Wedding photographer Scott Burton of Oxford MS was not charging sales tax on his wedding packages. To a couple facing say a $5,000 tab for his service, you could see tacking on another $350 for the 7% Mississippi sales tax would make a difference. Unfortunately, on audit the Mississippi Department of Revenue (MDOR) determined that
Taxes
U.S. Tax Court Chief Judge Kathleen Kerrigan discusses the court’s post-COVID transition and case management system, and how the additional funding from the Inflation Reduction Act may be used. This transcript has been edited for length and clarity. David D. Stewart: Welcome to the podcast. I’m David Stewart, editor in chief of Tax Notes Today
The Internal Revenue Service recently announced its inflation adjustments to the standard deduction and federal income tax brackets for 2023. Knowing these numbers can allow you to make some smart tax-planning moves before the year’s end. If you expect to be in a low bracket next year, you may want to try and delay some
City budgets have been recovering from the pandemic recession, helped by significant federal aid. But just when things were looking up, cities now are preparing for a double whammy: less tax revenue from a coming recession, and higher borrowing costs from the Fed’s actions. That means tighter budgets and fewer resources to help our poorest
Today’s Social Security column addresses questions about earning delayed retirement credits (DRCs) while receiving child-in-care spousal benefits, the possibility and advisability of taking spousal benefits before retirement benefits and withdrawing a spousal benefit application. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc. See