Taxes

Capitol Building in Washington, DC getty Estate planning attorneys were inundated at the end of 2020 with year-end gifting. Many people felt that with Biden in the White House and the possibility of Democrats controlling both houses of Congress, the Trump-era tax reforms would be rolled back. In particular, the concern was that Democrats would

WASHINGTON, DC – JANUARY 25: President Joe Biden speaks after signing an executive order related to … [+] American manufacturing. (Photo by Drew Angerer/Getty Images) Getty Images Congressional Republicans and some Democrats are urging lawmakers to better target President Biden’s $1.9 trillion plan for new pandemic relief. And they are right: It makes sense to deliver

getty Stimulus checks have been a lifeline of relief for many Americans during the Covid-19 pandemic. Whether from layoffs, reduced hours or closed businesses, so many people experienced the severe negative financial impact of the pandemic. There is significant need for these checks. A recent Bankrate survey found that 71% of those who received or anticipated

Big Brother style camera over the entrance to the United States Tax Court getty The Tax Court after going dark for a month has rolled out DAWSON its new filing and case management system. The system is supposed to honor the late Howard A. Dawson Jr. Judge Dawson was the longest serving judge on the Tax Court.

You should expect to receive the following IRS tax forms from cryptocurrency exchanges and similar platforms before January 31, 2021. The information reported on these forms summarize your 2020 activity and have a big impact on your cryptocurrency tax bill.  Form 1099-K (Payment Card and Third Party Network Transactions) If you had more than 200

getty It’s finally here! The Internal Revenue Service (IRS) has rolled out a new online option that will help tax professionals submit certain authorization forms electronically. To date, the new option applies to two forms: Form 2848, Power of Attorney and Declaration of Representative, and Form 8821, Tax Information Authorization. These forms allow taxpayers to

getty The Earned Income Tax Credit (EITC) or Earned Income Credit (EIC) is a refundable tax credit targeted to working people with low to moderate income.  A refundable credit means that you can take advantage of the credit even if you do not owe any tax. Unlike with a nonrefundable credit, if you don’t have

I took three of my kids ice skating in Maggie Daley Park last month. It is hard to find fun things to do together during the pandemic, and I never had the stomach to brave the lines during “before times.” One of the many silver linings I’ve embraced during this otherwise incredibly difficult time is

INGLEWOOD, CA – JANUARY 19: The Forum in Inglewood, CA is one of five mass-vaccination sites opened … [+] in Los Angeles county. (Al Seib / Los Angeles Times via Getty Images) Los Angeles Times via Getty Images Covid-19 continues to put serious downward pressure on state and city budgets and spending.  The Biden Administration is

The Mega Millions jackpot has risen to a cool $1 billion, according to officials. Winning would be great, but taxes are big too. Lottery winnings are taxed, with the IRS taking taxes up to 37%. Depending on whether your state taxes lottery winnings, you may have to add state taxes too. We all file tax returns,

getty More than a year has passed since the Setting Every Community Up for Retirement Enhancement (SECURE) Act passed Congress by a wide margin. Yet, many IRA beneficiaries don’t know about the law or are receiving bad information about it. The SECURE Act made a major change for IRA beneficiaries. Previously, someone who inherited an

Economic Security Planning, Inc. Today’s column addresses questions about filing and suspending before full retirement age, how remarriage after 60 can affect the availability of different benefits and how the WEP and GPO are applied when a public pension is taken as a lump sum. Larry Kotlikoff is a Professor of Economics at Boston University

getty The three-martini lunch has been getting a lot of attention lately, thanks mostly to President Trump. For much of the last year, the president has been urging lawmakers to restore the tax deduction for business meals (and libations) to its former glory. And after months of spirited debate, he’s gotten his way, thanks to the recently enacted

BETA This is a BETA experience. You may opt-out by clicking here More From Forbes Edit Story Robert MarchantContributor Opinions expressed by Forbes Contributors are their own. I specialise in advising my clients on their indirect tax obligations Trade between the UK and EU is proving to be far from frictionless Getty Images/iStockphoto Now that the

The U.S. Treasury Department building viewed from the Washington Monument in Washington. (AP … [+] Photo/Patrick Semansky) ASSOCIATED PRESS The Federal deficit has ballooned in the last few years, first because of a 2017 tax-cut bill that failed to produce offsetting revenue, and then because of massive fiscal spending needed to shore up a pandemic-ravaged

getty Retired IRS economist Kim Bloomquist discusses his findings of geographic — and perhaps race and class — bias in the tax agency’s selection of audits. This post has been edited for length and clarity. William Hoffman: Welcome to Tax Notes Talk, Kim Bloomquist. Kim Bloomquist: Thank you for inviting me. William Hoffman: You worked for the IRS for 20 years

WASHINGTON, DC – JANUARY 19: Janet Yellen, President-elect Joe Biden’s nominee for Secretary of the … [+] Treasury, participates remotely in a Senate Finance Committee hearing. (Photo by Anna Moneymaker-Pool/Getty Images) Getty Images It was fascinating to watch Treasury-secretary designate Janet Yellen and several Republican members of the Senate Finance Committee dance their delicate deficit

Woman power and leadership in today’s human resources Getty By Doug Sheppard, Tax Notes State commentary editor They say accountants are boring. But when Maureen Pechacek retired from PwC LLP on June 30, her 39-year legacy included helping build a prominent state and local tax practice for a major accounting firm, speaking at numerous tax

Word Tax 2021 on calculator. Glasses, pen and the calculator on documents. The concept of financial … [+] stability,Income Statement getty Tomorrow, January 2oth, Joe Biden will be sworn in and for the first time since 2009 the Democrats will control the White House, the House and the Senate (though with Vice President Harris providing

Don’t get surprised! Know the annually adjusted tax numbers in 2021 that affect you. getty January can be a hectic month, but don’t forget basic tax planning for 2021. At the start of each year, key numbers in many tax-law provisions are adjusted for inflation. Many of the adjustments are important for employees, their paychecks,