Taxes

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

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

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

Tax Notes chief correspondent Stephanie Soong Johnston recaps the historic agreement reached by the majority of the OECD’s inclusive framework countries on its two-pillar corporate tax reform proposal. This transcript has been edited for length and clarity.  David D. Stewart: Welcome to the podcast. I’m David Stewart, editor in chief of Tax Notes Today International. This week: two-pillar

Today’s column addresses questions about whether previous cost of living allowances apply when a survivor’s benefit is claimed, whether a foreign pension will reduce a spousal benefit and what disability benefits might change at 62. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc,

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

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

Today’s column addresses questions about effects go years with no income on Social Security benefit rates, how the family maximum that can be claimed on a single record can affect the distribution of benefits among multiple children and what happens to benefits when the recipient dies. Larry Kotlikoff is a Professor of Economics at Boston

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

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

Congressional Democrats are expected to include a broad expansion of traditional Medicare benefits— including dental, vision, and hearing—in a $3.5 trillion social spending bill they’ll consider later this year. The move would be the biggest expansion of Medicare since Congress added a drug benefit in 2003 and would go a long way toward improving the

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

People frequently tell me that they took a financial action at least partly “because it would save a few tax dollars.” Too often, a careful analysis of the situation reveals the action leaves them with fewer after-tax dollars. A classic case is the mortgage interest deduction. People often believe that owning a home with a

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

           I’ve finally been able to travel and have had the opportunity to hear from CPA firms, small and medium business owners and tax-exempt organization managers around the country about their outlook for jobs and growth.  Most of the news has been heartening as businesses and tax-exempts look to weather the economic storm caused by the

Andrew Dana, a partner with Parker Poe Adams & Bernstein LLP, discusses the Supreme Court case NCAA v. Alston; name, image, and likeness rights; and how both could affect taxation of college athletes. This transcript has been edited for length and clarity.  David D. Stewart: Welcome to the podcast. I’m David Stewart, editor in chief of Tax Notes

While President Biden has called climate change an existential threat, his proposals for addressing it remain modest relative to the enormity of the problem. In part, that’s because he’s taken off the table a carbon tax, the solution favored by many economists and climate experts. And one reason may be opposition from some in the

Today’s column addresses questions about a strategy to maximize a survivor’s benefit, whether SSA recalculates benefit rates due to continued SSA taxed income and whether the WEP applies to pensions based on totalization agreements. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc, which

On the heels of Clear Channel — a decision from the Maryland Court of Special Appeals upholding Baltimore City’s excise tax on billboards as not contravening the free speech protections guaranteed by the First Amendment — comes Lamar, in which the taxpayer contests a similar tax imposed by Cincinnati, and on the same grounds. The case is before the Ohio Supreme Court,

As we move into the summer months, many organizations trading in goods can take a period of reflection to assess how well their post-Brexit international supply chains have been working.  Current position For many, the run-up to the end of the Brexit transitional period on 31 December 2020 involved hasty preparations for the start of