Taxes

The IRS has given New York winter storm and snowstorm victims until May 15, 2023, to file various federal individual and business tax returns and make tax payments. The relief applies to any area designated by FEMA as a result of storms that occurred between Dec. 23 and Dec. 28, 2022. This means that individuals

As we enter tax season 2023, you may wonder how long you should keep your old tax returns and other paperwork associated with filing your taxes. For those with hard copies of your taxes, you might wonder if you can scan them. Or do you need to keep hard copies? Keep reading as we share

What’s on your desk right now? If you’re a tax professional, chances you have a monitor or two (or three) alongside a computer and, for the old-school among us, a well-worn, dog-eared tax reference book. Depending on the time of day, there may also be a cup of coffee, an energy drink, and maybe a

The revenue provisions of President Biden’s fiscal year 2024 budget would lower after-tax incomes by an average of about $2,300 next year, according to a new analysis by the Tax Policy Center. His plan would raise average after-tax incomes for low-income households in 2024, leave them effectively unchanged for middle-income households, and lower after-tax incomes

The IRS has given victims of severe winter storms, flooding, landslides and mudslides in California that began March 9, 2023, until Oct. 16, 2023, to file various individual and business tax returns and make tax payments. Following the disaster declaration issued by FEMA, individuals and households affected by severe winter storms, flooding, landslides and mudslides

The 27,000 Americans with more than $10 million of income have lower average federal income tax rates than the 580,000 Americans with income between $1 million and $10 million. And though the share of federal income tax revenue from taxpayers with income in the top percentile rose from 33.2 percent in 2001 to 42.3 percent

The IRS is again warning taxpayers about phishing and smishing schemes as part of this year’s Dirty Dozen. Dirty Dozen The “Dirty Dozen” is an annual list of common scams taxpayers may encounter. Many of these schemes peak during tax filing season as people prepare their returns or hire someone to help with their taxes.

Kyle Pomerleau of the American Enterprise Institute discusses the Biden administration’s fiscal 2024 budget and examines how the tax proposals play into the administration’s wider political agenda. 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

Most legal settlements are taxable, even for a devastating fire loss. That grim fact can be an unpleasant surprise to fire victims and seems particularly unfair. There are federal tax bill pending that if passed, could make certain fire lawsuit recoveries nontaxable. The proposed federal bill was introduced in 2022 by Congressmen Doug LaMalfa (R

The IRS rolled out a first look at this year’s Dirty Dozen, and there’s a new—but not surprising—entry: improper claims involving Employee Retention Credits, or ERC. Dirty Dozen The “Dirty Dozen” is an annual list of common scams taxpayers may encounter during the year. Many of these schemes peak during tax filing season as people