Taxes

Many taxpayers got their first glimpse of President Biden’s nominee to lead the Internal Revenue Service on Wednesday as Daniel Werfel appeared before the Senate Finance Committee for his confirmation hearing. Others, however, may have experienced deja vu—Werfel served as the interim IRS Commissioner for several months in 2013 after Steven T. Miller resigned under

Paying for college is a big topic of conversation in my house. That’s to be expected, as I have three kids. But the best way to pay—and what happens when things don’t go as planned—is something that we can never seem to nail down. As parents like me struggle to figure it out, lawmakers have

It’s hard for people to keep up with the more than 100 changes the SECURE Act 2.0 made in retirement plans and related tax code provisions. Here’s a summary of the key changes in required minimum distributions (RMDs) in the law that was enacted at the end of 2022. The beginning age for RMDs of

On February 10, after appeals from many in the tax industry, the IRS issued guidance on the taxability of state-issued economic impact payments. Of the twenty-one states that issued some type of payment, the IRS determined that seventeen (including California) were made “for the promotion of the general welfare or as a disaster relief payment”

Professor Steven A. Dean of Brooklyn Law School discusses Treasury’s Equity Action Plan and its progress on examining potential racial bias in the tax code. 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: bias

If you are a successful business owner, you are likely looking for a way to pay fewer taxes. Hiring your spouse to work in your small business can be a smart tax move for many business owners. To make these tax-planning strategies work, your spouse must do actual work in your business, and you must

Topline Only two weeks after the start of tax season, the Internal Revenue Service (IRS) told millions of Americans to hold off on filing their taxes to deal with special tax refunds or payments issued by states in 2022—but Friday, told them to proceed. Key Facts Tax season started on January 23, but just two

In the lead-up to a thrilling Super Bowl, it was noted this was the first time two Black starting quarterbacks faced each other. While that shows commendable progress, the NFL—and all of us—still must deal with the ongoing legacy and current impacts of racism. First, the quarterbacks. The Chiefs’ Patrick Mahomes and the Eagles’ Jalen

On January 29 U.K. Prime Minister Rishi Sunak fired Nadhim Zahawi. Zahawi had been serving as Conservative Party chair, but we tax folks remember him for his brief stint as chancellor. He was also a co-founder of YouGov, the successful market research firm. The basis for the sacking was an unfavorable report by an independent

Today’s Social Security column addresses questions about how birth year can affect benefit amounts, eligibility for divorced spousal benefits and the ability to claim retroactive auxiliary benefits based on a worker’s record. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc. See more Ask