BY DEFAULT, the IRS, brokerage firms, and most trade accounting programs use the First-In-First-Out (FIFO) accounting method. But there is another option called the Specific Identification (SI) accounting method.
Joseph J. Thorndike examines the role of political slesmanship in the federal tax system, focusing on the dynamics that affected how Ronald Reagan’s tax cuts played out.
Thinking about your taxes before it's time to file will allow you to make the most of the deductions so you can minimize your tax burden. With President Biden's proposed tax changes in mind, here are 6 year-end tax planning tips to...
IRS allows installment agreements, and offers in compromise. Sheen has tried both and is now battling the IRS in court. If the IRS figures it can collect the whole amount, it’s not easy to get an offer in compromise accepted for less...
In 1998, Congress embarked on a titanic endeavor to restore taxpayer confidence in the Internal Revenue Service and to put taxpayers on a more level playing field with the IRS when dealing with examinations. The Build Back Better Act...
Mike Kowis, author of American Tax Trivia: The Ultimate Quiz on U.S. Taxation, challenges the Tax Notes Talk team to a game of tax trivia and discusses his new book.
It pays to know how many years are at risk, and there are steps you can take to hedge. The IRS usually has three years to audit you, but there are many exceptions that give the IRS six years or longer. The three years is doubled to six...
Today's Social Security column addresses questions about when spousal benefits may be available and how they can be paid, marriage and disability benefits and potential reductions due to filing early.
Employers must grant an exemption to a mandatory COVID-19 vaccination policy if an employee presents a statement signed by a physician, physician assistant or advanced registered nurse that states that, in their opinion, “COVID-19...
Robert Goulder of Tax Notes and professor Daniel N. Shaviro of New York University School of Law discuss generational swings in the U.S. appetite for residence-based taxation of multinationals’ foreign profits.
The higher your income the more important tax planning will for your household. We share 7 year end tax planning moved to help you keep more of your hard earned money.
The estate tax changes that were anticipated in the final months of 2021 are apparently not materializing, leaving some people scratching their heads as to what they should do next.
Today's Social Security column addresses questions about spousal benefit rate reductions when taken before full retirement age, requesting benefit recalculation to ensure accuracy and potential effects of early retirement benefits on...
In the 1971 Florida case of In re Carpenter’s Estate, The Supreme Court of Florida held that an individual who has helped to facilitate an estate plan will be presumed to have exercised undue influence in effectuating the plan, and will...