Taxes

Illinois, home to Chicago, has five times as much debt as it does assets for the fiscal year … [+] 2018-2019. States like New Jersey, Massachusetts and New York aren’t much better off. getty The year 2020 has not been a kind one for budgets. Whether it’s spending more than ever to stay alive or

American flag on flat surface laying flat with glass globe of USA getty Tax Notes senior legal reporter Andrew Velarde and contributing editor Robert Goulder discuss the influence of the 2020 U.S. elections on the international tax world. This post has been edited for length and clarity. David Stewart: Welcome to the podcast. I’m David Stewart, editor

Getty Images Wealthy individuals and families are breathing a sigh of relief in light of the election results. Their worst tax fears are not to be realized in the near term as the combination of a Democratic president and a likely Republican Senate means that significant tax legislation is off the table.  “Prior to the election

WASHINGTON, DC – APRIL 27: The Internal Revenue Service headquarters building appeared to be mostly … [+] empty April 27, 2020 in the Federal Triangle section of Washington, DC. The IRS called about 10,000 volunteer employees back to work Monday at 10 of its mission critical locations to work on taxpayer correspondence, handling tax documents,

6year end tax-saving moves that you need to make before New Years Eve. Getty Images Wow! 2020 has been a crazy year. Many people have seen their incomes plummet, while others have been more fortunate. 2020 has been a record-setting year for the incomes of some. Either way, yearend is a great time to do

The Paycheck Protection Program was the centerpiece of the CARES Act, providing loans to businesses of up to $10M. If you comply, you don’t even have to pay your loan back. What’s more, there is not even any forgiveness of debt income when your loan is forgiven, something that normally is a standard tax result

I’m not proud to admit it, but I hate a lot of things. I don’t mean that certain things annoy me or I have a general distaste for them; I mean I hate them. I hate country music. I hate Newark Airport. I hate Tom Brady and jean shorts and the Full House reboot.  But

Photographer: Dimas Ardian/Bloomberg © 2020 Bloomberg Finance LP As the Covid-19 crisis wears on, it’s clear that those with means are recovering much faster from the recession than others. This K-shaped recovery, a term coined by economist Peter Atwater, also plays out in the taxes we pay. To be sure, the recession is hurting state

GOP control of the Senate will prevent big tax increases from coming out of Washington. But this episode of What’s Ahead warns that state and local governments are ravenous for revenue. One new exaction they are eying would hammer both businesses and stocks: the gross receipts tax.  This levy is a direct tax on a

Map of the UK and Republic of Ireland Getty Images Current Position As members of the United Kingdom (UK), goods can move freely between Great Britain (GB) and Northern Ireland (NI). However, the end of the Brexit withdrawal period on 31 December 2020 could result in changes to this and additional tax requirements for these

Aircraft Boeing 737-800 grounded by the pandemic virus covid-19 getty You’ve heard about banks that are too big to fail. The same characterization could apply to the titans of the civil aviation sector: Airbus and Boeing. Neither company is having an enjoyable 2020. The global COVID-19 pandemic has caused a sharp decline in air travel, with passenger counts

A lady takes a selfie in fron of Coca Cola Christmas ad in Dublin. On Friday, December 21, 2018, in … [+] Dublin, Ireland. (Photo by Artur Widak/NurPhoto via Getty Images) NurPhoto via Getty Images Judge Albert Lauber, “Scholar Al” as Lew Taishoff has dubbed him, has given the IRS a big win against The

Economic Security Planning, Inc. Today’s column addresses questions about whether — and when — severance and paid time off count as wages under Social Security’s earnings test, some potential effects of filing early and some requirements for divorced spousal benefits to be paid. Larry Kotlikoff is a Professor of Economics at Boston University and the

Getty Imagine you are 25, haven’t seen your now deceased father since you were a young child, never received a penny from him, and find, in your mail, a demand from Social Security to repay over $4,500 that was supposedly overpaid to him on your behalf. This, as you can read in the letter below,

The drumbeat is starting: Stay-at-home workers should be hit with new taxes. This episode of What’s Ahead exposes the rationales and plots of greedy politicians to pick the pockets of these people, whose ranks have expanded enormously because of the pandemic.  Governments worry that less use of commercial office space will hurt revenues in a

BRAZIL – 2020/10/09: In this photo illustration the Internal Revenue Service (IRS) logo seen … [+] displayed on a smartphone. (Photo Illustration by Rafael Henrique/SOPA Images/LightRocket via Getty Images) SOPA Images/LightRocket via Getty Images Publishing mostly procedural information on the IRS website in the form of FAQs has a relatively long history, and taxpayers and practitioners like

While President-Elect Biden’s proposals call for tax increases on high earners, the timeline for any … [+] tax changes remains very uncertain getty The standard year-end-planning strategy is to defer income into the next year and accelerate deductions into the current year. Now that Joe Biden has won the presidency and Democrats could gain control

Economic Security Planning, Inc. Today’s column addresses questions about whether spousal benefits will be available after early retirement benefits and how they would be calculated, why benefits can increase after an ex spouse passes away and a question about the WEP being repealed. Larry Kotlikoff is a Professor of Economics at Boston University and the

WILMINGTON, DELAWARE – NOVEMBER 16: President-elect Joe Biden delivers remarks about the U.S. … [+] economy. (Photo by Joe Raedle/Getty Images) Getty Images An amazing thing happened in this year’s presidential election. A major party candidate proposed raising Social Security payroll taxes. And won. More than that, it was never even an issue. What ever happened

WILMINGTON, DELAWARE – NOVEMBER 10: U.S. President-elect Joe Biden addresses the media about the … [+] Trump Administration’s lawsuit to overturn the Affordable Care Act on November 10, 2020 at the Queen Theater in Wilmington, Delaware. Mr. Biden also answered questions about the process of the transition and how a Biden Administration would work with