Taxes

Tax return professional interviewing a client. ASSOCIATED PRESS Good tax professionals ask good questions. If you are using a paid preparer for the first time or are using a new preparer this filing season be sure that they have been keeping up with current events. The coronavirus pandemic has resulted in a host of new

Economic Security Planning, Inc. Today’s column addresses questions about how continuing income can potentially increase benefit rates, whether delaying the last six months before turning 70 would really be worth it and what happens to Social Security disability benefits approaching full retirement age. Larry Kotlikoff is a Professor of Economics at Boston University and the

SAN FRANCISCO, CA – FEB. 8: Minerva Pacheco (center) and her children Brian Martinez Pacheco, 7 … [+] (left) Daniel Martinez Pacheco, 8, (right), and daughter Iris Martinez Pacheco, 11, at their home. (Gabrielle Lurie/The San Francisco Chronicle via Getty Images) Hearst Newspapers via Getty Images The plan to expand the Child Tax Credit (CTC)

United States Flag Capitol State Building during Covid19 2020 novel coronavirus Pandemic, 3d virus … [+] medical model, Washington DC, USA getty In the latest episode of the long-running soap opera over the state and local tax deduction, the New Jersey delegation to the House framed removing the current deduction limit of $10,000 as COVID

President Biden is determined to provide a third round of COVID stimulus to the American people, and with Democrats in control of both the House of Representatives and the Senate, there are few fiscal or procedural impediments to doing just that. WASHINGTON, DC – FEBRUARY 09: Secretary of the Treasury, Janet Yellen looks on as

Economic Security Planning, Inc. Today’s column addresses questions about whether filing at 70 increases spousal and survivor’s benefits payable to a spouse, when the combined family maximum applies and whether previous COLAs are included in delayed retirement benefit rates. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of

VAT remains at the forefront of the UK tax authority’s (HMRC’s) Making Tax Digital (MTD) plans, which aim to make HMRC a “world-leading, digital tax authority.” The next phase of MTD takes effect this year, for VAT return periods starting after April 1 2021. The changes have extensive application and will be relevant to most

regulations printed on rubber stamp getty Presidential vetoes are fairly common, though they seldom carry tax implications. There have been 40 presidential vetoes since the turn of the century. That includes 39 conventional vetoes plus a single pocket veto. If you’re keeping score, the tally is as follows: President Clinton vetoed seven bills during his last year in

United States Jigsaw Puzzle Pieces getty Morgan Scarboro of MultiState Associates discusses the tax topics state legislatures are likely to tackle this year. This post has been edited for length and clarity.  Paul Jones: Hi, Morgan. Thanks for being here. Morgan Scarboro: Thanks so much for having me. Paul Jones: First, I wanted to talk about the elephant

Getty Images It has not been easy for most American families during the Covid-19 pandemic. From lost jobs and reduced incomes to work and school from home, Americans are struggling to keep afloat financially.  In fact, in a 2021 National Endowment for Financial Education (NEFE) survey, nearly 7 out of 10 people suffered a financial setback in

Treasury Department records show that 2020 set a new record for the number of Americans who renounced their U.S. citizenship or gave up their long-term green cards. Common reasons for renouncing can be family, tax and legal complications for people who generally live outside the United States. There is an official list published quarterly, and the

be responsible and protect ecological environment, environmental protection symbol texture getty Last month gave us another building material reuse charitable deduction case. The Fourth Circuit sustained a district court decision that entirely denied any charitable deduction to Lawrence and Linda Mann for material from the tear-down of a Bethesda, Maryland house that went to Second Chance

getty Professor Zvi Bodie, my long-time friend and Boston University colleague, has long been an avid proponent of I-bonds, introduced by the US Treasury in 1998. Given today’s negative yields on TIPS (Treasury Inflation Protected Securities), Zvi’s argument for I-bonds is particularly compelling. Professor Zvi Bodie is my long-time friend and Boston University colleague. He’s also

IRS Forms 1099 are important, tipping off the IRS and your state how much you were paid for the year. But do you really want or need all those forms? IRS Forms 1099 remind you that you earned interest, received a consulting fee, or were paid some other kind of income. Each Form 1099 is matched to

WASHINGTON, DC – FEBRUARY 01: U.S. Sen. Susan Collins (R-ME) speaks as (L-R) Sen. Bill Cassidy … [+] (R-LA), Rep. Jerry Moran (R-KS), Rep. Todd Young (R-IN), Sen. Lisa Murkwoski (R-AK), Sen. Shelley Moore Capito (R-WV), Sen. Thom Tillis (R-NC), Sen. Mitt Romney (R-UT) and Sen. Rob Portman (R-OH) talk to reporters after meeting with

WASHINGTON, DC – FEBRUARY 05: U.S. President Joe Biden (C) and Vice President Kamala Harris (L) meet … [+] with House Democratic leaders to discuss virus relief legislation in the Oval Office at the White House February 5, 2021 in Washington, DC. In an effort to generate bipartisa(Photo by Stefani Reynolds-Pool/Getty Images) Getty Images This

Can you get into trouble for urging other investors to buy stock or options in a company? getty As just about everyone knows by now, investors communicating on the Reddit forum WallStreetBets drove up the stock price of GameStop while openly discussing both their tactics and their reasoning. Some of them purchased GameStop shares as

Got a Notice CP21C from the IRS about your economic impact payment? It’s a mistake. getty Got a CP21C letter from the Internal Revenue Service about the stimulus payment(s) you’re waiting for? It’s a mistake. The letters, mailed to more than 109,000 taxpayers, say that the IRS is offsetting outstanding economic stimulus payments to cover

In a time of fiscal desperation, are states ready to embrace the sin? COVID-19 has taken an obvious toll on the world’s collective health. And COVID-19 restrictions have wreaked similar havoc on state budgets throughout the United States. State tax collections for March through August 2020 were, on average, 6.4 percent less than in the

This episode of What’s Ahead warns that the trading frenzy in GameStop and other so-called meme stocks is stoking Washington politicians’ desire to enact a new tax on every securities transaction. That would simply drive trading offshore, while damaging domestic financial institutions. Other ideas being ginned up in this new tax environment include a wealth