WILMINGTON, DELAWARE – JANUARY 14: U.S. President-elect Joe Biden (R) speaks as U.S. Vice … [+] President-elect Kamala Harris (L) looks on 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. President-elect Biden is expected to unveil a stimulus package
Taxes
Economic Security Planning, Inc. Today’s column addresses questions about whether to take a survivor’s benefit before a retirement benefit delayed until 70, how Canadian pensions can affect US Social Security benefits and how Social Security verifies marriages. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security
Antonio Wiggins (C) cuts the hair of James Bennett (R) as Robert White (L) waits for his turn, … [+] inside his barber shop in Jackson, Mississippi. Evidence shows income tax cuts tend not to grow small business jobs. (Photo by CHANDAN KHANNA / AFP) (Photo by CHANDAN KHANNA/AFP via Getty Images) AFP via Getty
getty The Internal Revenue Service (IRS) has announced that tax season will open on Friday, February 12, 2021. Yes, on a Friday. The IRS will begin accepting paper and electronic tax returns that day. This is about two weeks later than had been expected. The delay allows the IRS time to do additional programming and
Internal Revenue Service sign with a traffic signal in the foreground indicating a red light. getty One of my least favorite ideas is hiring private collection companies to collect federal taxes. So I was really intrigued by the second biannual report by the Treasury Inspector General For Tax Administration (TIGTA) on the program. Is IRS
Sen. Tim Scott (R-SC) and Sean Parker tour the senator’s childhood neighborhood as an example of the areas that can see investment through the opportunity zone program. Evan Kafka for Forbes President-elect Joe Biden and his administration are keen to undo much of what their predecessors did. Yet when it comes to one flagging Trump
Having been a return-preparing tax professional for the last 40+ years, I annually prepare a top-ten list of concerns about the filing season ahead. Earlier today IRS Commissioner Rettig announced that the upcoming filing season start date will be delayed. IRS will begin accepting tax returns on February 12. I can almost hear the groans across this country
17 states and the District of Columbia impose estate or inheritance taxes separate from the federal … [+] estate tax levy. getty As states address budget woes due to the pandemic, one place they may turn to for revenue as they have in past economic crises is death taxes. Already the District of Columbia has
Supporters of US President Donald Trump, including Jake Angeli (C), a QAnon supporter known for his … [+] painted face and horned hat, enter the US Capitol on January 6, 2021, in Washington, DC. – Demonstrators breeched security and entered the Capitol as Congress debated the a 2020 presidential election Electoral Vote Certification. (Photo by
President-elect Joe Biden is a mere six days from relocating to the Oval Office, and with Democrats holding majorities in both the House of Representatives and the Senate, any and all of the former Vice President’s proposals are now in play. WILMINGTON, DELAWARE – JANUARY 14: U.S. President-elect Joe Biden takes off his mask as
Economic Security Planning, Inc. Today’s column addresses questions about when Social Security will recognize recent high income, what happens to benefit checks received in the month a person passes away and how the Windfall Elimination Provision (WEP) can affect benefits. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president
NEW YORK, NEW YORK: A person walks outside the Trump International Hotel & Tower (Photo by Noam … [+] Galai/Getty Images) Getty Images New York City Mayor Bill de Blasio has announced the city is severing ties with the Trump Organization by cancelling its remaining outstanding contracts. While the decision affects a relatively small amount
getty With all of the last minute changes to the Tax Code – and those stimulus check reconciliations – it was clear that the Internal Revenue Service (IRS) was going to have to make revisions to tax forms used to file 2020 tax returns (the tax returns that you’ll file in 2021). Most tax professionals
getty 2020 is already a distant memory for many Americans. Almost halfway through January, it might feel that there is no planning that can be done on your 2020 taxes. In fact taxpayers do still have some tax planning opportunities. “Most tax planning should be done before the end of the year,” says Nicole Davis, CPA at
Boston South End aerial view. Residential district near Columbus Avenue. getty The Low Income Housing Tax Credit (Section 42) has generated very little in the way of conventional tax litigation, meaning IRS v taxpayer. Oddly part of Section 42, specifically 42(i)(7) – Impact of tenant’s right of 1st refusal to acquire property – has blossomed
Economic Security Planning, Inc. Today’s column addresses questions about what happens to a person’s benefit when an ex files on their record, how to file for retirement benefits after taking spousal benefits first and whether it would be a good idea to take early retirement after disability benefits. Larry Kotlikoff is a Professor of Economics
12 January 2021 Most of the commentary about indirect tax changes arising from the end of the Brexit withdrawal period has been on the movement of goods between the UK and EU and vice versa. While not as high profile or as wide-ranging, there were also changes relevant to organizations providing services. Services businesses also
With bitcoin hovering around its all-time high and the fast-approaching tax season, there has never been a better time to talk about how the IRS taxes your cryptocurrency income. IRS Treats Cryptocurrency As Property Cryptocurrencies are treated as property per the IRS Notice 2014-21. Consequently, you have to pay taxes on the following transactions if
The Free Application for Federal Student Aid (FAFSA) has different rules concerning which parent(s) are responsible for completing a dependent student’s FAFSA and who is considered a dependent of the parent on the FAFSA. These rules are changing, starting with the 2023-2024 FAFSA. The Consolidated Appropriations Act, 2021 changed the rules as part of an
A participant stands at the OECD headquarters in Paris during the presentation of the Economic … [+] Outlook at the 2013 OECD Week on May 29, 2013. AFP PHOTO ERIC PIERMONT (Photo credit should read ERIC PIERMONT/AFP via Getty Images) AFP via Getty Images Martin Hearson of the International Center for Tax and Development and Emmanuel Eze