Taxes

getty The stretch IRA was a popular tool for extending the benefits of a tax-deferred account to a non-spouse beneficiary. The goal was to minimize the tax impact of the required minimum distributions (RMDs). Typically, it worked by having the account owner designate a child or grandchild as the beneficiary, who was then allowed to

This segment of What’s Ahead discusses two easy and momentous ways to give Americans a big raise in pay, a fitting topic as we go into the long Labor Day weekend.  The first, a flat tax, would be a tax cut for everyone, which would also free up resources and time for more productive pursuits.

President Trump’s payroll tax holiday went into effect this month. Several prominent media outlets covered the news, describing it as a “payroll tax cut.” It’s not a tax cut, and the distinction could result in a very expensive surprise for many in just a few months. Here’s what you need to know. AFP via Getty

U.S. President Donald Trump has faced pressure for years to release his tax returns. In Norway, he … [+] wouldn’t have a choice. Getty Images With November’s presidential election fast approaching, calls for President Trump to open up his tax returns are growing ever louder. In the latest twist, the president won another delay that’s

getty The feds have made another arrest tied to Paycheck Protection Program (PPP) loan fraud. This time, it’s an attorney facing charges. Jae H. Choi, who has an office in Fort Lee, New Jersey, has been accused of fraudulently obtaining nearly $9 million in PPP loans. Choi has been charged with three counts of bank

Close-up of Conservation easement with pen getty The Senate Finance Committee report- Syndicated Conservation-Easement Transactions – released on August 25 is very heartening. It exposes tax shenanigans that threaten an otherwise benign tax incentive. At least it is as benign as any tax incentive can be. The report is a great read. I will give

The two mushy, aspirational parts of the August 8 presidential memorandum to Treasury on the deferral of the employee portion of Social Security taxes are at the beginning and the end. President Trump begins the one-page document by stating that his intention is “to put money directly into the pockets of American workers.” And he concludes by directing Treasury Secretary Steven Mnuchin to “explore

This segment of What’s Ahead expresses utter astonishment that Britain’s nominally conservative government is ready to impose an array of growth-suffocating taxes on an economy that’s reeling more than just about any other from the coronavirus-induced crisis. If the Democrats win here, the U.S. will do the same.  Taxes are a price we pay, but

PITTSBURGH, PENNSYLVANIA – AUGUST 31: Democratic presidential candidate Joe Biden speaks during a … [+] campaign event at Mill 19. (Photo by Carolyn Kaster-Pool/Getty Images) Getty Images Is Democratic presidential candidate Joe Biden proposing to raise taxes on low- and middle-income households? He emphatically says no. President Trump and his allies say yes, just as

Close-Up Of Small Shopping Boxes With Credit Card On Laptop getty In the years after the U.S. Supreme Court upheld the physical presence nexus standard for state authority to impose a sales and use tax collection duty on remote sellers in Quill v. North Dakota, sales by remote sellers exploded, due almost entirely to the deployment of the world

Taxpayer puts up the white flag to IRS in exchange for easier terms getty In the wake of last week’s damning report from the Senate Finance Committee, the IRS is crowing over the first opponent to throw in the towel in a Tax Court brawl over a syndicated conservation easement based on the IRS offer

Economic Security Planning, Inc. Today’s column addresses questions about whether survivor’s benefits can be claimed after taking retirement benefits, retirement benefits before spousal benefits and selling land while receiving Social Security disability benefits. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc, which markets

Barbed wire dividing a old weathered and ripped dollar bill getty Francine J. Lipman, a law professor at the University of Nevada, Las Vegas, talks with Darrick Hamilton, a stratification economist and the New School’s incoming Henry Cohen Professor of Economics and Urban Policy, about the intersection of U.S. tax policy and racial wealth inequality.

A computer popup box screen warning of a system being hacked, compromised software enviroment. 3D … [+] illustration. getty The Justice Department has announced action against two hacks of virtual currency exchanges by North Korean actors. According to court documents, the actors stole millions of dollars’ worth of cryptocurrency and laundered the funds through Chinese

CRYPTIC: Restricted stock, restricted stock units, and restricted securities sound alike but are not … [+] the same. It’s important for employees to know which they have. getty Grants of restricted stock or restricted stock units (RSU) have become the equity compensation of choice for many public companies and some larger private companies. They may

In a recently released memorandum, the IRS discussed the taxation of convertible virtual currency received in a crowdsourcing market.  The issue presented in the chief counsel advice memorandum was “Is convertible virtual currency received by an individual for performing a microtask through a crowdsourcing or similar platform taxable income?” The memorandum concluded that, yes, convertible

Economic Security Planning, Inc. Today’s column addresses questions about whether survivor benefits include delayed retirement credits (DRCs), potential effects of a public pension on spousal benefits, filing retroactively for Social Security retirement benefits and whether caring for parents might affect disability benefits. Larry Kotlikoff is a Professor of Economics at Boston University and the founder

getty This year has been difficult by any metric. Without question, advanced charitable techniques like planned giving are far from the minds of many. But it can be particularly valuable for donors motivated to give during this unusual time. When there is a clear need, Americans consistently are compelled to give. Indeed, many charities (including

getty Even if an asset is very common, it doesn’t necessarily mean it will be easy to donate. In fact, sometimes the most common assets are more difficult to dedicate toward charitable purposes. This is particularly true for gifts of subchapter S corporations – even if the companies are successful and very valuable. There are

getty S corporations are one of the most common types of business structure in the country. As such, S corp stock can be a common asset to find on a personal balance sheet. If the shareholder is also charitably-inclined, leveraging the appreciated securities for donation with maximum tax efficiency can be a great strategy. This