NQSOs from ISOs? AMT from FICA or NIIT? What’s the deal with RSUs, PSUs, ESPPs, and SARs? Here’s a fun guide to the many abbreviations of stock compensation. – ​Forbes – Taxes ​Read More  

The IRS recently issued updates about filing and processing returns, including time frames for refunds and payroll return adjustments (largely for ERCs). – ​Forbes – Taxes ​Read More  

The number of interconnected factors includes your retirement age, the return you can safely earn on savings, your assets, debts, earnings, federal and state taxes, future Social Security, housing costs and plans, your marital status, your spouse’s earnings and assets, and … Fortunately, econom… – ​Forbes – Taxes ​Read More…

Ryan Finley explains that section 482’s drafting problems would require major revisions to solve, and he offers some suggestions for how to do it. – ​Forbes – Taxes ​Read More  

As most people see it, there is not much in the way of incorporated territory since Alaska and Hawaii became states in 1959. – ​Forbes – Taxes ​Read More  

Don’t let Congress and the IRS determine your IRA distribution schedule. Use the strategies that reduce your lifetime income taxes. – ​Forbes – Taxes ​Read More  

Employers are demanding more in-office time from employees. But office occupancy data and other numbers reflect conflicts over working from home. – ​Forbes – Taxes ​Read More  

The IRS does not need to notify third parties when requesting a summons for banking records in collection matters. That was the decision of the Supreme Court in Polselli v. Internal Revenue Service. – ​Forbes – Taxes ​Read More  

The IRS does not need to notify third parties when requesting a summons for banking records in collection matters. – ​Forbes – Taxes ​Read More  

The IRS has announced more cost-of-living adjustments—the changes affect HSAs, HDHPs, and HRAs. – ​Forbes – Taxes ​Read More  

Tax Notes contributing editor Robert Goulder asks whether the GOP’s tax pledge has any life left in light of the Limit, Save, Grow Act of 2023. – ​Forbes – Taxes ​Read More  

It’s not hard to see why AI could be both useful and dangerous. Fraudsters are using AI to create letters to compel taxpayers to take certain actions. – ​Forbes – Taxes ​Read More  

With advances in artificial intelligence and natural language processing, tools like ChatGPT are set to revolutionize how donors to research and plan their charitable … – ​Forbes – Taxes ​Read More  

Professors Bridget Crawford and Victoria Haneman discuss the estate and gift tax and how it could apply to the gifts received by Supreme Court Justice Clarence Thomas. – ​Forbes – Taxes ​Read More  

To an accountant who thinks in double entry Brian’s theory doesn’t even make good nonsense. – ​Forbes – Taxes ​Read More  

As employers scrambled to keep workers employed, questions arose about how those solutions—including stipends and reimbursement plans—would affect employees. – ​Forbes – Taxes ​Read More  

When a debt you owe is canceled or discharged, the tax code treats the wiped-out debt as cash income to you that you must report. If you owe $500,000 to the bank, but the bank forgives it, it’s as if the bank just handed you $500,000 so the IRS wants…

Nana Ama Sarfo reviews the European Business Tax Forum’s latest Total Tax Contribution study, which argues that multinationals may need to play a larger role in driving carbon tax policy. – ​Forbes – Taxes ​Read More  

Education is expensive and costs are rising faster than inflation. The good news is that we can offset some of that cost by reducing our taxes. – ​Forbes – Taxes ​Read More  

“Free” online services are not genuinely free as the service provider receives non-monetary remuneration from the user in the form of personal or location data. – ​Forbes – Taxes ​Read More  

The Social Security Administration has announced the most popular U.S. baby names of 2022 based on applications for Social Security cards. Did your name make the list? – ​Forbes – Taxes ​Read More  

This proposal may not have any greater chance of success than when it was first proposed back in 2021. Even so, it is worth reviewing what you can do to lock in the more favorable gift and estate tax treatment today just in case. – ​Forbes – Taxes ​Read More…

More than two thirds of the GOP’s proposed spending cuts would likely be imposed on less than one sixth of the federal budget. – ​Forbes – Taxes ​Read More  

A Colorado homeowner discovered that her new house came with walls full of snakes. Mitigating that damage will be expensive—but is it also tax deductible? – ​Forbes – Taxes ​Read More  

Our nation is facing a significant shortfall in young people entering the workforce as accountants The difficulty of hiring new accountants is a serious problem for both CPA firms and the IRS. CPA firms need to think creatively for solutions – including looking overseas for professional talent. – ​Forbes -…

On Tuesday, President Joe Biden tweeted out an infographic that suggested that Congress should cut “Tax Loopholes That Help Wealthy Crypto Investors ($18 billion)” – ​Forbes – Taxes ​Read More  

Roth IRA Inheritance Rules differ for owning and contributing to a Roth IRA versus a traditional IRA or 401(k) plan. How to make the most of an inherited ROTH IRA and the new rules you need to know about today. – ​Forbes – Taxes ​Read More  

Calls for cities to become “playgrounds” for the affluent ignore urban structural and equity problems and won’t solve city problems. – ​Forbes – Taxes ​Read More  

