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Taxing College Athletes After NCAA v. Alston
Taxing College Athletes After NCAA v. Alston Andrew Dana, a partner with Parker Poe Adams & Bernstein LLP, discusses the Supreme Court case NCAA v. Alston; name, image, and likeness rights; and how both could affect taxation of college athletes.
TurboTax exiting Free File in 2022
TurboTax exiting Free File in 2022 TurboTax won't be a Free File option when the 2022 tax filing season arrives. Taxpayers who used TurboTax to complete and e-file their returns at the Internal Revenue Service's Free File website are going to have to find a new program in 2022. The popular tax software is leaving the Free File progra...
The Challenge Of Paying For Senate Budget Bills
The Challenge Of Paying For Senate Budget Bills The upcoming budget resolution is an important opportunity for senators to begin developing clearer financing plans and safeguards to uphold the promise that big spending bills will be fully paid-for.
Billboards, Taxes, And The First Amendment
Billboards, Taxes, And The First Amendment Tax Notes contributing editor Roxanne Bland revisits litigation surrounding excise tax on billboards, as Ohio becomes the latest state to consider the issue.
Guide to IRS online ways to get, track or change Advance Child Tax Credit payments
Guide to IRS online ways to get, track or change Advance Child Tax Credit payments Don't fall for scammers who falsely say they can help you get, or get more, of the enhanced Child Tax Credit amounts that started going out this week. Instead, get help from a tax pro or use the Internal Revenue Service's online tools. The Advance Child Tax Credit (AdvCTC) payments started showing u...
On CRM: The Best CRM For An Accounting Firm Is Probably No CRM
On CRM: The Best CRM For An Accounting Firm Is Probably No CRM One of the things we do quite badly is use customer relationship management systems.
IRS Delivers $15 Billion In First Child Tax Credit Payments To Families—Here's What To Know About The New Relief
IRS Announces $15 Billion In Child Tax Credit Payments Have Been Delivered To Families—Here’s What To Know About The New Relief Most families are expected to get an average benefit of nearly $4,400.
Buy Passport With Bitcoin, Escape Taxes?
Buy Passport With Bitcoin, Escape Taxes? Buying a passport in an island nation tax free sounds pretty alluring. But is it a tax-free donation or a taxable purchase triggering gain? The IRS says most crypto transfers trigger taxes. And then there is the exit tax.
Still Confused About Advanced Child Tax Credit? Here’s Some Last-Minute Advice
Still Confused About Advanced Child Tax Credit? Here’s Some Last-Minute Advice As the July 15 rollout nears, there are still taxpayers who are unsure about how this new program will impact them. The good news is there is still time to opt out.
Exploring The EU VAT E-Commerce Reforms
Exploring The EU VAT E-Commerce Reforms Liz Armbruester, Avalara's senior vice president of global compliance, discusses the recent EU VAT e-commerce reforms and their impact on businesses and consumers worldwide.
Stock Option Gurus Explain 5 Financial Planning Topics To Contemplate
Stock Option Gurus Explain 5 Financial Planning Topics To Contemplate You might call it "the Tao of Stock Options." Waiting as long as possible to exercise employee stock options, calmly and patiently letting the value grow until a strategic moment, is often the soundest strategy. Three option experts explained their planning concepts to me.
Moving Avoids California Tax? Not So Fast
Moving Avoids California Tax? Not So Fast California can probe when you left, and the burden is on you to show you are not a Californian. Moving sounds easy, but if you aren’t careful, you could end up saying goodbye California high taxes, and hello to a residency audit.
The Emerging Taxpayer Data Protection Problem
The Emerging Taxpayer Data Protection Problem Marie Sapirie argues that the IRS should make clear to any outside service provider that is collecting information from taxpayers on behalf of the agency that it should use that information only for the purpose of providing the service that it’s being asked to provide.
Nonprofits' tax status reviews sometimes aided by public tips
Nonprofits' tax status reviews sometimes aided by public tips Knowing whether a group is a tax-exempt organization is important, not just from Uncle Sam's revenue collection (or not) perspective, but also from a public standpoint. Donors who want to deduct charitable gifts need to know that the group to which they're giving is legit in the Internal Revenue Ser...
The Advance Child Tax Credit: What Lies Ahead
The Advance Child Tax Credit: What Lies Ahead Omeed Firouzi with Philadelphia Legal Assistance discusses the upcoming advance child tax credit payments and the related potential challenges for taxpayers and practitioners.
Tax-Friendly States vs. Economy-Killing Taxes: What You Need To Know
Tax-Friendly States vs. Economy-Killing Taxes: What You Need To Know While many Washington politicians want higher taxes, most Americans don’t—and a growing number of states are doing something about it.
Two Of The Most Family Friendly Provisions Of The American Rescue Plan
Two Of The Most Family Friendly Provisions Of The American Rescue Plan The American Rescue Plan included $1.9 trillion in economic relief for those affected by the Covid-19 pandemic. The Plan included tax benefits designed specifically to help families, most notably expansions of the Child Tax Credit and the Child and Dependent Care Credit.
