In this episode of Tax Notes Talk, Martin A. Sullivan of Tax Notes and Tynisa Gaines, an enrolled agent, discuss the tax provisions of the new coronavirus relief package and its impact on the economy and the tax community. David Stewart: Welcome to the podcast. I’m David Stewart, editor in chief of Tax Notes Today International. This week: tax
Taxes
Economists hate cliffs. Not, not the Thelma and Louise kind, but the idea that tax subsidies and other government supports end abruptly. Their fear: If by making an extra dollar of income you lose thousands in tax cuts or other benefits, you will do whatever you can to avoid making that extra dollar, including working
What do baseball and tax season have in common? Both return in March and errors can be painful. The potential for confusion and mistakes on tax returns looms especially large when you have shares acquired from an employee stock purchase plan (ESPP), whose basic taxation is already confusing enough. ESPP reporting even confuses experienced accountants, financial
After passing President Biden’s $1.9 trillion American Rescue Plan, Congress is beginning to move on enacting the rest of his “Build Back Better” recovery agenda. This next bill presents a unique opportunity to finally fund long-neglected public investments in infrastructure and scientific research that lay the foundation for robust economic growth. But at a time
An unresolved issue in the OECD’s base erosion and profit-shifting 2.0 reform project is when and how countries will remove their unilateral digital tax measures once a solution is brokered. The OECD has made it clear that inclusive framework members are expected to revoke unilateral measures and refrain from introducing new ones when that time comes. Yet after
The recently passed American Rescue Act brings some sorely needed relief to American families, especially for lower and middle-income households. One of the most valuable pieces of the legislation for these families is the new child tax credit. According to the Institute on Taxation and Economic Policy, about 80 million children live in households that
Today’s column addresses questions about potential effects of not having income for several years before filing at 70, how extra money can affect Supplemental Security Income benefits and receiving benefits for a year before withdrawing and repaying them and refiling later. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and
As many individuals rejoiced to see the Form 1040 due date extended from April 15, 2021, to May 17, 2021, it is important to understand what the extension applies to and whether you will get the relief you expect. As highlighted above, the IRS extension only applies to 2020 federal income tax filings for individuals. For
As we enter the middle of Tax Season 2021, I’m hearing a lot of people asking the following questions about their mortgage interest, “Can I still deduct my home equity line of credit? Should I refinance to make it tax-deductible again? How do I know if I can deduct the home equity line of credit
The days of widespread underreporting of income from online platform work are coming to a close, but the tax challenges for individual participants in the platform-based economy and the IRS are far from over. Many more gig economy workers will start receiving tax information reporting from the digital platforms they use than before because of