Taxes

COLUMBUS, OH – MAY 12: Shoppers explore a mostly empty mall. (Photo by Matthew Hatcher/Getty Images) Getty Images Should Congress manipulate the timing of business tax benefits to support firms in the midst of the COVID-19 economic slump? And if so, how? That debate may be the next big battleground as Congress begins to focus

Getty So, there’s some good news: The Internal Revenue Service (IRS) is processing paper tax returns. And then there’s some not-so-good news: The estimated backlog of unopened IRS mail stands at 11 million. That’s the report from Sunita Lough, IRS Deputy Commissioner for Services and Enforcement, and is consistent with statements made at the beginning

WASHINGTON, DC – APRIL 27: The Internal Revenue Service headquarters building appeared to be mostly … [+] empty April 27, 2020 in the Federal Triangle section of Washington, DC. The IRS called about 10,000 volunteer employees back to work Monday at 10 of its mission critical locations to work on taxpayer correspondence, handling tax documents,

Robinhood co-founders Vlad Tenev (L) and Baiju Bhatt (R) in 2015. Ben Margot/ASSOCIATED PRESS With additional reporting from Antoine Gara, John Dobosz and Jeff Kauflin Following the tragic suicide of a 20-year-old Robinhood trader after he saw a $730,000 negative balance in his account, the company’s founders released a statement pledging to tighten eligibility criteria,

Hundreds of unemployed Kentucky residents wait in long lines outside the Kentucky Career Center for … [+] help with their unemployment claims on June 19, 2020 in Frankfort, Kentucky. Getty Images Even as the economy begins to reopen, the coronavirus pandemic has left tens of millions of Americans in financial trouble. More than 44 million

It should be a last resort, but it’s easier than ever to break into your nest egg if you’ve been … [+] hurt by the coronavirus pandemic. Getty The Internal Revenue Service’s official guidance on Covid-19-related 401(k) and Individual Retirement Account loans and distributions is out, and it expands the list of who can qualify

TOPLINE Atlanta Fed President Raphael Bostic—the first Black president in the history of the central bank—wants policymakers to take action to address inequalities in the economy, he told Bloomberg in an interview; Bostic’s comments come amid a renewed push for the Fed, long viewed as the protector of the wealthy Wall Street elite, to do

Getty Just days ago, tax professionals were wondering whether the G20 would meet its 2020 deadline to reach an agreement on multinational taxation. We now have our answer: Treasury Secretary Steven Mnuchin has called for the suspension of the Organization of Economic Co-operation and Development (OECD) talks.  The official statement released by Monica Crowley, Treasury’s

Tifphani White-King Courtesy of Tifphani White-King In 2001 Tifphani White-King was a newly minted tax associate at Arthur Andersen, working out of New York City in the firm’s international tax practice. Her path to Andersen was mostly traditional — she’d studied economics at Columbia University as an undergraduate and went on to receive her law degree from St. John’s University in nearby Queens. But

A recent Maryland court case (Strashny v. Commissioner of Internal Revenue) filed on June 11, 2020 shows how your cryptocurrency holdings could work against you in applying for an installment plan with the IRS and how — contrary to popular belief — regulators have oversight over your cryptocurrency portfolio. Facts Of The Case The taxpayers in the

In the last week, the Small Business Administration has released a flurry of guidance — or what passes as guidance in this situation — governing forgiveness of Paycheck Protection Program loans, culminating this morning in the release of a new Form 3508 for borrowers to use in requesting said forgiveness. Piecemeal as the guidance has

Watch Benjamin Willis and Joseph Thorndike, contributing editors for Tax Notes Federal, discuss the Whiskey Rebellion, the first time the federal government used military force to quell a domestic uprising. Here are a few highlights… On federal military force and tax Joseph J. Thorndike: The very first time that the federal government used military force to put

TOPLINE Stocks jumped on Tuesday thanks to a record surge in retail sales last month, additional support from the Federal Reserve and hopes for more government stimulus. Retail sales jumped by a record 17.7% in May. Spencer Platt/Getty Images KEY FACTS The Dow Jones Industrial Average was up 2%, over 500 points, on Tuesday, while

A portrait of Nicki Howard Courtesy of Nicki Howard Nicki N. Howard is senior tax counsel for CSX Transportation Inc. Headquartered in Jacksonville, Florida, CSX is a rail carrier servicing states east of the Mississippi as well as portions of Canada. There have been a number of articles discussing why women are leaving tax. However, there is more to say

TOPLINE Stocks are jumping sharply Tuesday morning thanks to a record surge in retail sales last month, additional support from the Federal Reserve and hopes for more government stimulus. Stocks look set for a strong rally on Tuesday. Spencer Platt/Getty Images KEY FACTS The Dow Jones Industrial Average was up 3.1%, over 800 points, at

Getty As the numbers of those affected by COVID-19 continue to climb, the Internal Revenue Service (IRS) is providing guidance for employers whose employees take advantage of leave donation programs because of the COVID-19 pandemic. Typically, employer-sponsored “leave donation” programs allow employees who have accrued sick, vacation, or personal leave that they don’t need to

Autumn colors illuminated by alpenglow on previously burnt mountain. Getty In the second part of a two-episode series, Tax Notes legal reporter Kristen Parillo interviews Steve Small, one of the authors of the federal income tax regulations on conservation easements who is now in private practice, about the controversy surrounding the tax treatment of conservation easements. This

The Paycheck Protection Program is a key part of Congress’ virus relief, and it’s gotten way better. In late May, Congress passed a bill expanding the program in key ways, extending the tight 8 weeks covered by the law to 24 weeks. What’s more, Congress relaxed the rule that 75% of funds must go to

Getty So far, 117,000 Americans have died of Covid-19. The CDC projects Covid-19 deaths at 1,000 per day over the next month. At this rate, the Covid body count will be almost a quarter of a million by Election Day. President Trump declared himself the War President, suggesting he was going to lead us to

Economic Security Planning, Inc. Today’s column addresses questions about maximum rates for retirement benefits, the WEP and substantial covered earnings after 62, restricted applications and the 1/2/1954 deadline, when spousal benefits can be available and how they’re calculated and protective filing dates. Larry Kotlikoff is a Professor of Economics at Boston University and the founder