Taxes

The Treasury and Internal Revenue Service have announced that the due date for individual tax returns has been moved from April 15, 2021 to May 17, 2021. IRS Commissioner Chuck Rettig noted: “This continues to be a tough time for many people, and the IRS wants to continue to do everything possible to help taxpayers

With the job losses and unemployment numbers this year, freelance work has replaced full-time staff positions for many people. This means that, with the gig economy already in full swing, we can expect to continue to see a robust freelance economy in the future. Since this is new territory for many, there are some new

We are awaiting the official IRS announcement, so don’t celebrate just yet. Taxpayers and tax professionals have been scrambling to prepare and file tax returns by April 15. The IRS said repeatedly that unlike last year, it would not extend the date. But now, the normal April 15 deadline is going to be extended to

There’s welcome news for financially struggling taxpayers with federal tax debts who didn’t get Round 1 and Round 2 economic impact payments, and were instructed to file 2020 tax returns to claim the payments as a recovery rebate credit. The Internal Revenue Service has now agreed to use its discretion to bypass offsets for federal

Yvette Lind, an assistant professor of tax law at Copenhagen Business School, talks about how the coronavirus pandemic hurt gender equality and offers possible tax solutions. The post has been edited for length and clarity. David Stewart: Welcome to the podcast. I’m David Stewart, editor in chief of Tax Notes Today International. This week: gender equality and

Talk about playing against type: The tax cuts in President Biden’s American Rescue Plan (ARP) are among the biggest one-year tax reductions in modern US history. The bill passed by Congress last week would reduce taxes by nearly $500 billion in fiscal year 2021 alone, according to the congressional Joint Committee on Taxation. That’s roughly

In capital markets, it could be argued that nothing is hotter right now than a special purpose acquisition company (“SPAC”). Whether SPACs are the way of the future or just another fad, they are booming at the moment and the subject of many conversations. Much has been written on SPACs, but little to no ink has been

As promised, the Internal Revenue Service has rebooted its Get My Payment tool, so as of today, taxpayers can check the status of the $1,400 stimulus payments (Round 3) that are part of the $1.9 trillion Covid relief package President Joe Biden signed into law last Thursday. That doesn’t mean you’ll get the answer you’re

A good global minimum tax would target stateless income. Professor Reuven S. Avi-Yonah recently stated that the “global intangible low-taxed income regime is the best part” of the Tax Cuts and Jobs Act. While I couldn’t disagree more, perhaps this should be read in light of the suggestions for improving the TCJA that constitute the majority of Avi-Yonah’s article. After

With the passage of President Biden’s $1.9 billion relief package, which includes substantial aid to states and cities, some commentators think Covid-19 threatened city budgets are now safe.  But the welcome relief package is a one-time revenue injection and cities still face several budget dangers. Municipal bond rating agencies reacted positively to the bill.  Moody’s Investor Services changed their

President Biden signed the American Rescue Plan into law on Thursday, March 11, 2021. The law provides $1.9 trillion of tax and financial relief to businesses and individuals and includes a provision that makes a taxpayer’s first $10,200 of unemployment compensation (UC) non-taxable at the federal level. Many taxpayers who were waiting to see if

Today’s column addresses questions about how far in advance you can apply to begin Social Security retirement benefits, whether new income will increase benefits and the ability to delay retirement benefits while receiving survivor’s benefits. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc,

Tucked inside the American Rescue Act is a tax change that has big implications for tax revenue and the gig economy. Starting for tax year 2022, many contractors with gig economy companies like Uber UBER , DoorDash and Lyft LYFT will be getting 1099 forms when they previously wouldn’t have. The end result is that

The most challenging decision an estate planner must make is who to recommend as a trustee for a client. Trusts execute the estate plan, and the trustee is the lynchpin of any trust. The trustee plays multiple roles; a financial and ministerial role; they are responsible for the prudent investment of assets as well as administrative and

Every once in the while the IRS comes out with something that may cause beleaguered tax preparers to breathe a sigh of relief. This just in, which is short enough to reproduce in full. IRS Statement – American Rescue Plan Act of 2021 The IRS is reviewing implementation plans for the newly enacted American Rescue

In March 2020, Congress started down the rather unusual but not unprecedented path of sending people checks to help them deal with effects of the COVID-19 pandemic and economic downturn. Nationwide, as many as 8 million households appear to have been eligible for this first round of economic impact payments (EIPs) but had not received the money by the

The third and biggest round of economic stimulus payments will start to hit taxpayers direct deposit … [+] accounts this weekend. getty The Internal Revenue Service announced today that it will begin delivering Round 3 economic stimulus payments this weekend. The $1,400 per person economic impact payments were part of the $1.9 trillion Covid-relief stimulus

The American Rescue Act gives laid off workers a 100% premium subsidy to choose their employer … [+] workplace health care plan for half of 2021. getty The 100% COBRA subsidy in the $1.9 trillion American Rescue Act means that more than 2 million laid off Americans will have the option to extend their workplace

Retirees, newborns, and students find out they’re in line to get recovery rebate credits on their … [+] 2020 tax returns as well as round 3 stimulus payments. getty A retired widowed engineer who typically has $120,000-plus in income got welcome news from his tax preparer. He’s getting $1,800 — Round 1 $1,200 plus Round

Tax Time Shutterstock Even though it’s too late to elect Section 475 MTM for tax-year 2020, the opportunity for 2021 is available now. In this blog post, I will cover the scenarios that make it prudent to obtain Section 475 for tax-year 2021 and how to make the election.  Before I dive in, let’s review