Taxes

Yes, I’ve known for months that my taxes are due by April 18. But I’m changing tax preparers. And I’m really busy at work. And there was the pandemic. And my return is really complicated. That sounds a bit like the IRS’s recent admission that it missed its February deadline to complete a business plan

Tax Notes legal reporter Nathan Richman talks with IRS Criminal Investigation Deputy Chief Guy Ficco about the upcoming Advance Collaboration Data Center and other CI initiatives. 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:

In a year when child poverty has risen substantially following the expiration of temporary tax benefits, Washington intransigence over raising the debt ceiling could put children at even greater risk. In general, children benefit from three types of federal programs: tax credits, discretionary spending programs, and mandatory spending programs. House Republicans have vowed to oppose

Tax preparers and advisers use the term ‘disclosure’ frequently. It can sometimes have a negative connotation. Without knowing exactly why, most people do not want to ‘‘disclose’’ unless they must. Discretion and privacy sound better. They may not even know what disclosure actually is. Disclosure sounds like it exposes you to extra audit risk, which

While I know you probably don’t volunteer to get a tax deduction, paying fewer taxes might free up some time to volunteer even more. If you itemize your tax deductions and volunteer, you may be entitled to some valuable deductions. Before taking a tax deduction for your expenses incurred while volunteering, here are a few

The IRS’s victory in 3M v. Commissioner could be the latest sign that an era defined by judicial disinterest in section 482’s commensurate with income standard is finally drawing to a close. The relevance of the commensurate with income standard — the contentious and widely misunderstood requirement set out in section 482’s second sentence since

It has been a wild ride for buyers and sellers in the US housing market over the past year. The year-over-year growth rate for home prices reached 20.1% in April 2022— the highest level in more than two decades. But rates fell after that, dropping to just 8.6% by November. What does that mean? Homeowners

Need to call the IRS? You’re going to have to wait. Taxpayers and tax professionals alike have reported an uptick in service this season compared to last tax season. That’s likely attributable to new hires—the IRS has hired more than 5,000 new telephone assistors and added more in-person staff to help support taxpayers. Still, earlier

A coalition of regulators recently issued warnings about the risks of some self-directed IRAs that many investors aren’t aware of. There are a couple types of self-directed IRAs. Most mutual fund companies and brokers say their IRAs are self-directed. By that, they mean that your IRA can buy any investment on their investment platforms, which

Remember that backlog of unopened IRS correspondence? The agency is taking another step towards offering taxpayers an alternative to adding to the pile: taxpayers who receive specific notices requiring them to send information to the IRS now have the option of submitting their documentation online through IRS.gov. Backlog How bad is the backlog? According to