The federal government may once again have an opportunity to learn a painful lesson about the price of increasing debt and rising interest rates in an uncertain economy. The Congressional Budget Office, in its just-issued Budget and Economic Outlook, forecasts a hair-raising increase in federal borrowing costs over the next decade. CBO estimates that net
Taxes
Recent testimony in the U.S. Tax Court’s Facebook v. Commissioner trial highlighted a problem with the U.S. cost-sharing regulations, which establish valuation rules for a type of related-party intangible property transfer that has long been popular among U.S. tech giants. The issue isn’t with the underlying concepts adopted by the regs, which are solidly grounded
The IRS announced today that it has provided a much requested update to their “Where’s My Refund?” tool. The update now allows taxpayers to check the status of the current tax year’s refund and the two previous years. Before the update taxpayers could only check the status of their current year refund and once the
“Behold the Florida SLAT, Which can now provide that, If your spouse dies first, The contributor spouse can be a beneficiary, to make the death less worse. But will the contributor spouse with a heartfelt shrug, Be more inclined to pull the beneficiary’s plug? This and more, We below explore.” On May 10th, Governor Ron
Most legal settlements are taxable, even for a devastating fire loss. That grim fact can be an unpleasant surprise to fire victims, and seems particularly unfair. There are federal and California tax bills pending that if passed, could make certain fire lawsuit recoveries nontaxable. It is not clear how either one of these bills will