The U.S. Supreme Court said this week it won’t hear a case that could have changed how remote workers’ income is taxed around the country. But with the increase in work-from-home employees thanks in large part to habits formed during the pandemic, the issue of which state gets to tax the incomes of these workers
Taxes
by Tax Notes State Commentary Editor Doug Sheppard Growing up in a rural area of eastern Jamaica in the 1980s, the culinarily inclined Denvil Duncan dreamed of becoming an executive chef on a cruise ship. ADVERTISEMENT Inspired by a cousin who worked in that capacity on the luxurious barges that pulled into Jamaican ports, Duncan saw a future in the
Legal disputes come in all shapes and sizes, and there are almost always tax issues that face plaintiffs, defendants, or both. Plaintiffs receiving money worry if and how it is taxable, and whether they can deduct their attorney fees. Even without the complex rules governing qualified pension and retirement plans, the tax treatment of a
Today’s column addresses questions about how Social Security determines survivor benefit rates, how having a younger ex can affect filing options and benefit amounts and whether to claim retirement or widow’s benefits first. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc, which markets
John Sheeley couldn’t believe what he was hearing. He was listening to brand new IRS Commissioner Charles Rettig deliver a keynote address at a tax conference in the summer of 2019. Commissioner Rettig told the group of tax professionals that, in addition to the obvious staff shortages and budget cuts, another reason calls to the
While recent reporting may make it seem that all “rich” people are able to avoid paying taxes, I assure you there are plenty of high-income and high-net-worth people who feel like they are getting kicked in the nuts with substantial tax bills. There is a reason my phone blows up every year around tax season
Profitable traders are keen on maximizing retirement plan contributions in trading activities and also in their full-time jobs. Traders are pros at investing, and they understand the power of tax-free compounding while saving for retirement. However, wages are required to make contributions to a retirement plan. Active traders eligible for trader tax status (TTS) can use an S-Corp
Thanks to the Tax Cuts and Jobs Act enacted in 2017, use of donor-advised funds (DAFs) is soaring. They remain one of the best ways for many people to maximize the tax benefits of charitable giving. Contributions to DAFS increased by 80% from 2015 to 2019, according to the National Philanthropic Trust (NPT). Grantmaking from
The Eleventh Circuit has dealt a blow to the beleaguered syndicated conservation easement (SCE) industry in its decision upholding the Tax Court in TOT Property Holdings LLC v IRS. As I have noted elsewhere SCE is an industry based on nonsense. Investors buy into a partnership that has recently acquired a property. They then vote to donate an
Beginning in July, most families with children will receive up to $250 a month per child ($300 for children under 6). Those payments are advances of the Child Tax Credit (CTC), which was temporarily expanded in the American Rescue Plan (ARP). The CTC expansion and monthly advance payments should be extended past their scheduled expiration in 2021. But that’s