All articles tagged with #tax laws
Originally Published 3 days ago — by IRS (.gov)
The IRS announced January 26, 2026, as the start of the 2026 tax filing season, with new laws affecting taxes and credits, and provides online tools and resources to assist taxpayers in filing their 2025 returns by April 15, 2026.
Originally Published 1 year ago — by New York Post
Elon Musk's charity, the Musk Foundation, faces potential penalties for repeatedly failing to meet the minimum donation threshold required by tax laws, with shortfalls of $41 million in 2021 and $193 million in 2022. Musk's donation of 5 million shares of Tesla, worth $5.7 billion, left the charity with over $7 billion in assets, but tax records show it did not donate the required amount. The foundation's donations have also been linked to causes benefiting Musk and his businesses, raising questions about the nature of its philanthropy.
Originally Published 2 years ago — by MarketWatch
Financial advisers are facing challenges in explaining the changes to the laws on required minimum distributions (RMDs) from retirement plans to their clients. The rules surrounding RMDs have become more complex due to recent legislation, including the Secure Act 1.0 and Secure Act 2.0. Confusion arises from the changes in the RMD age, with clients unsure if it is 70.5, 72, or 73. The IRS has released notices providing relief, but this has added to the confusion. The penalties for mistakes in RMD withdrawals are significant, and the rules for calculating RMDs are intricate. The key rule for 2023 is that if you were born in 1950 or earlier, you must take RMDs this year, while those born in 1951 or later do not have to. The rules for inherited accounts and Roth accounts are also complex.
Originally Published 2 years ago — by The Hill
Harlan Crow, a GOP megadonor, has refused to provide a list of gifts he gave to Supreme Court Justice Clarence Thomas to the Senate Finance Committee, citing issues with separation of powers and the committee's lack of authority over the matter. The request was made as part of an investigation into whether Crow fully complied with federal tax laws surrounding the gifts. Crow's attorneys argued that the committee's oversight of federal gift tax laws does not give it authority to conduct a tax audit and that the inquiry appears to be a component of a broader campaign against Justice Thomas and Mr. Crow.
Originally Published 2 years ago — by Marca English
A new 'mansion tax' has gone into effect in Los Angeles, forcing millionaires to pay an additional 4-5.5% in transfer taxes for homes that sell for over $5 million. The tax will support a homeless housing measure passed in November. As a result, many high-profile celebrities, including Mark Wahlberg, Jim Carrey, and Jennifer Lopez, are selling their multi-million dollar homes and leaving California for states with less strict tax laws, such as Texas.