The United States Capitol building at sunset, Washington DC, USA. getty Tax Notes reporters Jad Chamseddine and Alexis Gravely speculate on upcoming tax changes and developments on Capitol Hill this year. This 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
Taxes
Economic Security Planning, Inc. Today’s column addresses questions about whether or not benefits lost to Social Security’s earnings test are actually repaid at full retirement age, suspending retirement benefits and filing for spousal benefits after taking early retirement benefits. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of
getty In a recent blog, I looked at two ways Congress could refocus those $1,400 per person relief payments on those who need it most. But there is an even stronger case for better targeting President Biden’s proposed increases in the Child Tax Credit (CTC). The American Rescue Plan Biden proposed in January would make
DraftKings has indicated that in may challenge the IRS ruling that would require it to pay an excise … [+] tax on daily fantasy sports entry fees. (Photo by Barry Chin/The Boston Globe via Getty Images) Boston Globe via Getty Images Tax season is officially upon us. Yesterday was the deadline for companies to file
Doctor holding a card with text HSA Health Saving Account medical concept. getty You’ve probably heard of IRAs and maybe FSAs, but what about HSAs? If your employer offers high-deductible health insurance policies, or if you’ve tried shopping around for low-cost health insurance, you may have run across this acronym. As their popularity has grown,
tax evasion and avoidance concept getty Glen Stoll has entered into a plea agreement that may spell the end of a long trail of tax shenanigans. The agreement dated January 15, 2021 has Stohl pleading guilty to conspiracy to defraud the United States and evading the payment of federal income taxes. The charges in the indictment relate to
A 529 plan is an investment vehicle for K-12 and college that receives preferential tax and federal financial aid treatment. They are sponsored by either a state or educational institution and often referred to as “Qualified Tuition Programs” in the tax code. Think of 529s as the college equivalent of a 401(k) or Roth IRA,
Imagine opening your door to an IRS Agent flashing a badge from the Criminal Investigation Division of the IRS. Now imagine that the IRS Agent turns out to be a crook. If it sounds far-fetched, read the indictment of Bryan Cho who was arrested and charged with a whole bundle of serious crimes. If he
Economic Security Planning, Inc. Today’s column addresses questions about whether spousal benefits are automatic or not, the possibility of receiving spousal benefits after taking retirement benefits at 62 and an unexplained delay in Social Security processing an application. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic
Even though Democrats just took the helm in Congress and the White House, the clock is already ticking, and 2021 is shaping up to be a critical year for the party. History teaches us that the majority parties tend to lose control over one of the houses of Congress during the midterms following the election. It is
UNITED STATES – AUGUST 27: The U.S. Capitol dome is seen at dawn on Thursday, Aug. 27, 2020. (Photo … [+] By Bill Clark/CQ-Roll Call, Inc via Getty Images) CQ-Roll Call, Inc via Getty Images State and local governments have been turning to a potentially dicey borrowing tactic to support their budgets as the coronavirus
Millions of Americans are still waiting for their first and second stimulus payments. getty Still waiting for your stimulus check aka economic impact payment(s)? Owe taxes? You might not see a dime. What? Wasn’t the money supposed to come through when you filed your 2020 tax return this spring? That was what the Internal Revenue
Read this if you would be interested in getting a $230,000 tax deduction. Escape getty You can sock away $7,000 in a tax-sheltered IRA, if you’re older. You can do $26,000 with a 401(k) deferral. Or you could be using an entirely different vehicle to put the contribution deep into six-figure territory. Up for discussion
getty The Coronavirus Aid, Relief and Economic Security (CARES) Act , signed into law in March 2020, provided a lifeline to many Americans struggling in the wake of the COVID-19 pandemic and the economic turmoil that followed. Among the law’s many provisions was the ability for certain taxpayers impacted by COVID-19 to take distributions of
AFP via Getty Images The biggest story on Wall Street this week hasn’t been the challenging employment numbers or disappointing corporate earnings. Rather it has been the frenzy around Game Stop and the group of investors taking on institutional hedge funds. It is a wild ride that everyone seems to be watching, and it is looking like
Robinhood’s halting of trading of certain stocks has many users reconsidering whether it’s the right platform to hold their cryptocurrency. Some users have considered moving their crypto assets to other platforms, only to realize that Robinhood does not allow cryptocurrency withdrawals. This leaves Robinhood crypto users stuck between a rock and a hard place. If
Green’s 2021 Trader Tax Guide GreenTraderTax Green’s 2021 Trader Tax Guide covers the 2017 Tax Cuts and Jobs Act (TCJA) and the 2020 Coronavirus Aid, Relief, and Economic Security (CARES) Act’s impact on investors, traders, and investment managers. The highlights of this year’s guide are included below. TAX CUTS AND JOBS ACT Tax Cuts and Jobs
A new letter from economists, organized by Invest in America, calls for major new spending to fight … [+] the Covid-19 recession and boost the economy. getty After the initial good feelings around Joe Biden’s inauguration, economic reality is catching up. On Wednesday, Chairman Jerome Powell gave a sobering assessment of how far the economy still
A striking teacher holds a sign as she walks a picket line outside Peirce Elementary School on the … [+] first day of strike by the Chicago Teachers Union on October 17 2019 in Chicago, Illinois. (Photo by KAMIL KRZACZYNSKI / AFP) (Photo by KAMIL KRZACZYNSKI/AFP via Getty Images) AFP via Getty Images The coronavirus
Capitol Building in Washington, DC getty Estate planning attorneys were inundated at the end of 2020 with year-end gifting. Many people felt that with Biden in the White House and the possibility of Democrats controlling both houses of Congress, the Trump-era tax reforms would be rolled back. In particular, the concern was that Democrats would