Whether it is manufacturers, clothing designers, software developers, plant breeders, winemakers, or engineers, businesses across New York State are shocked to hear how significantly their federal tax bills are increasing for the 2022 taxable year even when their earnings remain the same. It is every accountant’s nightmare to explain that…

The tentacles of the Covid-19 pandemic left no corner of American life untouched. Now they have even entered the annals of insider trading. Recent insider-trading charges brought by the Securities and Exchange Commission (SEC) and federal criminal prosecutors offer jolting lessons for all employees and executives who learn confidential corporate…

Powerball reports that a single lottery ticket purchased in California has won the $1.08 billion Powerball jackpot by matching all the numbers: 7, 10, 11, 13, 24 and red Powerball 24. The lucky winner has a choice between a lump sum payment of $558.1 million or a stream of annuity…

No Labels, the independent political organization making noises about a third-party presidential campaign, has released a policy manifesto. Intended to flesh out the group’s rhetorical commitment to common-sense solutions, the document has a lot to say about “taxpayers.” Indeed, if you search the No Labels booklet for the word “tax,”…

In the tax world, we often say that rules matter. A Florida couple found this out in a most unfortunate way after a judge ruled that they were liable for taxes on $1.2 million in retirement income, much of which was fraudulently taken from them—by their own daughter. U.S. District…

A few years ago, if you inherited an IRA from a parent, the distribution rules were simple: you could stretch withdrawals over your life expectancy. Since, the rules for non-spouses inheriting retirement accounts have been anything but straightforward. Starting in 2020, most new beneficiaries of retirement accounts were subject to…

The Recent Supreme Court Ruling Regarding Whistleblowers On June 16, 2023, the U.S. Supreme Court ruled in United States, ex rel. Polansky v. Executive Health Resources, Inc. The Supreme Court decided that the Department of Justice has broad authority to dismiss whistleblower lawsuits filed under the False Claims Act (“FCA”)…

Marna Ricker, EY’s global vice chair of tax, discusses how international tax advisers and corporate tax clients have handled recent tax reforms and what to expect next. This transcript has been edited for length and clarity. David D. Stewart: Welcome to the podcast. I’m David Stewart, editor in chief of…

School funding is back in the news as states struggle to reverse trends suggesting that students are performing at lower levels than before. Specifically, the country’s 13-year-olds showed the most significant declines ever recorded on the National Assessment of Educational Progress trend assessment in mathematics. The average math score for…

The European Commission’s ability to ensure that advance pricing agreements granted by member states comply with state aid rules is already under threat, but a recent advocate general opinion proposal would restrict it even further. In her June 8 opinion in Commission v. Luxembourg, C-457/21 P, concerning state aid allegedly…