Taxes
This is a published version of our weekly Forbes Tax Breaks newsletter. You can sign-up to get Tax Breaks in your inbox here. As 2024 came to a close, it refused to go quietly. Two significant court challenges were introduced at the end of the year with the potential to…
As the clock continues to tick down, Congressional leaders have finally released the text of a proposed funding measure to keep the lights on. As expected, it’s a short-term bill intended to fund the government through March 14, 2025. Without any action by Friday, December 20, 2024, funding will run…
President-elect Donald Trump announced he has tapped former Congressman Billy Long as Commissioner of the Internal Revenue Service (IRS), even though current IRS Commissioner Danny Werfel is serving a term that would normally run until late in 2027. Long does not have any formal training in tax, law, or accounting,…
Last week, the House of Representatives rejected H.R. 9495, Stop Terror-Financing and Tax Penalties on American Hostages Act, legislation that would allow the incoming administration to unilaterally shut down certain nonprofit organizations. This week, the bill was reintroduced by House Republicans, where it passed, 219-184. The vote was largely partisan,…
Soon after the 2024 elections results rolled in, the speculation began about what they might mean—especially when it comes to the economy and taxes. One common assumption is that a Republican victory will immediately lead to tax cuts. But if we’ve learned anything from history, it’s that what we think…
Almost every legal settlement includes a full release of claims. A release may recite some of the plaintiff’s claims, but it will be broad. It might say any taxes on the settlement are solely the plaintiff’s responsibility, but should it say more? Yes, if there is a chance to add…
While federal tax questions have dominated the headlines this election cycle, state and local taxes can significantly impact individuals and businesses. Some ballot questions, like those involving the legalization of cannabis, have a tax bent because they would also raise revenue for states. Here’s a look at the outcomes of…
Halloween spending is expected to reach $11.6 billion in 2024, just shy of last year’s record-breaking spooky season—that works out to an average of $103.63 per spender. Across spending categories, ghouls and goblins will spend the most holiday funds on candy, with total spending expected to reach $3.5 billion. You…
Even though tax returns on extension were filed just a few days ago, the IRS is already thinking about the next tax season. Chances are, you may be, too. For taxpayers, that should mean reaching out to tax and financial professionals to discuss year-end strategies. And for tax professionals, it’s…
On this day in 1931, Al Capone was found guilty of tax evasion. The gangster, who had reportedly boasted, “They can’t collect legal taxes from illegal money,” was sentenced to 11 years in prison for failing to file tax returns. Humble Beginnings Alphonse Gabriel Capone was born in Brooklyn, New…
