Taxes

Today’s Social Security column addresses questions about possible of effects of taking retirement benefits early on a spouse’s benefits, making sure benefits begin the month you turn 70 and accounting for continued income after filing. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc.

The looming federal debt crisis gets more worrisome this week, as the Treasury Department will start taking “extraordinary measures” to pay our bills. Although those measures can buy several months of temporary relief, President Biden ultimately may have to take unilateral action to avoid a fiscal and economic meltdown. Without those measures, on Thursday the

Floyd Mayweather, boxer and entertainment entrepreneur, will not be further fighting an IRS assessment of $5,549,675 in tax and an accuracy penalty of $1,109,935 for the year 2017. About Mayweather On Forbes We tax writers sometimes find celebrity tax stories irresistible, even when they are not that interesting as tax stories. You can read an

Congressman Earl (Buddy) Carter (R-GA) has introduced the FairTax Act of 2023 (FTA23). Much of the commentary on the bill, including mine, has been about whether it is a good idea and the politics surrounding its introduction. The “Fair Tax” has been tinged by the fact that its underlying concept – replacing income, estate, gift

The inability of Congress to include key tax extenders in the Consolidated Appropriations Act of 2023, signed into law on December 29, 2022, will increase the federal income tax bill for the majority of U.S. businesses. Coming into the new year, business owners likely breathed a sigh of relief that no major tax legislation was

Share to Facebook Share to Twitter Share to Linkedin New Speaker of the House Kevin McCarthy has proposed a vote on a proposal called the Fair Tax, which would abolish the current federal income tax and replace it with a 30% national sales tax. Payroll taxes, which finance Social Security and Medicare, would also get

After enduring criticism from trading partners for decades and five years of joint technical work with the OECD, Brazil has finally taken its first formal step toward harmonizing its heterodox transfer pricing regime with multilateral standards — a move widely cited as a prerequisite for OECD accession. But the December 2022 release of Provisional Measure

The IRS has given storm victims in parts of Georgia and Alabama until May 15, 2023, to file various federal individual and business tax returns and make tax payments. The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA). This means that individuals and households that reside or have

Today’s Social Security column addresses questions about the potential of continued income to raise benefit rates, who can take spousal benefits before retirement benefits and when they can do so and eligibility for divorced spousal benefits. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning,

Tax Notes contributing editor Joseph J. Thorndike discusses the release of former President Trump’s tax returns and how they may influence the discourse around disclosure in the next presidential election. This transcript has been edited for length and clarity. David D. Stewart: Welcome to the podcast. I’m David Stewart, editor in chief of Tax Notes

It’s the beginning of every American’s favorite time of the year to hate: tax season. The IRS will begin accepting tax returns for the 2022 tax year on January 24th. Here are three of the biggest tax filing mistakes people make. 1) Missing last minute tax-saving opportunities. While it’s too late to influence most of

Although the stock market had a rough year in 2022, many long-term investors still have substantial capital gains on their taxable investments. Many projections for 2023 point to some positive stock market returns. If nothing else, expect more volatility throughout the year. While often ignored, tax planning is part of being a good investor. Being

Many House Republicans say they want to balance the federal budget in 10 years by cutting spending only. And they seem to have received a promise from newly-elected House Speaker Kevin McCarthy (R-CA) to bring such a plan to the floor for a vote sometime this year. I can’t wait to see what it looks

Many House Republicans say they want to balance the federal budget in 10 years by cutting spending only. And they seem to have received a promise from newly-elected House Speaker Kevin McCarthy (R-CA) to bring such a plan to the floor for a vote sometime this year. I can’t wait to see what it looks

The circular economy envisages a shift away from the linear “take-make-dispose” model to a system where products and materials are reused in new cycles. While we are beginning to see a focus on greater resource utilisation and waste reduction, only 8.6% of all materials extracted and used make it back into our economy. A transition

Key Takeaways The US government is expected to hit the debt ceiling next Thursday, meaning that Congress must approve a raising of the $31.4 trillion limit. Treasury Secretary Janet Yellen has written to House Speaker Kevin McCarthy, saying that failure to raise the ceiling could cause “irreparable damage to the US economy.” In the past,

Last month, for the first time in two decades, the IRS took a critical look at plaintiff lawyer fee deferrals. In its December, 2022, Generic Legal Advice Memorandum (the “GLAM”), the IRS considered and rejected a hypothetical deferral with a particularly bad set of facts (the “Aggressive Deferral”). While such aggressive facts are uncommon, the

Today’s Social Security column addresses questions about how accurate SSA’s benefit rate estimates actually can be, the timing of benefit payments each month and taking spousal benefits after retirement benefits. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc. See more Ask Larry answers

The House of Representatives will be holding a vote on a plan that would abolish the IRS! According to a Fox News story by Houston Keene, holding the vote is part of the deal that got the Freedom Caucus to agree to Kevin McCarthy becoming speaker. Representative Earl (Buddy) Carter introduced the Fair Tax Act

One of the happier problems for a tax whistleblower is turning to think about the percentage they may receive as an award from the IRS. Under the statute – 26 USC 7623(b)(1) – a tax whistleblower may receive 15 – 30% of the collected proceeds. For tax whistleblowers the challenge is how do they get