In this episode of Tax Notes Talk, Tax Notes investigations editor Lauren Loricchio discusses security concerns regarding tax software platforms’ data-sharing practices. Tax Notes Talk is a podcast produced by Tax Notes. This transcript has been edited for clarity. David D. Stewart: Welcome to the podcast. I’m David Stewart, editor in chief of Tax Notes Today International. This week: the OECD and the EO. We’ve talked many times on the podcast over the past several years about the OECD and its two-pillar project which aims to update international taxation for the digital age. Today’s guest, Scott Levine, is very familiar…

Strategic tax planning is crucial, particularly for those intending to sell a property with a low initial value. One innovative method to avoid immediate tax obligations is through a Charitable Remainder Unitrust (CRUT). This approach allows individuals to transfer assets into a trust, which then generates income for beneficiaries over a set period. Afterward, the remaining assets are donated to a chosen charity. This setup not only supports charitable causes but also provides tax advantages, making it an attractive option for many. A CRUT is also a valuable tool in estate planning, though a Qualified Terminable Interest Property (QTIP) trust…

You can’t flip on the news or click through social media without hearing about tariffs. And while everyone thinks they know something about tariffs, how they actually work can be challenging to figure out—that’s because they are often a moving target. Here’s what you need to know. A tariff is a tax on imports. A country typically imposes tariffs to make money or protect certain industries from competition—sometimes, both. The idea is that tariffs make it more expensive to use foreign goods. In theory, this should mean a decline in imports (making those goods more expensive) and an uptick in…

On February 3, 2025, Mexico’s President Claudia Sheinbaum announced that the tariffs on Mexico shall be delayed for one month. This decision grants consumers some wave of relief. Tariffs are taxes imposed on imported goods, and their introduction can significantly alter prices, availability, and the overall economy. The recent turn of events, driven by an agreement between the US and Mexico, means that these tariffs will not be implemented immediately, providing temporary stability for the market. The agreement involves significant commitments from Mexico regarding border security, which played a crucial role in this decision. Without the immediate imposition of tariffs,…

According to his famously short-lived communications director, Anthony Scaramucci, the key to understanding President Trump back in 2016 was not to take his impromptu statements literally but to take them “symbolically.” Either way, it turned out the biggest mistake was not taking them seriously. Trump’s off-the-cuff remarks on tax policy were one instance when taking him at his word was likely to give listeners a headache, and that is still true today. For example, when the president says things like he did to podcast host Joe Rogan just before the election about being open to replacing income taxes with tariffs…

Taxpayers often use entities characterized as partnerships for federal income tax purposes to conduct their business activities. In addition to offering limited liability (e.g., limited liability companies and limited partnerships), these entities provide flexibility for their partners in structuring business arrangements. Therefore, it is not surprising that the IRS has noticed a significant uptick in partnership income tax return filings in the last decade. Congress also noticed. In late 2015, it enacted the Bipartisan Budget Act of 2015 (BBA), which significantly changed the existing partnership audit and collection rules known as TEFRA, the latter of which had been in place…

When I was a kid, I used to love the idea of disappearing ink. I remember dipping a small paintbrush into lemon juice and writing very, very important messages to my friends. As the “ink” dried, it was no longer readable unless you had the top secret “key”—heating the paper up to make the letters reappear (don’t tell my mom, but without matches, the plan involved holding the paper close to an old school light bulb to make the lemon juice turn brown). It’s a pretty fun trick when you’re a kid. But having the text of important documents disappear…

Late last year, the Internal Revenue Service announced a phased rollout of reporting requirements for businesses that receive at least some of their income through third-party payment apps. If you are a small business owner who receives money for goods and/or services through Venmo, PayPal, eBay, Etsy, or other third-party apps, you may be receiving a 1099-K form from them and there are some things you should know. When Is A 1099 Form Used? The IRS uses 1099 forms for reporting income earned outside of a traditional employer. Generally, the most common type of form used by self-employed individuals and…

As America’s housing affordability crisis continues, New York and other cities are taking steps to address the problem. I recently was interviewed about New York City’s approach by Bruce Cory for Urban Matters of the New School’s Center for New York City Affairs, an outlet for policy debate. Here are edited excerpts; you can read the full two-part interview here and here, and you should check out the other great work the Center is doing. Urban Matters: “The greatest city in the world has just passed the greatest housing legislation in our history.” That’s how Mayor Eric Adams…characterized the New…

Tax season can be intimidating—especially if you’ve never filed a tax return. If this is the first time you’re filing a federal income tax return—or your 50th, but you feel like you need a refresher, here’s what you need to know. You may not need to file. First-time filers sometimes fall into the trap of believing that only full-time, permanent employees have to file and pay taxes. That’s not true. You may be required to file as a part-time or seasonal employee or an independent contractor. But, not everyone needs to file a tax return. Whether you need to file…