The world of estate tax planning can be complicated and confusing. While planners can navigate the situations that taxpayers face by way of planning strategies, financial projections and illustrations, the IRS’s assault on various planning strategies in court cases, Treasury Regulation pronouncements and Proposed Regulations can result in unpredictability, and make the day-to-day life of
Taxes
As President Biden and congressional Democrats make another push to reach a compromise on a social spending, climate change, and tax bill, a key issue is what they’ll do with the Child Tax Credit (CTC). The Tax Policy Center analyzed five options that show how lawmakers could partially restore the expanded 2021 version of the
New York City’s Mayor Eric Adams has officially dropped his first budget for the 2023 fiscal year starting on July 1—$99.7 billion. Although there will be ongoing debates about spending, the budget is relatively modest. The big issues facing the city’s future—crime, housing costs, and reviving the office economy—aren’t easily addressed by increasing or cutting
By Nellie Akalp The deadline for existing limited liability companies and C Corporations to elect S Corporation tax treatment for the tax year 2022 was March 15. So, what happens if a business missed the S Corp deadline? Can it still change its LLC or C Corp tax treatment from its default status to that
The Austrian tax code is about to make a dramatic change. In less than three months, the country will commence with their announced plans to reform the country’s tax system in an effort to curb greenhouse gas emissions, and that could forever change the perception of these types of taxes. In its most basic terms,