Taxes

I just received two emails, which I copy below without identifying their authors. Both authors are keeping careful track, over time, of their projected Social Security benefits as reported on Social Security’s website. Both report projected benefits that are significantly lower than those projected earlier this year. In the first email, 58-year-old Joe (made up

Robert Goulder of Tax Notes and Sharon Katz-Pearlman of Greenberg Traurig discuss the ongoing friction between the United Nations and the OECD over the U.N.’s push to play a larger role in international tax policy. This transcript has been edited for length and clarity. Robert Goulder: Hello everyone, I’m Bob Goulder with Tax Notes. Welcome

Last month, IRS Commissioner Danny Werfel announced a series of taxpayer initiatives described as a “top to bottom review of enforcement work” at the IRS, thanks to increased dollars from the Inflation Reduction Act. The Act significantly boosted funding for the IRS, guaranteeing tens of millions of dollars over its operating budget for improvements and

The IRS today announced a withdrawal process for business owners/tax-exempt managers from their Employee Retention Credit (ERC) claims. The IRS has been taking a hard eye at ERC filings given the significant number of pop-up shop promoters that have been out there ringing the bell and engaged in aggressive marketing. In response to concerns about

In the News On July 3 the Internal Revenue Service warned taxpayers about a mailing that misleads them into believing they are owed a tax refund and includes contact information that does not belong to the IRS. The fraudulent letter requests cellphone numbers, bank account type and routing information, and Social Security numbers. These threats

With hours to go before the filing deadline, the IRS has further postponed tax deadlines for most California taxpayers to Nov. 16, 2023. “Further” is a key word—due to the winter storms that hit the Golden State earlier this year, the normal spring due dates had previously been postponed to Oct. 16, 2023. Impacted Taxpayers

The California Franchise Tax Board announced that most Californians have until November 16, 2023, to file and pay their tax year 2022 taxes to avoid penalties. The FTB made the announcement October 16, on the heels of an IRS announcement, the same day. The IRS announced that taxpayers affected by winter natural disasters in 55

Technology projects often end in disappointment, and in some cases, they lead to significant financial losses for the companies that undertake them. The statistics are grim: according to Gartner, between 55% and 75% of ERP projects end in failure, and McKinsey reports that 70% of digital transformation initiatives fall short of their intended goals. Tax

Tax season can be a stressful time for many individuals, especially high-income taxpayers. With complex tax laws and ever-changing regulations, it can be tempting to seek out shortcuts or schemes to minimize tax liability. One such scheme that has been gaining attention in recent years is the promotion of art donation deductions by certain promoters.

Earlier this year, the IRS got folks talking when it announced it was launching a pilot program for a free direct online tax filing service. Today, the IRS has confirmed that the program is moving forward for the 2024 filing season. Background As part of the Inflation Reduction Act, Congress tasked the IRS with delivering

Tax Notes reporter Elodie Lamer discusses the Business for Europe: Framework for Income Taxation (BEFIT) initiative, the European Commission’s latest plan to harmonize and streamline certain aspects of corporate taxation. 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

Online sports betting in New York added $727.4 million in tax revenues in the state’s fiscal 2022-2023 year—and it looks like the trend will continue into the first quarter of the current fiscal year, according to a report by State Comptroller Thomas P. DiNapoli. But not all news is good news. The New York State

Earlier today, the IRS announced that various tax filing and payment deadlines for most taxpayers in California were being further postponed to Nov. 16, 2023. State Tax Relief Now, the California Franchise Tax Board confirmed that most Californians have until November 16, 2023, to file and pay their tax year 2022 state taxes to avoid

The IRS further postponed tax deadlines for most California taxpayers to Nov. 16, 2023. In the wake of last winter’s natural disasters, the normal spring due dates had previously been postponed to Oct. 16. But in IR-2023-189, added another month. As a result, most individuals and businesses in California will now have until Nov. 16

Canada stands as the 9th largest e-commerce market, poised to reach a remarkable revenue of $55 billion by 2023. This dynamic market promises substantial growth, with an anticipated compound annual growth rate of 10.6%, potentially surging to a market volume of $83 billion by 2027. However, foreign e-commerce businesses entering the Canadian market must grapple

The IRS has announced tax relief for individuals and businesses affected by the terrorist attacks in the State of Israel. These taxpayers now have until Oct. 7, 2024, to file various federal returns, make tax payments, and perform other time-sensitive tax-related actions. Affected Taxpayers The relief is extended to any individual whose principal residence or

The IRS has announced tax relief for individuals and businesses affected by the terrorist attacks in the State of Israel. These taxpayers now have until Oct. 7, 2024, to file various federal returns, make tax payments and perform other time-sensitive tax-related actions. In Notice 2023-71, the IRS provided relief to certain taxpayers who, due to

I had a hard time figuring out how to respond to a piece by the Editorial Board of the Wall Street Journal – A Case of Tax Fraud – at the IRS (Agent backdated documents to punish legal deductions). They were referring to an IRS screwup that has gotten a good bit of coverage in

An IRS contractor, Charles Littlejohn, 38, of Washington, D.C., has pleaded guilty to disclosing tax return information without authorization. Littlejohn was initially charged on information on Sept. 29, 2023, with one count of disclosing tax return information without authorization. Generally, being charged on information means that a defendant has pleaded guilty and waived the right

The IRS has appealed the Tax Court’s second decision in Medtronic Inc. v. Commissioner, and the Eighth Circuit’s ruling will have major reverberations for a particularly high-stakes and litigation-prone area of tax law. In early September, the IRS wisely decided to appeal the Tax Court’s decision in Medtronic II, T.C. Memo. 2022-84. The appeal is