How Long Can IRS Or California Audit Your Taxes?
How Long Can IRS Or California Audit Your Taxes? How long are you at risk for an audit from the Golden State? The basic IRS statute of limitations is three years. California’s FTB administers California's income tax, and the FTB has four years to audit, not three. But in some cases, the FTB gets unlimited time to audit.
Avoid The Double Tax Trap When Making Non-Deductible IRA Contributions
Avoid The Double Tax Trap When Making Non-Deductible IRA Contributions Before making after-tax contributions to a traditional IRA, understand the rules to avoid the double tax trap on withdrawals.
The Price Of Tax Reform: Pillar 1 Reduced To The Back Of A Napkin
The Price Of Tax Reform: Pillar 1 Reduced To The Back Of A Napkin Robert Goulder considers a recent attempt to quantify net revenues gains (or losses) under the OECD’s pillar 1 reform proposal.
How States Are Letting Small Businesses Avoid The SALT Cap On Their Tax Returns
How States Are Letting Small Businesses Avoid The SALT Cap On Their Tax Returns A growing number of states are using a workaround to help their taxpayers avoid a Trump-era cap on a critical income tax break.
Opting Out Of Advance Payments Of The Child Tax Credit? Try These Tips
Opting Out Of Advance Payments Of The Child Tax Credit? Try These Tips It’s already too late to opt out of the first payment of the Advance Child Tax Credit (CTC). Taxpayers still wishing to unenroll need to do so at least three days before the first Thursday of the following month.
Guide To Income For Early Retirees: 7 Rules
Guide To Income For Early Retirees: 7 Rules Here are strategies for people aged 60 to 72 who have left the work force.
Developing Countries Refuse To Endorse G7 Corporation Tax Rate
Developing Countries Refuse To Endorse G7 Corporation Tax Rate A global minimum corporation tax of at least 15% was one of the central pillars of this month's G7 meeting in Cornwall, U.K. But a wider group of nations are refusing to support the proposal.
Supreme Court Won’t Hear New Hampshire’s Remote Workers Case. But This Tax Fight Is Far From Over
Supreme Court Won’t Hear New Hampshire’s Remote Workers Case. But This Tax Fight Is Far From Over The U.S. Supreme Court said this week it won’t hear a case that could have changed how remote workers’ income is taxed around the country.
Paying For Infrastructure With Pixie Dust
Paying For Infrastructure With Pixie Dust If Congress wants to pay for a $1 trillion infrastructure plan without raising the deficit, it needs to raise taxes, cut other spending, or both. The agreement between Biden and some senators does neither.
8 Strategies For Optimizing RMDs From IRAs
8 Strategies For Optimizing RMDs From IRAs Knowing the rules for required minimum distributions from IRAs can maximize after-tax income and make the process easier.
The Would-Be Chef Who Found Tax And Economics
The Would-Be Chef Who Found Tax And Economics Tax Notes State senior editor Doug Sheppard traces the career of Denvil Duncan, who rose from a modest upbringing in Jamaica to become an associate professor at Indiana University.
Recover IRA Or Pension Damages, But What About Taxes?
Recover IRA Or Pension Damages, But What About Taxes? Suppose that your employer, broker, or money manager mismanages or takes your pension funds? You sue (or arbitrate) to get it back. If it was originally in a tax-qualified pension plan, can you put it back into the plan or into an IRA?
How To Minimize Taxes Like A Billionaire In 2021
How To Minimize Taxes Like A Billionaire In 2021 How to eliminate taxes is always a popular topic. It appears many American Billionaires have figured out how to pay little to no income taxes. Can you also benefit from these tax minimizing strategies?
America’s Failure To Build Is Driving Home Prices Ever Higher
America’s Failure To Build Is Driving Home Prices Ever Higher May’s median annual housing price rose 23.6%, a new monthly record. But many housing policies make it very hard to build new homes, and the long-term result is less supply and ever-higher prices.
In The 1930s, The Bahamas Became A Tax Problem For Treasury
In The 1930s, The Bahamas Became A Tax Problem For Treasury Joseph J. Thorndike writes that when struggling with tax enforcement, rich countries have long tried to shift blame to poor countries, and he contrasts that with how the United States dealt with tax avoidance through the Bahamas in the New Deal era.
Even With Federal Aid, States Slashed Spending By $4.1 Billion To Avoid Shortfalls
Even With Federal Aid, States Slashed Spending By $4.1 Billion To Avoid Shortfalls A total of 12 states had to cut a combined $4.1 billion from their budgets before June 30 in order to balance out projected shortfalls.
Unlock State & Local Tax Deductions With A SALT Cap Workaround
Unlock State & Local Tax Deductions With A SALT Cap Workaround Since 2018, taxpayers living in high-tax states have been unable to take an itemized deduction of state and local taxes over a limitation (known as the “SALT” cap) of $10,000 per year. But the good news is some states have a workaround, which I cover in this post.
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