A gift is only a gift when it is completed, according to the tax code. In a recent case, an individual signed a power of attorney appointing his son as agent. Over seven years, the son used the power to make year-end annual gifts from the father to family members.…

Student debt has more than tripled since 2006. That year, borrowers collectively owed more than $500 billion in student loan debt—less than car loans and other consumer debt like credit cards. And while debt has overall edged higher for consumers, it’s skyrocketed for student borrowers. According to the office of…

John McGowan of HubSync discusses artificial intelligence and its role in the tax field. This transcript has been edited for length and clarity. David D. Stewart: Welcome to the podcast. I’m David Stewart, editor in chief of Tax Notes Today International. This week: Friend or foe? Artificial intelligence has been…

Today was the first day of school for my son. His schedule was packed with math, foreign languages, English, science—but not economics or financial literacy. Many schools don’t offer those kinds of classes. Just about half of states require either a personal finance or economics course to graduate high school,…

Google, Meta, and several tax prep companies, including H&R Block and TaxAct, are fielding an escalating number of U.S. lawsuits alleging that they allowed tracking pixels to unlawfully collect taxpayers’ confidential information as they filed their federal income tax returns online. The claims, which were first reported in November 2022…

I have a weird habit of remembering what I paid for things. Yes, I am the person that can tell you the approximate date I bought an item and how much I paid for it. This is particularly the case if I got something for a bargain. It took a…

The IRS is again pushing off a start date for new legislation by introducing a transition period. Earlier, the IRS declared a one-year delay in the new reporting requirement for Forms 1099-K. The IRS has now announced an administrative transition period for the new catch-up contribution requirements under the SECURE…

I hate having the first thing I hear about a fantastic scheme to be that the IRS is onto it. That is what happened with the “copyrighted non-grantor irrevocable complex discretionary spendthrift trust” which sprinkled tax fairy dust on your assets so that no taxes need be paid on capital…

Tax Notes contributing editor Ryan Finley provides an overview of amount B from pillar 1 of the OECD’s two-pillar corporate tax reform plan and discusses the fundamental dispute over it. This transcript has been edited for length and clarity. David D. Stewart: Welcome to the podcast. I’m David Stewart, editor…

Tongues were wagging this morning after a Zillow update reportedly indicated that former President Donald J. Trump sold Mar-a-Lago for $422 million. As of this writing, the listing on Zillow’s website shows that a 5,061-square-foot residence at 1100 S. Ocean Boulevard in Palm Beach, Florida, was sold on Friday, August…