Taxes

The long-awaited verdict is in, with Johnny Depp coming out on top, but neither of them unsullied in the process. The jury found that Heard defamed Depp, and awarded him $10 million in compensatory damages and $5 million in punitive damages. Depp’s $5 million in punitive damages were cut to $350,000 under the Virginia state

In a Monday Wall Street Journal column (paywall), President Biden urged Congress to help fight inflation by raising tax rates on the very wealthy and using the money to reduce the deficit. Does that strategy make sense in today’s economic environment? At least in theory, raising taxes could ease inflation. But not necessarily for the

Market volatility has put a spotlight on the risks of having a significant portion of your net worth concentrated in just one company. A concentrated stock position can easily arise, for example, when you acquire company shares through restricted stock unit (RSU) vesting, stock option exercises, or founders’ stock in a fast-growing startup. While a

Share to Facebook Share to Twitter Share to Linkedin Sunday’s presidential election in Colombia was a shocker. Two utterly nonestablishment candidates won the top spots and will face each other in a runoff on June 19. The front-runner is a one-time leftist guerrilla who won’t disavow his past and who vows to launch a radical

Share to Facebook Share to Twitter Share to Linkedin Another day, another record for gasoline prices, which hit an average of $4.715 a gallon in the United States. That’s up 50% in a year and double what they were when President Joe Biden took office in January 2021. At current daily demand of 8.9 million

Like nearly everyone else, the IRS has experienced an unsettling couple of years, but the agency has been working toward rebuilding, especially over the past year. The recent release of its 2021 data book shows an agency grappling with some significant lingering problems, particularly in the area of technology, while navigating a path forward on

Tax Notes reporter Benjamin Valdez discusses the Florida legislation eliminating Disney’s special tax district, what led to its passage, and what to expect in the future. David D. Stewart: Welcome to the podcast. I’m David Stewart, editor in chief of Tax Notes Today International. This week: the most magical tax break on earth. In April,

On May 27, 2022, the IRS released its sixth pronouncement regarding the types of businesses that can qualify for the qualified small business stock (QSBS) exclusion. The ruling is the fourth time the IRS has addressed the health exclusion in section 1202(e)(3), the third time it has addressed the exclusion for businesses where the principal

Unlike the live-streamed Johnny Depp and Amber Heard trial, you can’t watch the federal criminal trial of TV’s Todd and Julie Chrisley, but there is still plenty of drama and even bigger stakes. The Chrisleys were indicted on 11 counts of tax evasion and bank fraud in 2019, and a superseding indictment came in 2022.

The federal government is running out of resources to procure COVID vaccines, tests, and treatments right as the nation faces yet another wave of infections. A $10 billion emergency appropriation to fund these critical needs has been stalled in Congress since March amid fights about how to pay for it and what amendments on other