Most income is ordinary, including pay for services, interest, business profits, dividends, money for winning the lottery, and most other payments. But for generations, there’s been a big tax break for long-term capital gains, those held over a year. Assuming you get past one year, if you sell your house, car, crypto stockpile, Amazon AMZN
Taxes
As the partisan battle heats up over President Biden’s ambitious infrastructure plan—and the tax increases to pay for it—the fate of the package will largely be decided by who can best frame its tax hikes. Biden wants to raise taxes on corporations by about $2 trillion, excluding its “green energy” tax credits. The president and
My column in Tax Notes often defends the actions of the IRS. Being tasked with administration of the IRC is no small chore, particularly when Congress leaves the agency deprived of adequate funding. That being said, this week’s topic offers a critical observation on the IRS’s litigation position on the applicability of foreign and religious law for federal estate tax
Tax law prior to January 1, 2018 allowed you to defer capital gains taxes when you exchange one property with another similar property (also known as a Like-Kind exchange). Relying on this tax law and the murky crypto tax guidance that existed before 2018, some cryptocurrency holders applied like-kind exchange treatment to crypto-to-crypto trades and
In this installment of Willis Weighs In, Tax Notes contributing editor Benjamin M. Willis talks with Mark Oberstaedt and Ken Ahl, partners at Archer, about their help with a major taxpayer victory regarding foreign bank account report penalties. Here are a few highlights from their discussion, edited for length and clarity. Benjamin M. Willis: Today we’ll be discussing [foreign bank account
If you do not learn from your mistakes you are doomed to repeat them. In Estate Planning, if you do not learn from other’s mistakes, you are likely to repeat them. Mistakes in the Estate Planning of high profile celebrities is one very good way to learn the lesson of what not to do. Here are eight celebrity
DOJ is sending a message to tax professionals – particularly CPAs – who are involved in the syndicated conservation easement (SCE) industry. The message is “Be afraid. Be very afraid.” That is my reading of a recent press release about Georgia CPA Herbert E. Lewis indicted for SCE schemes involving fraudulent charitable contributions. DOJ releases like to lay
The Biden administration has released the Green Book, which details what they wish for as changes to the way income, and specifically capital gains are taxed. Here is a quick summary of the proposed changes: The top marginal individual income tax rate rises from 37% to 39.6%. The top individual income tax bracket begins at $452,700,
The ability of holding companies to recover VAT on costs incurred continues to be hotly contested by HM Revenue & Customs. As such, companies must plan in a careful and timely manner to protect their VAT recovery regarding refinancing, restructuring deal transactions, and ongoing operating costs. There have been several recent developments in UK and
Still haven’t received your tax refund for tax year 2020? There were nearly 12 million returns in processing, according to the latest Internal Revenue Service filing season statistics, as of June 11—20 business days after the May 17, 2021 filing deadline and. That’s double the amount of returns in processing eight business days after the