Taxes

Golf season is in full swing in parts of the U.S. — but a U.S. Senator is making golf news this week. Senator Ron Wyden (D-OR), the chair of the Senate’s finance committee, has introduced two bills targeting The PGA Tour and its tax-exempt status. The bills are called the Sports League Tax-Exempt Status Limitation

The past two months have made clear that President Biden’s approach to making higher education more affordable isn’t working. First, bipartisan majorities of both the U.S. House and Senate voted to block his debt cancellation policies. Then, shortly after Biden thwarted that effort with his veto pen, the Supreme Court ruled that his attempt to

Establishing a streamlined transfer pricing approach for baseline distribution — originally seen as the least controversial aspect of the OECD-brokered two-pillar global tax reform — has hit a roadblock that will be difficult to resolve. First proposed in a 2019 OECD consultation document, a project awkwardly dubbed amount B was announced as a kind of

A pandemic-related tax credit continues to be in the news—and the focus of IRS scrutiny. The Employee Retention Credit—or ERC—is a refundable tax credit for businesses intended to provide relief for companies that kept employees on the payroll during Covid-19. Unfortunately, it has also become a magnet for fraud. ERC Relief Here’s how the ERC

Patrick Urda of the United States Tax Court dives into the technicalities of charitable contributions of property in Janet R. Braen et.al. It is about deduction for a bargain sale of land to a municipal government. As is usual, the story behind the story is probably more interesting than the tax issues. Several dockets are

I have written recently that taxpayers need to beware of “too-good-to-be-true” pitches for the Employee Retention Credit (ERC) and that business owners need to be “eyes open” about whether they qualify for the ERC. The IRS just recently put forward a new announcement outlining warning signs for business owners and tax exempts for ERC scams.

Sen. Joe Manchin III, D-W.Va., is thinking about running for president — or at least people think he’s thinking about it. And Manchin clearly wants people to think that he’s thinking about it. Last week, Manchin appeared at a town hall organized by No Labels, an independent political organization claiming to speak for the “commonsense

Professor Hank Adler of Chapman University discusses the income realization requirement dispute in the transition tax case Moore v. United States before the Supreme Court, and its implications on the U.S. tax system. This transcript has been edited for length and clarity. David D. Stewart: Welcome to the podcast. I’m David Stewart, editor in chief

The risk of inflation is important when swapping real for nominal dollars. Rather than ending the fear of outliving your 401(k), QLACs can exacerbate it. The Wall Street Journal of July 23, 2023 included an article on QLACs — Qualified Longevity Annuity Contracts — with this, to me, eye-popping title, “A Retirement Tax Break That

The IRS continues to make progress on its inventory of tax returns, payments, refunds, and correspondence. However, some sectors are still experiencing delays. Here’s where things stand. The IRS says it has processed all paper and electronic individual returns received before April 2023, and they are opening mail within normal time frames. This means they