Taxes

NEW YORK, Jan. 8, 2021 — A delivery worker rolls packages across Wall Street in New York, United … [+] States, Jan. 8, 2021. U.S. employers slashed 140,000 jobs in December, (Photo by Michael Nagle/Xinhua via Getty) (Xinhua/Michael Nagle via Getty Images) Xinhua News Agency/Getty Images As we wrestle with creating better jobs for poor

WASHINGTON, DC – JANUARY 25: President Joe Biden speaks after signing an executive order related to … [+] American manufacturing. (Photo by Drew Angerer/Getty Images) Getty Images Congressional Republicans and some Democrats are urging lawmakers to better target President Biden’s $1.9 trillion plan for new pandemic relief. And they are right: It makes sense to deliver

getty Stimulus checks have been a lifeline of relief for many Americans during the Covid-19 pandemic. Whether from layoffs, reduced hours or closed businesses, so many people experienced the severe negative financial impact of the pandemic. There is significant need for these checks. A recent Bankrate survey found that 71% of those who received or anticipated

This episode of What’s Ahead points out that President Biden’s proposal for a national $15 minimum wage would kill millions of jobs, especially in beleaguered small businesses. Past experience shows that part-time workers and those without high school diplomas would be hurt the most. There is an infinitely better approach that wouldn’t destroy jobs and

getty It’s finally here! The Internal Revenue Service (IRS) has rolled out a new online option that will help tax professionals submit certain authorization forms electronically. To date, the new option applies to two forms: Form 2848, Power of Attorney and Declaration of Representative, and Form 8821, Tax Information Authorization. These forms allow taxpayers to

You should expect to receive the following IRS tax forms from cryptocurrency exchanges and similar platforms before January 31, 2021. The information reported on these forms summarize your 2020 activity and have a big impact on your cryptocurrency tax bill.  Form 1099-K (Payment Card and Third Party Network Transactions) If you had more than 200

I took three of my kids ice skating in Maggie Daley Park last month. It is hard to find fun things to do together during the pandemic, and I never had the stomach to brave the lines during “before times.” One of the many silver linings I’ve embraced during this otherwise incredibly difficult time is

Economic Security Planning, Inc. Today’s column addresses questions about when spousal benefits can be filed for, how deeming affect people born in 1954 and later, how foreign pensions can affect Social Security benefits and how the lower earning spouse can maximize their benefits. Larry Kotlikoff is a Professor of Economics at Boston University and the

The Mega Millions jackpot has risen to a cool $1 billion, according to officials. Winning would be great, but taxes are big too. Lottery winnings are taxed, with the IRS taking taxes of up to 37%. Depending on whether your state taxes lottery winnings, you may have to add state taxes too. We all file tax

getty More than a year has passed since the Setting Every Community Up for Retirement Enhancement (SECURE) Act passed Congress by a wide margin. Yet, many IRA beneficiaries don’t know about the law or are receiving bad information about it. The SECURE Act made a major change for IRA beneficiaries. Previously, someone who inherited an

INGLEWOOD, CA – JANUARY 19: The Forum in Inglewood, CA is one of five mass-vaccination sites opened … [+] in Los Angeles county. (Al Seib / Los Angeles Times via Getty Images) Los Angeles Times via Getty Images Covid-19 continues to put serious downward pressure on state and city budgets and spending.  The Biden Administration is

Economic Security Planning, Inc. Today’s column addresses questions about filing and suspending before full retirement age, how remarriage after 60 can affect the availability of different benefits and how the WEP and GPO are applied when a public pension is taken as a lump sum. Larry Kotlikoff is a Professor of Economics at Boston University

getty The three-martini lunch has been getting a lot of attention lately, thanks mostly to President Trump. For much of the last year, the president has been urging lawmakers to restore the tax deduction for business meals (and libations) to its former glory. And after months of spirited debate, he’s gotten his way, thanks to the recently enacted

The U.S. Treasury Department building viewed from the Washington Monument in Washington. (AP … [+] Photo/Patrick Semansky) ASSOCIATED PRESS The Federal deficit has ballooned in the last few years, first because of a 2017 tax-cut bill that failed to produce offsetting revenue, and then because of massive fiscal spending needed to shore up a pandemic-ravaged

getty Retired IRS economist Kim Bloomquist discusses his findings of geographic — and perhaps race and class — bias in the tax agency’s selection of audits. This post has been edited for length and clarity. William Hoffman: Welcome to Tax Notes Talk, Kim Bloomquist. Kim Bloomquist: Thank you for inviting me. William Hoffman: You worked for the IRS for 20 years

WASHINGTON, DC – JANUARY 19: Janet Yellen, President-elect Joe Biden’s nominee for Secretary of the … [+] Treasury, participates remotely in a Senate Finance Committee hearing. (Photo by Anna Moneymaker-Pool/Getty Images) Getty Images It was fascinating to watch Treasury-secretary designate Janet Yellen and several Republican members of the Senate Finance Committee dance their delicate deficit

Word Tax 2021 on calculator. Glasses, pen and the calculator on documents. The concept of financial … [+] stability,Income Statement getty Tomorrow, January 2oth, Joe Biden will be sworn in and for the first time since 2009 the Democrats will control the White House, the House and the Senate (though with Vice President Harris providing

Woman power and leadership in today’s human resources Getty By Doug Sheppard, Tax Notes State commentary editor They say accountants are boring. But when Maureen Pechacek retired from PwC LLP on June 30, her 39-year legacy included helping build a prominent state and local tax practice for a major accounting firm, speaking at numerous tax

Economic Security Planning, Inc. Today’s column addresses questions about potential effects of filing for early retirement benefits on a spouse’s benefit, when reductions for filing early can and cannot be lifted and retirement benefit estimates on SSA’s website. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic

WILMINGTON, DELAWARE – JANUARY 14: U.S. President-elect Joe Biden speaks as he lays out his plan for … [+] combating the coronavirus and jump-starting the nation’s economy at the Queen theater January 14, 2021 in Wilmington, Delaware. (Photo by Alex Wong/Getty Images) Getty Images President-elect Joe Biden just announced his economic stimulus plan and it contains