Taxes

Effective January 1, 2023 if you are age 70-1/2 or older, you can distribute up to $50,000 from your traditional IRA directly into a charitable remainder trust or gift annuity. The distribution will be excluded from your income, but if you are age 73 or older it will nonetheless count toward your Required Minimum Distribution.

The frustration of business owners with their federal income tax payments is palpable. Though no major tax legislation has recently been passed, federal income tax payments are increasing dramatically. With rising inflation, workforce shortages, and supply chain woes, businesses are coming face to face with the prospects of retraction and survival versus expansion and entrepreneurship.

Tax Notes contributing editors Robert Goulder and Joseph J. Thorndike examine the looming debt ceiling crisis and its likely effect on the IRS’s budget, all in five minutes. This transcript has been edited for length and clarity. Robert Goulder: You’ve heard the news by now: The federal government is just weeks away from hitting the

Tax Notes reporter Andrea Muse provides an update on the state and federal lawsuits challenging Maryland’s digital advertising tax. 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: getting crabby about digital ad taxes. As

As if texting shorthand wasn’t confusing enough (IKR?), when you have stock options, restricted stock units, or an employee stock purchase plan, you are plunged into an alphabet soup of initialisms, acronyms, and jargon. Do you know NQSOs from ISOs? AMT from FICA or NIIT? What’s the FMV at option exercise? Can you sell company

Are you still waiting to hear something from the IRS about the status of your tax return? The agency recently issued updates about filing and processing. Here’s what you need to know. According to the IRS, all paper and electronic individual returns received before January 2023 have been processed. Additionally, the agency claims it is

It will probably be a long time before Congress redrafts section 482, but it’s never too early to propose improvements to the flawed statute that authorizes Treasury’s transfer pricing regulations. The predecessor of what now appears in section 482 of the Internal Revenue Code was first introduced as section 45 of the Revenue Act of

This is an extremely tough question to answer on your own. The number of major, interconnected factors includes your retirement age, the return you can safely earn on savings, the inflation rate, your retirement accounts, your regular assets, your mortgages, student loans, and other debts, your earnings, your federal FICA and income taxes, your state

Last week I told you about alternative tax thinker Brian Swanson. Others might call Brian a tax protester, which is how Wikipedia refers to someone who claims the tax laws are unconstitutional or otherwise invalid. Less than an hour after I pushed publish I found that two of Brian’s cases had been closed out –

Congress expanded a tax trap for many owners of traditional IRA and 401(k) accounts when the SECURE Act 2.0 was enacted in December 2022. The law delayed the starting age for required minimum distributions (RMDs) to age 73, effective January 1, 2023. The starting age will jump to 75 effective January 1, 2033. If you