Most income is ordinary, including pay for services, interest, business profits, dividends, money for winning the lottery, and most other payments. But for generations, there’s been a big tax break for long-term capital gains, those held over a year. Assuming you get past one year, if you sell your house, car, crypto stockpile, Amazon AMZN
Taxes
As the partisan battle heats up over President Biden’s ambitious infrastructure plan—and the tax increases to pay for it—the fate of the package will largely be decided by who can best frame its tax hikes. Biden wants to raise taxes on corporations by about $2 trillion, excluding its “green energy” tax credits. The president and
My column in Tax Notes often defends the actions of the IRS. Being tasked with administration of the IRC is no small chore, particularly when Congress leaves the agency deprived of adequate funding. That being said, this week’s topic offers a critical observation on the IRS’s litigation position on the applicability of foreign and religious law for federal estate tax
Tax law prior to January 1, 2018 allowed you to defer capital gains taxes when you exchange one property with another similar property (also known as a Like-Kind exchange). Relying on this tax law and the murky crypto tax guidance that existed before 2018, some cryptocurrency holders applied like-kind exchange treatment to crypto-to-crypto trades and
In this installment of Willis Weighs In, Tax Notes contributing editor Benjamin M. Willis talks with Mark Oberstaedt and Ken Ahl, partners at Archer, about their help with a major taxpayer victory regarding foreign bank account report penalties. Here are a few highlights from their discussion, edited for length and clarity. Benjamin M. Willis: Today we’ll be discussing [foreign bank account