Taxes

Introduction Taxpayers, like all people, are risk averse for the most part; they want to avoid financial uncertainty to the greatest extent possible. This is difficult to accomplish when the Internal Revenue Service (“IRS”) regularly attacks certain issues, often concluding that taxpayers owe additional taxes, penalties, and interest for several years. It is also a

Mike Resnick of Eversheds Sutherland discusses the effects on taxpayers of the corporate alternative minimum tax and its recently released guidance. 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: setting up CAMT. One of

Former South Carolina Governor Nikki Haley, who appears to be winning increasing support among Republicans in the race for her party’s 2024 presidential nomination, is running on a fairly standard GOP tax and budget platform. But it includes important twists and some inconsistencies with her record as governor. She backs big tax cuts for individuals

All across America, voters will be headed to the polls on Tuesday, Nov. 7, 2023. It’s an off-year for elections—the presidential elections aren’t until next year—but there are state and local races, as well as ballot initiatives, to decide. Voters will be pulling the lever to make choices on tax matters, including property taxes, wealth

Do tax opinions protect you from the IRS? Usually yes, provided that you get one early enough. That generally means having the tax opinion in hand before you file your tax return. Many clients and tax advisers have trouble saying exactly why one should get a tax opinion or how to use it. A tax

Even legislators with a keen interest in protecting the U.S. corporate tax base from profit shifting should probably resist the urge to jump into the middle of Microsoft’s high-profile transfer pricing dispute with the IRS. Microsoft’s recent disclosure that the IRS believes the company paid $28.9 billion less in corporate income taxes than it owed

Weeks after the IRS announced a moratorium on processing new Employee Retention Credit (ERC) claims, the IRS has issued more guidance on the program. Specifically, the IRS has issued an opinion about whether an employer can rely on communications from the Occupational Safety and Health Administration (OSHA) to determine whether they qualify as an “eligible

In this October 20th Forbes column, I claimed that Social Security’s website was projecting lower benefits for worker than it had just a few months back. This was confirmed today in an email that Social Security sent to recent visitors. One of my company’s Maximize My Social Security software users sent me the notice below,

Corporations report their total cash payments of income tax — federal, state, and foreign combined — but they don’t identify, nor does the IRS reveal, how much federal income tax they pay. We believe, however, that we can make reasonable estimates from information reported by publicly traded companies in their financial statements. The adjacent table

The IRS just released the 2024 contribution limits on qualified retirement plans, such as your 401(k). That’s crucial info for employees and executives who can participate in company nonqualified deferred compensation (NQDC) plans. Here’s why. For most NQDC plan participants, year-end is the time to be like an autumn squirrel and decide how much to