Taxes

If you are a U.S. resident who invested in Bitcoin or other cryptocurrencies in 2021, you may have recently received a tax document from the trading platform or cryptocurrency exchange you use and may need to pay taxes. While there is currently very little guidance on the taxation of cryptocurrency, one thing is clearly defined. The…

One of the best money moves you can make this year is maximizing contributions to your deductible or nondeductible retirement plan. Whether you’ve contributed all year or have yet to start, here are a few tips to get the most from tax-advantaged retirement plans. 1. Know your contribution limits. Try to contribute as much as the…

Throughout the first year of the Biden administration, one tax policy theme was consistent. The President and Treasury Secretary Janet Yellen were focused on increasing the tax burden on U.S. companies—particularly multinational companies.  As Secretary Yellen put it last year, “It is about making sure that governments have stable tax systems that raise sufficient revenue…

I-R-A. Who knew three letters could be so daunting yet yield so many benefits for our financial lives? IRA stands for Individual Retirement Account. And if you’re like most people, you likely think it sounds like a fancy investment tool that is reserved for people with loads of money and an unattainable level of financial…

“Frothy eloquence neither convinces nor satisfies me,” the 19th century Congressman Willard Duncan Vandiver allegedly declared. “I am from Missouri. You have got to show me.” In the realm of tax policy and economic competitiveness, lawmakers from the Show-Me state are turning the old adage around. They are showing the rest of the nation how…

This spring, the United States Food and Drug Administration (FDA) is expected to announce a national ban on menthol-flavored cigarettes and cigars with a characterizing flavor, an attempt to limit tobacco consumption, and, as a result, improve public health. But given the high level of taxation on tobacco products (on average, excise taxes alone make…

There are many similarities between being self-employed and being a small business owner. Both allow you to be your own boss, for one thing! But in the eyes of the IRS, your formal business classification can mean very different things when it comes to filing your taxes and reporting your business income. Here’s how to…

The global minimum tax has upended many conversations about international tax policy, including in the United States. The goal of the policy is to set a worldwide 15 percent minimum effective tax rate on corporate profits and enforce it through a set of interconnected rules. If enough countries adopt those rules, then even those that…

In the coming weeks, we will break down our 2022 State Business Tax Climate Index, released in December, with maps illustrating each of the five major components of the Index: corporate taxes, individual income taxes, sales and excise taxes, property and wealth taxes, and unemployment insurance taxes. Today we look at states’ rankings on the corporate tax component, which accounts…

Can’t impersonate guilt; Breakthrough busted; married lawyers plead; and other highlights of recent tax cases. Tampa, Fla.: Brenda Dozier, 54, has pleaded guilty to conspiracy to commit money laundering. From July through at least November 2015, Dozier laundered money that had been extorted from U.S. residents by conspirators residing in the States and overseas. India-based…

One of the greatest challenges of lawmaking is recognizing when a beautiful theory must succumb to an ugly fact. The purity of conceptual policymaking must take the real world into account and acknowledge that things that work well “in theory” sometimes fail spectacularly to meet expectations “in practice.” It would be wonderful if a policy…

You may have heard about new tax reporting rules for businesses using third-party payment apps such as PayPal, Cash App, Venmo, Zelle, etc. This has caused some confusion for app users, but we’re here to help you understand how it will (or won’t) affect your taxes next year. What’s changed? Until this year, payment platforms…