Taxes

President Biden has used his budget proposal to Congress to position himself as a champion of Medicare and Social Security. Even before the budget’s official release, Biden took to the guest essay pages of the New York Times NYT to outline his plans to tackle Medicare’s looming insolvency. It’s good that the administration is at

Today’s Social Security column addresses questions about filing early to enable spousal benefits, whether to take divorced spousal benefits and when the Windfall Elimination Provision (WEP) applies to Social Security retirement benefits. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc. See more Ask

The magical application of Section 1202 for C corporation shareholders seems too good to be true, with millions of tax dollars being saved. However, after the significant corporate tax rate reduction passed in the Tax Cuts and Jobs Act, many S corporation shareholders are wondering why they are still being excluded from this worthwhile benefit.

The IRS has posted answers to frequently asked questions focused on whether certain costs related to nutrition, wellness, and general health are medical expenses that may be paid or reimbursed under a health savings account (HSA), health flexible spending arrangement (FSA), Archer medical savings account (Archer MSA) or health reimbursement arrangement (HRA). Background These answers

Today’s Social Security column addresses questions about when and how continuing to work can affect benefit rates, when widow’s benefits can be available and how timing can affect spousal benefit rates. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc. See more Ask Larry

Are you just getting ready to tackle your 2022 income tax return? You’ve got plenty of company. There’s about a month left in the current tax filing season, which opened on Jan. 23, 2023, and will run until April 18, 2023 and the most recent IRS data indicates that, as of March 10, 2023, the

Over the past few years, there has been an uptick in the number of taxpayers asking about married filing separately as a tax status. Some of the inquiries are because the status can be confusing, but others have focused on whether there was a benefit to switching status to claim certain pandemic-related benefits. Now that

It’s rare to find a Republican lawmaker who thinks highly of a new federal tax proposal. Enter Lindsey Graham from South Carolina. In recent days, the fourth-term senator has hinted that he may introduce a carbon-import tax. The proposal is billed as a clever way to stick it to Chinese polluters. According to some sources,

With the tax deadline just a few weeks ago—Tax Day is April 18—taxpayers are scrambling to finish and file their returns. One thing that may be causing some confusion this year? Cryptocurrency. While it’s not a new tax topic, conflicting advice about losses and different wording on Form 1040 are resulting in some head-scratching. Here

Tax Notes contributing editor Nana Ama Sarfo discusses digital services taxes and the OECD’s goal to solve related challenges through the pillar 1 multilateral convention. 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: the