Economic Security Planning, Inc. Today’s column addresses questions about withdrawing an application after revising filing plans, potential effects of the Windfall Elimination Provision (WEP) and the Government Pensions Offset (GPO) and divergent SSA benefit estimates. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc,
Taxes
© 2019 Bloomberg Finance LP While a lot has been written about when the second stimulus check will go out, many are still waiting for some or all of their first stimulus check. Until now, taxpayers were pretty much on their trying to navigate the IRS website. Starting today, however, those still waiting for their
getty Last week, the National Taxpayer Advocate promised that help was on the way for some taxpayers who had missing or incomplete stimulus check payments. Today, the Advocate delivered, explaining the kinds of problems that the Internal Revenue Service (IRS) will currently resolve, what some individuals need to do to receive a check, and how some
People wait outside the Apple store in Covent Garden in London August 30, 2016. The European … [+] Commission’s demand for Apple to pay Ireland some 13 billion euros in back taxes has put the country in the strange position of refusing the windfall for fear of scaring away valuable investment. Rather than welcoming the
ASSOCIATED PRESS On August 6, 2020, the Senate adjourned without passing a stimulus package. Senate Majority Leader Mitch McConnell (R-KY) wasn’t involved in the talks, leaving Senate Minority Leader Chuck Schumer (D-NY) and House Speaker Nancy Pelosi (D-CA) to work directly with Treasury Secretary Steve Mnuchin and White House Chief of Staff Mark Meadows. As
ASSOCIATED PRESS On August 6, 2020, the Senate adjourned without passing a stimulus package. Senate Majority Leader Mitch McConnell (R-KY) wasn’t involved in the talks, leaving Senate Minority Leader Chuck Schumer (D-NY) and House Speaker Nancy Pelosi (D-CA) to work directly with Treasury Secretary Steve Mnuchin and White House Chief of Staff Mark Meadows. As
President Trump said over the weekend, “If I’m victorious on November 3rd, I plan to forgive these [payroll taxes for Social Security and Medicare] and make permanent cuts to the payroll tax.” Currently, employers and employees split the 12.4% payroll tax on the first $137,700 of 2020 earnings and also split the 2.9% Medicare tax
WASHINGTON, DC – AUGUST 03: U.S. President Donald Trump makes remarks as he meets with U.S. Tech … [+] Workers and signs an Executive Order on Hiring Americans, in the Cabinet Room of the White House on August 3, 2020 in Washington, DC. The executive order bans federal agencies from firing American citizens or green
Payment notification. Serious unhappy elderly woman sitting together with her husband and looking at … [+] the document while holding it getty Well while Congress dithers our President takes action to give us some relief with an executive order a “modest, targeted action will put money directly in the pockets of American workers and generate
House Speaker Nancy Pelosi, D-CA, (R) and US Senate Minority Leader Chuck Schumer, D-NY, and the … [+] Trump administration failed to reach a deal this week on coronavirus. (Photo by Mandel NGAN / AFP) (Photo by MANDEL NGAN/AFP via Getty Images) AFP via Getty Images Congress is in a stalemate over the next round
No PPP loan? Try your family and friends. getty Desperate small business owners seeking cash to keep their businesses alive during the coronavirus pandemic are turning to their families for loans. The loans, with ultra low interest rates are a lifeline. “People are risking their own money for their brother, sister, kids, grandkids,” says Rebecca
Taxes and staking are two topics that have a murky history together due to lack of staking specific guidance issued by the IRS. How staking should be taxed is already a controversial issue (How Staking Tezos May Generate ‘Rental’ Income). When staking income should be taxed is an even more pressing issue because it affects
Last puzzle piece. getty In this episode of Willis Weighs In, Benjamin M. Willis, Tax Notes Federal contributing editor, discusses carried interests with partnership tax expert Monte A. Jackel. Monte and Ben speculate on what the new regulations are expected to look like and provide their opinions on potential IRS overreaches likely to be overturned if potentially tenuous arguments
As benefits expire, rent comes due, the school year looms and states struggle, Washington’s warring factions are racing to rescue the economy—and their political fortunes. Tom Williams/CQ-Roll Call, Inc via Getty Images, Mario Tama/Getty Images, Alex Wong/Getty Images, Doug Mills-Pool/Getty Images. Design by Forbes The coronavirus pandemic has taken an inconceivable toll on the American
Democrats and Nancy Pelosi have been fighting to provide tax relief for homeowners hurt by the Trump … [+] Tax plan of 2017. Getty Images One of the most annoying parts of the Trump Tax Plan (TCJA 2017) was the $10,000 cap on State and Local Tax (SALT) Deductions when filing your federal tax returns.
Computer keyboard enter key with a magic quick fix button concept for it support, technical … [+] assistance and customer service getty Did you get the wrong amount in your stimulus check? Help may be available sooner than you think. Initially, the Internal Revenue Service (IRS) advised that individuals who received the wrong payment amount
Sonoma County, California, USA getty Belair Woods LLC (TCM 2020-112, July 22, 2020) is one of a flurry of Tax Court decisions on conservation easements that have been flying through the Tax Court. I understand that there are a lot more coming. It is the third decision in the case. The first two did not
The United States Capitol Building, Washington DC. You can see the capital dome. Building reflecting … [+] on the water fountain in front of the capital. getty n 1969 a 38-year-old lawyer in the Treasury Office of Tax Legislative Counsel contemplated the social ferment gripping the United States. Surging opposition to the war in Vietnam, combined with
TOPLINE NPR reported Tuesday that thousands of foreign workers who were in the U.S. on temporary visas erroneously received $1,200 stimulus checks in the error-prone process of distributing financial aid across the country to blunt the coronavirus pandemic’s economic impact. Foreign workers in at least 129 countries have received stimulus payments, according to NPR. Getty
getty Back-to-school may look different in 2020, but that doesn’t mean that parents and teachers won’t be shopping. According to the National Retail Federation, consumers could spend a record amount in 2020 to prepare students for school and college as they buy more laptops and computer accessories for online shopping. “By any measure, this is an