Getty “Taxes are what we pay for a civilized society.” That quote from Supreme Court Justice Oliver Wendell Holmes, Jr., can be found over the main entrance of the Internal Revenue Service office in Washington, D.C., noted Judge Robin Rosenbaum, writing for the Eleventh Circuit Court of Appeals. But, she added, “even Justice Holmes would
Taxes
United States Supreme Court official portrait on November 30, 2018, in Washington, DC. (Photo by Chip Somodevilla/Getty Images) Getty Images The Supreme Court issued a decision in North Carolina Department of Revenue v. The Kimberley Rice Kaestner 1992 Family Trust – and it’s unanimous. The Court ruled that a trust beneficiary’s residence is not sufficient
U.S. President Donald Trump gestures while speaking during a rally in Orlando, Florida, U.S., on Tuesday, June 18, 2019. Florida’s booming job market may be a key factor in the 2020 election. Photographer: Marco Bello/Bloomberg © 2019 Bloomberg Finance LP Since President Trump signed the big tax cut and reform act in December 2017, the
Rays could split home games between Tampa and Montreal under MLB plan (AP Photo/John Raoux) ASSOCIATED PRESS Earlier this afternoon, ESPN’s Jeff Passan broke the news that the Tampa Bay Rays could become a two-city team, playing the early portion of their season in Tampa and migrating north to Montreal for the hot months. Under
The Freedom From Religion Foundation is throwing in the towel in its struggle against the exclusion from taxable income granted to “ministers of the gospel”. Code Section 107(2) grants the exclusion: In the case of a minister of the gospel, gross income does not include— (1) the rental value of a home furnished to him as part of
Earlier this week, in a dark basement theater deep in New York’s Soho neighborhood, I debated Social Security in an Oxford-style debate sponsored by the libertarian Reason magazine. I was there to argue the affirmative in the following prompt: “Resolved: Given Social Security’s nearly $3 trillion trust fund, the system cannot add to the federal deficit.”
Getty The Internal Revenue Service (IRS) has issued additional guidance on state or local tax (SALT) cap workarounds, and there are no real surprises. The guidance largely puts an end to the benefits of those workarounds aimed at mitigating the consequences of SALT caps following the Tax Cuts and Jobs Act (TJCA). Under the TCJA,
What To Do While We Wait To See If The Stretch Provisions Are Gone! Getty Getty A great many conscientious tax lawyers and other professionals have spent countless hours learning how to allow IRA and pension accounts that are payable to trusts for children or other non-spouse beneficiaries to remain under the IRA or pension
Most people spend too much time worrying about things they can’t control or influence and not enough time on factors over which they have some influence. When considering retirement plans, many people think first about the investment markets, the future of Social Security and what Congress will do about taxes. They can’t influence any of