Taxes

With concerns about banks constantly in the news—most recently, the Federal Deposit Insurance Corporation (FDIC) confirmed that First Republic Bank FRC had been seized by regulators—some in the U.S. are eying alternatives to keeping their savings in banks. For some, the answer is obvious: rely on cash in hand. I get it. After my great-grandmother’s

Some of the most intractable problems plaguing the federal tax system have been around for a long time. Complaints about complexity, for instance, appeared before Congress even finished drafting the modern income tax in 1913. “I guess you will have to go to jail,” wrote Sen. Elihu Root to a correspondent while the bill was

Today’s Social Security column addresses questions about what how spousal benefits are calculated based on the worker’s benefit rate, effects on spousal benefits when the worker files early and eligibility for survivor’s benefits. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc. See more

Insurance bad faith lawsuit recoveries can be significant, dwarfing the underlying dispute. By definition, a bad faith case comes out of an underlying dispute or accident. That duality can make the tax treatment of insurance bad faith recoveries especially tricky. However, it can also invite tax planning. If the underlying incident was a physical injury

This is among the worst Social Security horror stories I’ve encountered in years of writing about Social Security’s financial abuse of everyday Americans. Everyone thinks Social Security is our country’s finest public policy with superbly dedicated and fully trained staff. That ‘s until they get a bill in the mail, often massive, to repay Social

Professor Samuel Brunson of Loyola University Chicago discusses social media tax scams highlighted in the IRS’s 2023 “Dirty Dozen” list of scams and how to spot this misinformation. 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.

You can see where this is going. As the US gets ever closer to hitting its borrowing limit sometime this summer, Congress is stumbling towards its usual off-ramp: Finding a way to continue borrowing while avoiding the hard choices needed to reduce deficits and slow the growth of the ever-increasing debt. At the moment, at

Living and investing overseas can create advantages when it comes to your U.S. tax burden. To benefit from those advantages and avoid costly mistakes, you need to understand how U.S. tax rules apply to expat Americans. Here’s an overview of things to know to help you stay compliant with the IRS and also capitalize on

Gen Z and millennials are living clean, and apparently it’s not good for state coffers. In March, Bloomberg reported that the U.K. government has missed out on billions of pounds in revenue from alcohol and tobacco sin taxes over the years because young Brits are choosing to smoke and imbibe less than previous generations. The

The dispute between certain owners of interests in low income housing projects and not for profit sponsors has taken an ugly turn. AMTAX Holdings 227, LLC has filed suit in the United States District Court for the Southern District of New York against accounting firm CohnReznick LLC. CohnReznick is a top twenty firm. According to