Filing taxes can be a complex process involving different rules and stipulations for American citizens living outside of the United States. What do Americans citizens living abroad need to know about US taxes? On today's episode of the Taxgirl podcast, Kelly is joined by Nathalie Goldstein to talk about expat taxes for Americans living outside the …

Supporting gender equality within the global tax accounting and legal industries is essential. This month, female representation takes on even more meaning, as it is Women's History Month. What is the importance of gender equality within the tax profession? On today's episode of the Taxgirl podcast, Kelly is joined by Kate Barton to talk about gend…

Recently, Americans have experienced rising prices. But when it comes to economic inflation, how does this affect the taxes you are expected to pay? How could the impact of inflation affect your tax bill? On today's episode of the Taxgirl podcast, Kelly is joined by Tim Speiss to talk about the impact of inflation and rising prices on taxes in 2022…

Over the past few years, the IRS has increased its compliance and enforcement efforts focused on payment transactions between US and foreign persons. However, these new information reporting requirements for compliance can be confusing and intimidating for taxpayers. What changes has the IRS made to tax information reporting requirements? On today'…

The world seems to be finally recovering as we come out of the pandemic. The global economy has rebounded and the global GDP is projected to increase. But will this trend continue? What do CEOs think about the economy and next steps? On today's episode of the Taxgirl podcast, Kelly is joined by Kathryn Kaminsky to talk about global economic trends …

Over the past year, there have been significant changes to the child tax credit. So what exactly do taxpayers need to know about the differences from last year to this year, and how will those changes affect them? What do people need to know about changes to the Child Tax Credit? On today's episode of the Taxgirl podcast, Kelly is joined by David N…

Education has become less affordable in recent years leading many to take out student loans. Unfortunately, new borrowers often find it challenging to navigate the complex processes surrounding student loans and payments. What information do borrowers need to make wise student loan decisions? On today's episode of the Taxgirl podcast, Kelly is join…

The pandemic has brought on many changes in the last few years, and these changes have impacted the tax season in 2022. What challenges and updates should people be aware of this tax season? On today's episode of the Taxgirl podcast, Kelly is joined by Amber Gray-Fenner to talk about challenges impacting taxpayers and tax professionals this filing …

With tax season starting, many taxpayers are considering the best ways to file their returns and prepare their tax documents. But, with so many methods and room for confusion, what knowledge should taxpayers have to make the process go smoothly? What information should taxpayers know to prepare themselves for this tax season? On today's episode of …

It comes as no surprise that recent events have had significant effects on the economy and businesses as a result. But with inflation causing soaring prices, many tax practitioners have experienced significant impacts on their professions. What challenges are tax practitioners experiencing in 2022, and how can they successfully navigate the effects…

The Taxgirl Podcast discusses tax news, tax info, and tax policy. With so many taxation-related rules, facts, and updates, it's easy to be left with questions about tax processes. Luckily, the Taxgirl mailbag allows readers and listeners to submit their tax questions for Kelly to address. What questions do listeners want to ask the Taxgirl? Can peo…

The Organization for Economic Cooperation and Development (OECD) recently released details and proposed legislation on its global minimum tax plan. However, questions still linger regarding the details of the plan and the practicality of its proposed timeline. What future developments could we expect to occur as a result of the OECD global minimum …

In the world of taxes, change is to be expected. This is especially true when it comes to sales tax. Since the pandemic, there have been many changes to laws and regulations, and the rules regarding sales taxes are no exception. What significant sales tax changes have occurred due to COVID-19, and how are business owners and tax practitioners suppo…

While many may have complained about long call wait times and difficulty seeking IRS help in the past, the pandemic has exacerbated service problems such as these for the federal agency. As a result, today, it takes longer for claims to be addressed, and for taxpayers and practitioners alike, the process of reaching an IRS service representative se…

In response to the Panama Papers scandal, the EU agreed to regulations mandating the publication of beneficial ownership registries. It should follow, then, that the more information is accessed about individuals and corporate identities, the easier it is for financial and related entities to assist with legitimate businesses. Daniel Wager argues t…

We all think we understand sin taxes, but do we really? Sin taxes are typically excise taxes that target behaviors that we want to discourage. Common examples include taxes on booze, sugar, and cigarettes. Do we legalize certain activities and substances just so we can tax them? What’s the intention behind sin taxes, and are they really working as …

Almost 1.5 million fewer moms of school age children were actively working in March 2021 compared to February 2020. The pandemic has certainly taken its toll on working parents. Kelly loves all things tax. She’s an attorney, and she’s a mom. She strongly believes it’s important for her kids to see her working, and for them to know that their mom lo…

