Taxes

Does today’s unemployment report signal a looming recession? The Federal Reserve seems on course for further interest rate increases, even at the cost of higher and discriminatory increases in unemployment. And there’s nothing in today’s report that will likely move the Fed from its current path. Today’s report from the Bureau of Labor Statistics (BLS)

Taxes and baseball don’t seem to go together, but America’s sport sometimes meets America’s great leveler: the income tax and the folks down at the IRS. Cory Youmans was the lucky catcher of Aaron Judge’s record-breaking 62nd homer run at Globe Life Field in Arlington, Texas, but is the IRS really after him? Not exactly.

The plan to starve the beast might not go quite as expected. The latest parry in the skirmish over the IRS’s expanded funding in the Inflation Reduction Act (IRA, P.L. 117-169) would rescind the bulk of the appropriated amounts. But a better approach would be for Congress to be more precise about what exactly it

Day and swing traders inevitably trigger many wash sale loss adjustments (WS) amounting to tens or hundreds of thousands of dollars. Take a loss on a security, repurchase it within 30 days (after or before), and that creates a WS loss. A WS reduces the cost basis on the position sold and adds the WS

Many employers and for profit companies are willing and able to provide financial assistance and services to those who have been harmed or dislocated by hurricane Ian. The Federal Tax Code and IRS Regulations and IRS Guidance provide ways to make these payments tax deductible without the recipients having to pay income tax on what

Share to Facebook Share to Twitter Share to Linkedin It has been holy writ among central banks that the goal of monetary policy should be to achieve a 2% rate of inflation. Federal Reserve boss Jerome Powell, for example, says he will fight the current inflation until it gets down to 2%. But this episode

As your income grows from your small business, it can be shocking how large your tax liabilities can be each year. From State and Federal income taxes to self-employment taxes, your tax bills can be painfully large. Tax planning is an essential part of running a successful business. Keep reading for ways to minimize your

A new corporate alternative minimum tax (“CAMT”) was enacted as part of the Inflation Reduction Act passed on August 16, 2022. The applicability of the CAMT under the most recent law is greatly diminished and was recently estimated to impact as few as 150 companies based on the Joint Committee of Taxation’s analysis. While at

Eric Solomon of Steptoe & Johnson LLP discusses the new excise tax on corporate stock buybacks and examines the issues that the IRS and Treasury will need to tackle before its implementation. This transcript has been edited for length and clarity. David D. Stewart: Welcome to the podcast. I’m David Stewart, editor in chief of

The intention of Senate Finance Committee Chair Ron Wyden was clear in advocating for the excise tax on stock repurchases: to stop “mega-corporations” from using stock buybacks to “juice their stock prices and reward their executives and wealthiest investors through massive stock buybacks”. However, the legislation as it exists today may cast a larger net