With Tax Day in the rearview mirror for some, fingers are crossed that IRS processing times may be getting back to normal. Here’s what you need to know about returns, refunds, and notices. – ​Forbes – Taxes ​Read More  

To help taxpayers resolve outstanding issues and solve problems, the IRS will open IRS Taxpayer Assistance Centers (TACs) on Saturday, May 13, 2023. – ​Forbes – Taxes ​Read More  

The new Chairman of the House Ways and Means Committee Jason Smith (R-MO) recently held a hearing on charitable hospitals. His hearing looked at the fundamental question of whether we should be asking charitable hospitals to act charitable. Area of possible bipartisan reform? – ​Forbes – Taxes ​Read More  

The Goldman settlement for $215 million avoids much of the ambiguity, and unfairness, typical of settlement taxation. – ​Forbes – Taxes ​Read More  

The pass-through entity tax (PTET) is a valuable tax credit many high-income California business owners need to get. Could you use this tax planning strategy to pay fewer taxes in 2023? – ​Forbes – Taxes ​Read More  

Tax Notes reporter Andrew Velarde discusses the penalty dispute in Farhy v. Commissioner and the case’s implications for other penalties and future refund decisions. – ​Forbes – Taxes ​Read More  

If the country avoids breaching the debt limit in the next few months, you may not have Wall Street volatility to thank. Instead look to Main Street. Those businesses have enormous influence on their members of Congress. – ​Forbes – Taxes ​Read More  

The IRS has filed federal liens against Zolciak-Biermann and her husband, former NFL outside linebacker Kroy Biermann, in excess of $1.1 million. – ​Forbes – Taxes ​Read More  

The United States Department of Justice has filed a complaint seeking to bar nine Florida tax return preparers and their associated business from assisting in preparing federal income tax returns for others. – ​Forbes – Taxes ​Read More  

The line between having a hobby and running a business can be confusing, but knowing the difference is important and can save you money. Hobbies and businesses are treated differently when it’s time to file a tax return. And the IRS watches this line carefully, with frequent audits. – ​Forbes…

If you bought TurboTax online filing products between 2016 and 2018, check your email—you might be entitled to a settlement payment. – ​Forbes – Taxes ​Read More  

Marie Sapirie examines the numerous pieces of tax legislation under consideration in Congress, arguing that although most of them probably won’t pass this year, they are worth paying attention to because similar proposals are likely to come up again. – ​Forbes – Taxes ​Read More  

Today’s Social Security column addresses questions about how continued work might be able to increase retirement benefit rates, how survivor’s benefits are calculated and how a non US citizen might be eligible for US Social Security benefits. – ​Forbes – Taxes ​Read More  

PacWest and other regional banks with large commercial real estate holdings (CRE) are under increasing pressure, as working from home reduces values of CRE. – ​Forbes – Taxes ​Read More  

Taxpayers Roy A. Nutt and Bonnie W. Nutt electronically filed a petition in Tax Court to contest a Notice of Deficiency from the IRS. But a time zone snafu resulted in a dismissal. – ​Forbes – Taxes ​Read More  

The White House has announced plans to ask crypto miners to pay a premium for energy consumption. – ​Forbes – Taxes ​Read More  

House Republicans have, at least temporarily, redefined what they mean by a tax increase. – ​Forbes – Taxes ​Read More  

Joseph J. Thorndike considers whether the IRS’s funding boost could be on the chopping block during President Biden’s debt ceiling discussion with House Republicans. – ​Forbes – Taxes ​Read More  

Republicans will either need to abandon their attempt to extract meaningful policy concessions in exchange for a debt limit increase or offer President Biden a short-term increase that creates room for a realistic negotiation process. – ​Forbes – Taxes ​Read More  

Operation SpecTor, a coordinated international effort, represents the most funds seized and the highest number of arrests in any coordinated international action led by the Justice Department against drug traffickers on the dark web. – ​Forbes – Taxes ​Read More  

A group of Senators is urging the IRS to take action on the potential use of artificial intelligence (AI) in scams targeted at taxpayers and tax professionals. – ​Forbes – Taxes ​Read More  

A Louisiana man was sentenced to 10 years in prison for money laundering related to a fraudulent scheme involving Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) Program loans. – ​Forbes – Taxes ​Read More  

Professor Kathleen Claussen of Georgetown Law discusses how the proposed regs for the new clean vehicle tax credit affect the EU and other countries without a free trade agreement. – ​Forbes – Taxes ​Read More  

Florida storm victims now have until Aug. 15, 2023, to file federal individual and business tax returns and make tax payments. The IRS is offering relief to any area designated by the FEMA as a result of tornadoes, severe storms and flooding from April 12 to 14. – ​Forbes -…

If you’re thinking more about living outside the banking system, here’s what you need to know about tax and related requirements. – ​Forbes – Taxes ​Read More  

Joseph J. Thorndike examines how increased complexity, a long-standing problem plaguing the federal tax system, was exacerbated by the expansion of the income tax during World War I. – ​Forbes – Taxes ​Read More  

Today’s Social Security column addresses questions about what how spousal benefits are calculated based on the worker’s benefit rate, effects on spousal benefits when the worker files early and eligibility for survivor’s benefits. – ​Forbes – Taxes ​Read More