Litigation is time-consuming and expensive. It is therefore no surprise that most litigation concludes, not by trial, but rather through the parties agreeing to settle their differences through execution of a settlement agreement. Each settlement agreement is different. In most instances, however, a standard agreement will address payment by one party to another party in
Taxes
The U.S. Supreme Court will soon hear oral arguments in a case that raises a question most people have likely never even considered: Can your income be taxed before you receive it? The answer is usually no, but sometimes it’s yes. This is an important question because if Congress cannot tax income before it’s received,
Senate Finance Chairman Ron Wyden (D-Ore.) and U.S. Representative Earl Blumenauer (D-Ore.) have reintroduced legislation to put a stop to federal alcohol taxes on kombucha companies. If you’re not a regular kombucha drinker, chances are that you’ve seen it for sale in Whole Foods stores—or on tap in your favorite cafe. Kombucha is a fermented
Rafael Ramos, of Orlando, Florida, was sentenced to 27 months in prison for promoting a scheme to file false documents with the IRS to fraudulently obtain large tax refunds. Ramos pleaded guilty on Sept. 5, 2023, to conspiring to defraud the United States, filing a false tax return for himself, and aiding and assisting in
As housing prices continue rising, even in the face of high interest rates, there are many calls to increase housing construction. But some voices, including on the progressive left, oppose development, wrongly saying it won’t help affordability. What is the source of this “supply skepticism”—a belief that increased housing supply won’t affect prices? There’s no
The IRS, together with its Security Summit partners in state tax agencies and the nation’s tax industry, is reminding taxpayers and tax professionals to take extra steps to protect their financial and tax information during the holiday season. During this time of year, the agency warns, people face the heightened risk of identity theft as
In a recent case, the Tax Court again considered whether the 90-day time period to file a deficiency petition in the Tax Court is jurisdictional in nature. This is not the first time that the Tax Court has been called to answer this question in the wake of Supreme Court cases that have sought to
As another year comes to a close, families are again waiting to see if Congress will expand the Child Tax Credit (CTC). Although the CTC is a key income support program for families with children, about 19 million of the lowest income children get less than the maximum $2,000 per child because their families earn
Wally Hellerstein of the University of Georgia Law School discusses the emerging state guidance for taxing cryptoassets. This transcript has been edited for length and clarity. David D. Stewart: Welcome to the podcast. I’m David Stewart, editor in chief of Tax Notes Today International. This week: State of crypto. The emergence of cryptocurrency and NFTs
State tax coffers in California keep climbing. The California Department of Tax and Fee Administration (CDTFA) has reported cannabis tax revenue for the third quarter of 2023. As of November 16, 2023, total cannabis tax revenue from third-quarter returns is $269.3 million. This includes California’s cannabis excise tax, which generated $156.9 million, and $112.4 million in