Taxes

The IRS has released updated instructions on how to answer the infamous virtual currency question – “At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in virtual currency?” -  on 2020 Form 1040. The updated version as of December 31, 2020, clarifies what’s covered under the term,

Economic Security Planning, Inc. Today’s column addresses questions about widow’s benefits when a spouse dies before full retirement age, whether continuing income will increase benefits, having worked in the US and a foreign country and the possibility of taking spousal benefits before retirement benefits. Larry Kotlikoff is a Professor of Economics at Boston University and

US President-Elect Joe Biden (Photo by Alex Edelman / AFP) (Photo by ALEX EDELMAN/AFP via Getty … [+] Images) AFP via Getty Images Biden, like every other candidate, made a lot of promises during the campaign, including what he would do about taxes. Now his transition team has laid out plans. They do not quite

getty 2020 has been an incredibly challenging year for all Americans. The pandemic’s impact on the physical, mental and financial health of the country has led many Americans to struggle to survive.    As we come to year end, many Americans are taking one last look at their tax planning and considering what type of

getty The Internal Revenue Service (IRS) is emphasizing that no action is required by eligible taxpayers for the second round of Economic Impact Payments (EIPs, or stimulus checks). As noted earlier, initial direct deposit payments began arriving as early as last night for some and will continue into next week. Paper checks will begin to be mailed

SOPA Images/LightRocket via Getty Images If this time last year, you would have suggested that I would spend a majority of my time in 2020 away from my office and reliant upon the tax community on social media to help keep me both informed and sane, I likely would have laughed at you. Don’t get

In a recent case, the Fifth Circuit addressed the definition of “the return” for purposes of starting the statute of limitations. In a win for the taxpayer, the court held that the regulatorily prescribed form is not necessarily the only document that can start the statute of limitations.  A brief summary of the salient facts.

In this installment of In the Pages, Tax Notes International contributing editor Robert Goulder sits down with Kim Clausing, incoming professor at the University of California, Los Angeles, School of Law, to discuss the lessons in her recent Tax Notes article, “5 Lessons on Profit Shifting From U.S. Country-by-Country Data.” About the Guests  Robert Goulder is a contributing editor for Tax Notes International.

Republicans refuse federal aid for state and local budgets in part because of hostility to public … [+] employee pension plans. getty In the drama over the federal Covid-19 relief legislation, Republicans led by Senate Majority Leader Mitch McConnell (R-KY) rejected state and local budget aid, claiming it would be used to bailout badly managed

The US Capitol building is seen on a cold and sunny winter day as Congress is in session in … [+] Washington on December 29, 2020. – US President Donald Trump lashed out at the Republican leadership in Congress on Tuesday as he faces a humiliating first veto override in the final days of his

             The IRS just released its annual report (FY 2020) on the tax whistleblower program. Unfortunately, the award numbers are a significant change from just two years ago – where the IRS reported a ten-fold increase in whistleblower awards to $312 million for FY 2018. For FY 2020 – the amount of (pre-sequestration) awards to whistleblowers was markedly

getty Congress may still be debating the size of additional checks, but Treasury is already taking action to deliver a second round of Economic Impact Payments (EIPs, or stimulus checks). This second round of checks is part of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021, passed by Congress last week and signed

Most of us could use some good news these days, so here is a little. Two highly controversial tax bills pending in California appear to have died on the vine, at least for now. Technically, with the legislative session ending in the Golden State, they would need to be re-introduced to face a vote and

2020 Review; last year review in life; business. Writing and preparing for new year 2021 resolutions getty In this episode of Tax Notes Talk, Tax Notes reporters recap some of the quirkiest tax stories they encountered in 2020, from two brothers’ legal and tax troubles to Mexico’s acceptance of art created by artificial intelligence to pay

For many organizations trading in goods, the run-up to 31 December 2020 involved hasty preparations for the end of the Brexit transitional period and the start, from 1 January 2021, of the UK’s new international trading relationships. This article highlights some areas that can be focused on in 2021 to improve import taxes positions. Taking

With the Consolidated Appropriations Act, 2021 (the Act) finally signed into law, we can start to take a deep dive into the more impactful changes found within the 5,500-page piece of spending and stimulus legislation. We may have jumped the gun a bit in publishing Part 1 of this two-part series on the expanded Employee

ILLUSTRATION BY FORBES; PHOTOS, FROM LEFT: JUN SATO/GETTY IMAGES; MARK MAKELA/GETTY IMAGES; CHRISTIAN K. LEE/THE WASHINGTON POST/GETTY IMAGES As a year unlike any other draws to a close, Forbes takes a look at the biggest scandals billionaires found themselves facing, from tax evasion to alleged financial fraud to a billionaire spat between neighbors featuring the

Economic Security Planning, Inc. Today’s column addresses questions about Social Security spousal benefits based on the record of a worker who filed early, retirement benefits for a worker who dies late on the last day of the month, the Windfall Elimination Provision and withdrawing an application. Larry Kotlikoff is a Professor of Economics at Boston

United States Tax Court building in Washington DC Getty Taking a recent Tax Court decision at face value Dr. Gurpreet Padda has found the secret of how to make a small fortune in the restaurant business. The key is to start with a moderate fortune from the practice of medicine. Lucien Gauthier of the Boston

UNITED STATES – DECEMBER 25: Metro DC Socialists hold a Christmas morning photo op for Santa to … [+] deliver coal to Congress while demanding a $2000 per month check on Friday, Dec. 25, 2020. (Photo By Bill Clark/CQ-Roll Call, Inc via Getty Images) CQ-Roll Call, Inc via Getty Images As President Trump golfs in