In the latest episode of Tax Notes Talk, Abdul Muheet Chowdhary of South Centre, an intergovernmental organization of developing countries, talks about how the U.N. Committee on Experts on International Cooperation in Tax Matters could be more transparent and effective for developing countries. The post has been edited for length and clarity. Nana Ama Sarfo: Abdul,
Taxes
I recently wrote about how the IRS taxes legal malpractice settlements. I said a legal malpractice settlement should be tax free for an underlying physical injury case, where damages would have been tax free in the underlying physical injury case. Shortly thereafter, the Tax Court decided Blum v. Comm’r, T.C. Memo. 2021-18. Its harsh taxable
When it comes to taxes, the good news is that we all have until May 17th to file and pay our federal income taxes. (Your state income tax deadline may be a different story.) Parents can also qualify for the higher child tax credit. The bad news is there isn’t much you can really do
By Doug Sheppard, Tax Notes State commentary editor Being the first American rock band of perhaps thousands to cover a reggae song would have to be considered a major milestone — if not something to brag about. If one knew that they were breaking new ground, that is. Informed years later that Brownsville Station’s 1973
How you prepare your taxes could help others make sense of your estate. Piecing together a person’s financial holdings when you don’t know where to start can be almost impossibly overwhelming. Let’s say you have to look after a parent suffering from diminished capacity, or are in charge of the affairs after a person has
Today’s column addresses questions about ‘switching’ from a retirement benefit to a spousal benefit, filing retroactively and then immediately suspending and what benefits might be available on records of ex spouses. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc, which markets Maximize My
This year’s tax filing deadline hasn’t exactly been smooth. It seemed that the April 15 deadline would stick, but then the IRS extended it to May 17. But that didn’t cover everything, notable the April 15 estimated tax payment deadline! What’s more, don’t forget about FBARs either, as that deadline was not extended. The IRS
The Trump tax reform conspicuously targeted high-tax Democratic states. Now that they’re in control, some Democrats have made undoing the damage a priority. New York Governor Andrew Cuomo has always been more reluctant than other Empire State Democrats to soak the rich—just last summer he warned that raising taxes on the state’s billionaires would mean
While the IRS extended the tax return deadline to May 17, it kept the usual April 15 date for the first quarterly estimated tax payment of 2021. This is awkward for the many people planning to base 2021 estimated taxes on 2020 income reported in their Form 1040 tax returns. How are you supposed to
Wondering where your tax refund is? In its Covid-19 operations update, the Internal Revenue Service has added an explanation for why in many cases it’s taking longer than the typical 21 days to process tax refunds for individual taxpayers. We’re talking about tax returns filed for the 2020 tax year during the 2021 tax season