Taxes

The US Capitol building is seen on a cold and sunny winter day as Congress is in session in … [+] Washington on December 29, 2020. – US President Donald Trump lashed out at the Republican leadership in Congress on Tuesday as he faces a humiliating first veto override in the final days of his

In this installment of In the Pages, Tax Notes International contributing editor Robert Goulder sits down with Kim Clausing, incoming professor at the University of California, Los Angeles, School of Law, to discuss the lessons in her recent Tax Notes article, “5 Lessons on Profit Shifting From U.S. Country-by-Country Data.” About the Guests  Robert Goulder is a contributing editor for Tax Notes International.

With the Consolidated Appropriations Act, 2021 (the Act) finally signed into law, we can start to take a deep dive into the more impactful changes found within the 5,500-page piece of spending and stimulus legislation. We may have jumped the gun a bit in publishing Part 1 of this two-part series on the expanded Employee

getty The Roth IRA is one of the most powerful tax and retirement planning tools available, yet it is misunderstood and often misused. Many financial advisors have labeled 2020 as the best time to convert all or part of an IRA. Income taxes, and the cost of converting an IRA, might never be lower in

For many organizations trading in goods, the run-up to 31 December 2020 involved hasty preparations for the end of the Brexit transitional period and the start, from 1 January 2021, of the UK’s new international trading relationships. This article highlights some areas that can be focused on in 2021 to improve import taxes positions. Taking

Most of us could use some good news these days, so here is a little. Two highly controversial tax bills pending in California appear to have died on the vine, at least for now. Technically, with the legislative session ending in the Golden State, they would need to be re-introduced to face a vote and

Economic Security Planning, Inc. Today’s column addresses questions about potential effects on Social Security benefit amounts of not returning to work before filing, when to file to receive the full 32% increase from delayed retirement credits and when it is and is not possible to file for spousal benefits only. Larry Kotlikoff is a Professor

getty Congress may still be debating the size of additional checks, but Treasury is already taking action to deliver a second round of Economic Impact Payments (EIPs, or stimulus checks). This second round of checks is part of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021, passed by Congress last week and signed

             The IRS just released its annual report (FY 2020) on the tax whistleblower program. Unfortunately, the award numbers are a significant change from just two years ago – where the IRS reported a ten-fold increase in whistleblower awards to $312 million for FY 2018. For FY 2020 – the amount of (pre-sequestration) awards to whistleblowers was markedly

As the nation awaits the President’s signature on the Consolidated Appropriations Act, 2021 – a 5,500 page spending and COVID stimulus bill – tax nerds march ahead undeterred, knowing that should that signature arrive, the need to undertake significant tax planning will be upon them before the ink is dry. UNITED STATES – DECEMBER 25:

UNITED STATES – DECEMBER 25: Metro DC Socialists hold a Christmas morning photo op for Santa to … [+] deliver coal to Congress while demanding a $2000 per month check on Friday, Dec. 25, 2020. (Photo By Bill Clark/CQ-Roll Call, Inc via Getty Images) CQ-Roll Call, Inc via Getty Images As President Trump golfs in

Three-dimensional synthetic works can be used in any design getty President-elect Joe Biden will have his hands full once he takes office in January. A lot of people are curious about whether he will invest political capital in trying to alter some of the income tax provisions introduced by the Tax Cuts and Jobs Act. Trying to

Congress just made the tax breaks for giving to charity better for 2021. getty There’s good tax news for charities and donors in the year-end spending package Congress passed yesterday. It includes two tax changes that can boost donors tax deductions for charitable giving, meaning they can give more to charity at a lower net

The Internal Revenue Service (IRS) has issued new standard mileage rates for operating an automobile for business, charitable, medical or moving purposes in 2021. The IRS has issued new lower mileage rates for 2021. getty New IRS Mileage Rates The new IRS mileage rates apply to travel starting on January 1, 2021. 56 cents per

Worker starts production of craft beer at a factory during covid-19 pandemic. getty After promising to work all night until an agreement was reached, U.S. senators passed a bill close to midnight Monday that grants permanent federal excise tax (FET) relief to brewers, distillers, winemakers and other alcoholic beverage producers. The Craft Beverage Modernization and

An IRS 1040 Tax Form with a pair of Handcuffs resting on the Tax Forms. getty A key to good tax practice is being able to explain things to clients and prospects. Consider this remark explaining difficult to understand promotional material: we know if we’re examined by the [IRS] they will ask for all promotion

getty The Internal Revenue Service (IRS) has issued its 2021 standard mileage rates. Beginning on January 1, 2021, the standard mileage rates for the use of a car, van, pickup or panel truck will be: 56 cents per mile for business miles driven (down from 57.5 cents in 2020) 16 cents per mile driven for medical or

Economic Security Planning, Inc. Today’s column addresses questions about withdrawing an application for a retirement benefit, filing for and then suspending a retirement benefit and whether and when divorced spousal benefits might be available. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc, which

Look, I’ve never been a particularly happy guy. But if there’s one thing that really gets me down, it’s everyone else being happy. That, I simply can’t have. It’s why, growing up outside of Philly, I rooted for the Eagles to get smoked every Sunday. It’s why whenever I leave my little ski town for

Can you deduct business expenses? Of course. But can you deduct them if you use forgiven PPP loan money to pay for them? Until now, the debate has raged, with the IRS saying multiple times “no way, no tax deduction.” But finally, Congress has come to the rescue and said that the whole point of