When you hear the words “company culture,” what comes to mind? Workplace culture is a hot issue these days, especially as it relates to jobs and the so-called “Great Resignation.” What do employees really want: freedom, tangible perks, a more inviting company culture? CEO and Entrepreneur Jay Steinfeld shares his story of success and expertise when…

The recent agreement on a global minimum tax, and other changes to tax rules around the world, have called into question the future of tax competition. Each year, The Tax Foundation puts out their International Tax Competitiveness Index. The Index seeks to measure the extent to which a countries’ tax system adheres to important aspects of tax polic…

The past year has taken a huge toll on both tax professionals and taxpayers, something Taxgirl talks about frequently. According to a 2021 survey from Robert Half, more than 44% of employees say they are more burned out on their jobs today than they were a year ago. Employers and employees are seeking all kinds of solutions to burnout and the labor…

Big Four accounting firm PwC made waves earlier this year when it introduced a “work anywhere” policy for its 55,000 US employees, allowing them to choose an all-virtual work option. The policy is intended to help PwC attract new talent and retain top talent in a competitive market. The tax profession isn’t always leading the charge when it comes t…

In April, Kelly announced the first Bloomberg Tax & Accounting Insights student writing competition. The contest sought to highlight the very best of student writing. A panel of judges from the Bloomberg Tax team scored and reviewed every entry, and the winners from schools around the globe represent the best young talent in the tax profession. The…

PWC recently announced it’s allowing its 40,000 client-facing employees to work remotely from anywhere in the US. Joining companies like Facebook and Allstate, more and more employers are shifting to permanently remote models to attract and retain top talent. But what are the tax and legal implications of additional jurisdictions, employee schedule…

From work from home, to deductions, to Wayfair, it’s clear that state and local taxes (SALT) have become critical in the tax world. While the larger focus used to sit squarely on federal taxes, the industry lens seems to be shifting toward SALT more and more. State and local taxes can seem complicated, especially in a nearly post-pandemic economy w…

In September, there were still about 17.6 million tax returns awaiting processing, and the IRS anticipates receiving over 4 million more returns in October. The delay has resulted in a lot of frustrated taxpayers, especially those grappling with error notices and being charged penalties and interest for alleged mistakes. Those penalties add up. For…

It’s been a long 18 months for tax professionals–deemed #marchternity on Twitter. But is there light at the end of the tunnel? According to the 2021 Accountants Confidence Report, tax and accounting professionals are confident their clients’ finances will improve over the next 12-18 months. However, the same report shows industry professionals are …

Over the past year, Kelly has talked a lot about “the profession.” Broadly, that refers to the tax world. However, tax as a career isn’t always easy to categorize, and not all tax professionals are accountants or preparers. Kelly is often asked how to get started in tax, and since the answer can be so nuanced, she was inspired to start an occasiona…

At age 26 in 2008, pop star Britney Spears was put under a court-sanctioned conservatorship. That meant that other people (including her father) that had been named as a conservator were allowed to make decisions about her career and her money. The story has attracted so much attention that it has its own New York Times documentary, and its own has…

In March of 2020, Congress introduced a new tax credit: the Employee Retention Credit (ERC) as part of the CARES Act. The ERC was a direct response to the pandemic and was designed to help businesses keep employees on the payroll. But the ERC got off to a rocky start and was quickly overshadowed by its pandemic cousin, the Paycheck Protection Progr…

While the subject of partnerships has brought Kelly many headaches, many tax professionals are drawn to them because of their notorious detail and nuance. It may come as no surprise that new tax technology innovations often find their way into the world of partnerships before other areas of the tax practice. As the complexity of business and partne…

Michael Jackson’s death on June 25th 2009 shocked the world. And the legal drama that followed shocked many tax attorneys. At the time of his death, Jackson was clearly worth millions, but the exact value of his estate was unclear. The matter eventually ended up in court with a ruling that Michael Jackson’s image and likeness, at the time of his de…

In 2017, the Bureau of Labor Statistics found that over 36% of Americans are a part of "the gig economy," a dramatic increase from 2-4% in 2005. This is the most recent data available and does not account for pandemic numbers. Those jobs aren’t just paid differently, there are different tax consequences too, from Form 1099 reporting requirements to…

As we come out of the pandemic, many taxpayers find that they are not in the same financial situation as they were before. Some lost jobs or businesses, while others took on extra debt. Many of the expenses, from healthcare to mortgage payments, remained on the table, even if they were delayed or deferred. Now that we seem to be turning a corner, i…

Earlier this month, ProPublica made waves when it published what it said was verified IRS information showing that billionaires, like Jeff Bezos and Warren Buffett, pay little in income tax compared to their massive wealth. ProPublica described the info as “an unprecedented look inside the financial lives of America’s titans.” The article caused qu…

