Taxes

IRS Forms 1099 generally come in the mail around the end of January or early February and report how much you were paid in the prior calendar year. Don’t ignore them, as each one will be matched against your tax return when you file. Forms 1099 can be wrong, so check them carefully. IRS Forms

Let me suggest two excellent money moves. You’ll enjoy tax deferral — inside buildup in which the asset-income you earn on your balances accumulate tax-free. You also get to time your IRA withdrawals to years when your marginal tax bracket is low. Like many, if not most, Americans, you probably are holding much of your

Today’s Social Security column addresses questions about how high benefit rates can possibly be, whether there’s a Social Security benefit increase for caring for a disabled spouse and the accuracy of Social Security’s benefit estimates. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc.

Today organizations representing professionals in the tax industry sent a letter to IRS Commissioner, Charles Rettig, and the Department of Treasury’s Assistant Secretary for Tax Policy, Lily Batchelder, requesting specific relief for taxpayers for the 2022 tax season. The letter reminds the Commissioner and the Assistant Secretary that the IRS “still has an unprecedented number

You might need to take a little extra time in 2022 to plan your required minimum distributions (RMDs) from IRAs, 401(k)s, and other qualified retirement plans. A few of the rules have changed. Changes affect both original owners of accounts and beneficiaries who inherited them. The starting age for RMDs of account owners was changed

E-filing of individual tax returns for the 2022 filing season opens on January 24. The tax deadline is Monday, April 18, 2022. Until recently the opening of individual e-filing began on the Tuesday after the Martin Luther King, Jr. holiday. In 2021 individual e-filing didn’t open until February 12. In 2020 it opened on January

A recent Tax Notes International article provides a useful reminder about the nature of global tax competition: The Irish government might soon adopt a participation exemption. That’s a fancy way of saying Ireland might replace its worldwide corporate tax regime with a territorial regime. Many American readers will have the same reaction: “Doesn’t Ireland already have a territorial system?”

Waves of people are moving to Puerto Rico, including investors, lawyers, hedge funders, and more. Given the astounding tax benefits, many are doing it with good reason. The crypto community may be the biggest wave of all, as the alluring press coverage keeps noting. With zero taxes, golf and beach houses creating a crypto island

As my colleague Elaine Maag noted the other day, Democrats are squabbling again (or is it still) over how to structure the Child Tax Credit. Some want to be sure that very low-income households get the full credit. Others want to reduce or even eliminate benefits for higher-income households.   Many solutions to the high-income

Excessive delays in processing tax returns and tax refunds ranks as the No. 1 most serious problem facing taxpayers, according to National Taxpayer Advocate Erin Collins’ annual report to Congress released today. It was tough last year, and it looks like it’s going to be tough this year, too. The Internal Revenue Service announced this

The Internal Revenue Service announced yesterday that the 2022 filing season will open January 24, and tax returns for individual U.S. taxpayers are due on April 18. Tax season is especially cumbersome for those who buy, sell, trade or invest in digital assets such as cryptocurrency and Non-Fungible Tokens, or NFTs. Unlike your average brokerage

Many traders have substantial trading gains for 2021, and they might owe 2021 estimated taxes paid to the IRS quarterly. Unlike wages, taxes aren’t withheld from trading gains. Others can wait to make tax payments until April 18, 2022, when they file their 2021 tax return or extension. The first three quarterly estimated tax payments

In honor of Tax Notes Talk’s 200th episode, we review some of our favorite interviews and discussions from the last 100 episodes. 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 Today International. This week: celebrating 200 episodes. Yes, this is our

In the late 19th century, state and local tax officials employed private tax investigators — known as “tax ferrets” or “tax inquisitors” — to facilitate the collection of general property taxes. Compensated using a bounty system, these private sector collectors were expected to shore up flagging fiscal systems. And to some extent, they did. But

My trademark as a tax blogger is “stuff I find interesting”. Not surprisingly a bit of that stuff is not that interesting to a very large number of people. Much as I appreciate the discerning elite of my readers, I sometimes like to reflect on what seems to be of the most interest. Here is what my readership

The Internal Revenue Service announced today that the 2022 tax filing season will open on Monday, January 24th, 2022. That’s when the IRS will start accepting federal income tax returns for the 2021 tax year whether you file electronically or on paper. It’s the third coronavirus pandemic tax filing season, and again, that’s expected to

Today’s Social Security column addresses questions about whether it’s necessary to file retroactive to 2021, documenting current and future payments for work performed in the past in regards to the earnings test and a discrepancy is Social Security benefit estimates. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president

Today’s release of the December employment report showed positive job growth, although below some forecasts.  At the same time, the unemployment rate fell below 4%  for the first time since the pandemic began.  So don’t be disappointed by the jobs number—the labor market is strong, and today’s report is good news for the economy. Cecilia Rouse, Chair of

This could well be the year that inflation starts to smack the stock market. The current episode of What’s Ahead explains why.  Investors need to understand that there are two kinds of inflation: monetary and nonmonetary.  Last year most of the increases in prices came from pandemic disruptions, made worse by Biden Administration blunders. This

Today’s Social Security column addresses questions about what effects a potential drop in the 2020 Average Wage Index might have on benefit amounts and timing, survivor’s benefits and the earnings test and when first checks can start and when they’ll arrive. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and