As the nation awaits the President’s signature on the Consolidated Appropriations Act, 2021 – a 5,500 page spending and COVID stimulus bill – tax nerds march ahead undeterred, knowing that should that signature arrive, the need to undertake significant tax planning will be upon them before the ink is dry. UNITED STATES – DECEMBER 25:
Taxes
Three-dimensional synthetic works can be used in any design getty President-elect Joe Biden will have his hands full once he takes office in January. A lot of people are curious about whether he will invest political capital in trying to alter some of the income tax provisions introduced by the Tax Cuts and Jobs Act. Trying to
Congress just made the tax breaks for giving to charity better for 2021. getty There’s good tax news for charities and donors in the year-end spending package Congress passed yesterday. It includes two tax changes that can boost donors tax deductions for charitable giving, meaning they can give more to charity at a lower net
Economic Security Planning, Inc. Today’s column addresses questions about withdrawing an application for a retirement benefit, filing for and then suspending a retirement benefit and whether and when divorced spousal benefits might be available. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc, which
Worker starts production of craft beer at a factory during covid-19 pandemic. getty After promising to work all night until an agreement was reached, U.S. senators passed a bill close to midnight Monday that grants permanent federal excise tax (FET) relief to brewers, distillers, winemakers and other alcoholic beverage producers. The Craft Beverage Modernization and
The Internal Revenue Service (IRS) has issued new standard mileage rates for operating an automobile for business, charitable, medical or moving purposes in 2021. The IRS has issued new lower mileage rates for 2021. getty New IRS Mileage Rates The new IRS mileage rates apply to travel starting on January 1, 2021. 56 cents per
getty The Internal Revenue Service (IRS) has issued its 2021 standard mileage rates. Beginning on January 1, 2021, the standard mileage rates for the use of a car, van, pickup or panel truck will be: 56 cents per mile for business miles driven (down from 57.5 cents in 2020) 16 cents per mile driven for medical or
Look, I’ve never been a particularly happy guy. But if there’s one thing that really gets me down, it’s everyone else being happy. That, I simply can’t have. It’s why, growing up outside of Philly, I rooted for the Eagles to get smoked every Sunday. It’s why whenever I leave my little ski town for
An IRS 1040 Tax Form with a pair of Handcuffs resting on the Tax Forms. getty A key to good tax practice is being able to explain things to clients and prospects. Consider this remark explaining difficult to understand promotional material: we know if we’re examined by the [IRS] they will ask for all promotion
There’s finally certainty around the medical expense deduction for 2021 and beyond. getty Got high medical expenses in a low-income year? Congress heard your plea. As part of the $1.4 trillion spending bill Congress passed yesterday, millions of Americans will get a permanent break on the deductibility of out-of-pocket medical expenses. The threshold for claiming
WASHINGTON, DC – DECEMBER 10: Treasury Secretary Steven Mnuchin testifies before the Congressional … [+] Oversight Commission during a hearing on the “Examination of Loans to Businesses Critical to Maintaining National Security” on Capitol Hill on December 10, 2020 in Washington, DC. (Photo by Sarah Silbiger-Pool/Getty Images) Getty Images When Congress passed the Coronavirus Aid,
When Congress initially responded to the COVID-19 pandemic by passing the CARES Act on March 27th, 2020 — handing down individual stimulus payments, Paycheck Protection Program loans, supplemental unemployment benefits and a bevy of additional tax breaks to struggling businesses — many anticipated that if the virus continued to spread unabated, additional relief would quickly
Young woman gives golden gift box wearing a protective Face maks for Covid-19, present and … [+] Coronavirus concept. social distance background getty Excited about giving or receiving gifts this holiday season? What’s not so exciting are the tax implications that may come with them. We often get questions about those implications this time of
STERLING, VA – DECEMBER 13: U.S. President Donald Trump climbs into golf cart number 45 as he golfs … [+] at Trump National Golf Club on December 13, 2020 in Sterling, Virginia. (Photo by Al Drago/Getty Images) Getty Images It’s perhaps the most fitting end for a presidency plagued by crisis and mismanagement: the federal
People walk past the US Capitol in Washington, DC on December 16, 2020. – Congressional leaders on … [+] December 16, 2020 said they were nearing a long-awaited agreement on a stimulus package for the US economy, while the Federal Reserve is set to provide updated forecasts on an uncertain outlook.A federal relief package to
As we approach new years eve 2021 it is time to think about all of your capital gains for tax year … [+] 2020. getty The tax laws surrounding capital gains taxes are more complicated than people think. How much you will own in capital gains taxes will depend on what you are selling, how
MT PLEASANT, WI – JUNE 28: U.S. President Donald Trump (C) breaks ground along with Wisconsin Gov. … [+] Scott Walker (L) and Foxconn CEO Terry Gou (R) at the 2018 groundbreaking for the highly subsidized Foxconn plant in Wisconsin. The project failed to meet job and development goals even with almost $4 billion in
WASHINGTON, DC – DECEMBER 16: House Majority Leader Steny Hoyer (D-MD) walks out of the House … [+] Chamber and talks to reporters at the U.S. Capitol on December 16, 2020 in Washington, DC. House Speaker Nancy Pelosi hosted a meeting as congressional negotiations on spending and economic relief legislation continued. (Photo by Tasos Katopodis/Getty
Economic Security Planning, Inc. Today’s column addresses questions about how income earned after filing can increase benefit rates, working and the earnings test while collecting a widow’s benefit and whether and how benefits can increase at FRA after withholdings due to the earnings test. Larry Kotlikoff is a Professor of Economics at Boston University and
As the details of the $900 billion Covid-19 relief bill emerge, city and other local leaders are slamming Congress for not including direct financial aid to state and local governments. Louisville Mayor Greg Fischer on Election Day, 2020. Fischer is calling upon Congress to include … [+] direct fiscal aid to cities who are on