What did you do in 2020 to make a change for the better? Last year, companies were asked to be accountable and actionable about their diversity and inclusion efforts. The results have been mixed. As Derrick Coleman of Creative Financial Staffing has written, “Improving diversity at an organization does not happen overnight. It will take time and ef…

The current G20 countries account for more than 80% of the world’s GDP, 75% of global trade, and 60% of the world’s population. This summer, all eyes will be on the G20 summit as they tackle issues related to the global minimum corporate tax and profit reallocation of multinational enterprises. In early June, members of the G7 reached an agreement …

In June, Taxgirl wrote a story referencing a bad tax take on TikTok. It was a case of tax advice going viral for all the wrong reasons, and a lack of understanding of tax basics. Shortly after publishing the story, Taxgirl received a message from Duke Moore who wrote, “TikTok generally gets a bad rep for misinformation, but I, on the other hand, us…

When it comes to tax and technology, our understanding of the implementation often ends at, “My clients upload their data to the cloud.” But there’s so much more to technology in finance than just “the cloud.” There are many ways people in the tax profession can benefit from embracing today’s revolutionary accounting technology. Sometimes tax profe…

There are important tax changes coming this summer for families. Specifically, the child tax credit will enable families to get advanced payments. This is a change from prior years where the credit was calculated and paid out at tax time. The credit is not a new credit, it’s an enhanced credit as part of President Biden’s American Rescue Plan, sign…

From Bill and Melinda Gates, to Ben Affleck and JLO, we love the gossip surrounding celebrity weddings, almost-weddings, and divorces. But often, the real life consequences of those weddings, almost-weddings, and divorces are anything but Hollywood glam. Matrimonial Law Professionals Know Family is Complicated, so it’s Best to Be Prepared When it C…

According to the Financial and Accounting Women's Alliance, women represent 50% of all full time staff at CPA firms, but make up just 27% of partners and principals. Even though more and more women are entering the tax and accounting professions, women are still vastly underrepresented in management and leadership roles. What will it take to buck t…

All too often, wealth planners focus only on the dollars. From annual monetary gifts to conditional clauses in inheritance documents, the subject of family wealth planning isn’t always the most flexible or the most broadly accessible for the everyday American family. Richard and Claudia explain the importance of factoring in the family’s “well-bein…

Transfer pricing may be one of the most talked-about and least understood tax topics right now. The underlying concept is simple: it’s the method for pricing transactions between related parties. But what qualifies as “related parties” and how those transactions are valued have become increasingly complicated in a more global and more digital world…

Many tax accounting firms were busy in 2020 despite the challenges of the pandemic, but not all of them experienced record-breaking positive growth. By staying on top of new technology and offering online tax services with the best tax software, preparers spend more time with clients, and taxpayers have a more streamlined, stress-free filing season…

Over 9 million Americans live outside of the United States. Sometimes, living outside of the United States can be advantageous on your taxes. Under the Foreign Earned Income Exclusion, taxpayers may be able to exclude income from their United States taxes. The FEIE can make living and working remotely abroad a tax-free experience Joining Kelly on t…

Despite the inroads women have made in the tax profession, it’s still a very male-dominated profession, especially at the top. In 2019, only about 20% of all equity partners were female, according to the National Association of Women Lawyers. Thankfully, it’s an issue that is starting to garner more discussion as more people recognize the lack of h…

As society continues to do more online, data security is more important than ever before. That goes for your taxes and the IRS as well. In their annual report, the IRS identified $2.3 billion in tax fraud schemes in 2020. With the 2021 tax season continuing, it’s something businesses and individuals need to pay attention to. Are you protected from …

The evolution of cryptocurrency and the blockchains that power it has taken yet another step forward with the creation of NFTs or non-fungible tokens. NFTs have been in the news quite a lot lately, garnering support from some of the biggest names in art, sports, and technology. However, with NFT marketplaces come potential tax liabilities. NFTs are…

If innovation is instrumental in moving the country forward, then the R&D tax credit is helping to pave the way. While you might think you’ll need lab coats and microscopes to qualify, the R&D tax credit is broad enough to fit a variety of industries. And with more than $18 billion in research and tax credits reported in 2019, it’s clear there are …

Cryptocurrency is once again making big waves in the news thanks to Bitcoin and Dogecoin riding high, Tesla accepting payment in the form of Bitcoin, and the IRS asking about it on your tax forms. But without proper guidance from the IRS, there are still plenty of questions surrounding crypto taxes and the specifics of cryptocurrency compliance. Cr…