shot of coronavirus Fraud getty The Paycheck Protection Program has been something of a whirlwind as hundreds of billions were quickly shoveled out. Thousands of accountants found themselves drafted into service as loan agents – mostly unpaid agents, although that fight is continuing. And, shocking, there was fraud. Quite a bit of fraud and given
Taxes
Getty On August 8, 2020, President Trump issued a directive to the Department of Treasury to allow for the deferral of payroll taxes for the period of September 1, 2020, through December 31, 2020. Details were scarce, but a few days later, Treasury Secretary Steven Mnuchin suggested to Fox Business’ Maria Bartiromo that the deferral would be voluntary.
Getty Bitcoin and other cryptocurrencies have emerged as excellent candidates for charitable giving. The extraordinary appreciation in trading price for many top virtual currencies has led to significant unrealized capital gains for owners. And, as with other types of noncash assets, donating highly-appreciated property is nearly always the best way to give. Of course, serious
In the land of the IRS, which is nowhere near as appealing as the Land of Oz, much of the correspondence sent to taxpayers implicates a significant taxpayer right that can only be exercised on time. Taxpayers who are afraid to open IRS mail and therefore delay doing so – or even worse, never do
NAPLES, CAMPANIA, ITALY – 2020/06/12: A medical technician works in the laboratory of the Infectious … [+] diseases department for coronavirus (COVID-19)handling samples of coronavirus COVID 19 tests at the microbiology laboratory of Naples. (Photo by Salvatore Laporta/KONTROLAB/LightRocket via Getty Images) KONTROLAB/LightRocket via Getty Images Daily rapid home testing may be what allows us to
Eligible for trader tax status Shutterstock There are tax advantages for traders who are eligible for trader tax status (TTS). Learn how to qualify for TTS; no election is required. Automated trading systems can qualify for TTS, providing the trader is significantly involved with the creation. Trade copying software might not be eligible. Learn how
We remain in a deep recession with growing long-term unemployment and other signs of economic slowdown. But so far, there’s no sign of additional Federal help as we enter the fall election season. CHARLOTTE, NC – AUGUST 25: (EDITORIAL USE ONLY) In this screenshot from the RNC’s livestream of the … [+] 2020 Republican National Convention, U.S. President
CONCERNING: The IRS says up to 800,000 taxpayers may have mistakenly thrown their Covid-19 stimulus … [+] payments in the trash. Fortunately, payments can be reissued. getty At a recent online meeting for tax professionals in the New England region, IRS staffers gave updates on IRS operations and, more significantly, on the Covid-19 Economic Impact
Stephanie Soong Johnston, chief correspondent for Tax Notes Today International and Robert Goulder, contributing editor for Tax Notes International discuss the recent Apple AAPL State Aid decision and the long term consequences on global tax reform. Here are a few highlights . . . On the timeline leading up to the Apple state aid case Stephanie Soong Johnston: In September
getty Every year, the IRS releases its so-called “Dirty Dozen”—a list of scams that target taxpayers. This year, perhaps as no surprise, the list emphasized schemes related to coronavirus tax relief, including Economic Impact Payments. As the pandemic drags on, taxpayers and tax professionals would do well to familiarize themselves with the IRS’s list of the latest
CHARLOTTE, NORTH CAROLINA – AUGUST 24: President Donald Trump speaks on the first day of the … [+] Republican National Convention. (Photo by Jessica Koscielniak – Pool/Getty Images) Getty Images President Trump is formally kicking off his reelection campaign with a couple of pages of bullet points. If it wasn’t clear before, it is now:
The IRS has begun sending out another round of crypto tax warning letters (dated August 14, 2020) to US taxpayers according to several posts on Reddit and other social media. These letters along with the new placement of the crypto question on Form 1040 show IRS’s continuous effort in regulating the crypto tax space. At
The IRS announced that you can now amend your tax return by filing Form 1040-X electronically. All commercial tax-filing software accommodates this, the IRS notes. As IRS e-filing has grown during the past 30 years, the 1040-X, Amended U.S. Individual Income Tax Return, has been one of the last major individual tax forms that needed
The IRS has given victims of the California wildfires that began Aug. 14 until Dec. 15, 2020 to file various individual and business tax returns and make tax payments. The IRS is offering this relief to any area designated by the Federal Emergency Management Agency (FEMA) as qualifying for individual assistance. Currently this includes Lake,
Food delivery on bicycle. Panning technique, blued motion Getty Tax Notes senior reporter Paul Jones talks with Richard C. Auxier, senior policy associate at the Urban-Brookings Tax Policy Center, about tax issues raised by the gig economy and how policymakers are working to address them. Note: This episode was recorded before a California court decision mandating
There’s speculation about how Covid is changing work. But the jury is still out on the scale of any shift to working at home, and many white-collar workers will probably return to their offices. Mother Using Laptop. (Photo by: marka/Universal Images Group via Getty Images) Universal Images Group via Getty Images As the pandemic rages
Oddsmakers’ favorite for the White House Getty Images Accelerate capital gains and bonuses. Defer deductions and buying a Tesla. Here’s what to do by year-end if a big tax law change looks imminent. Per betting markets, it’s a 50-50 tossup whether the Democrats get both the White House and the Senate. If they do, taxes
Economic Security Planning, Inc. Today’s column addresses questions about potential effects of years of lower income before filing, taking spousal benefits before survivor benefits, potential strategies for a married couple ten years apart and taking survivor benefits while delaying retirement benefits till 70. Larry Kotlikoff is a Professor of Economics at Boston University and the
Paying to much in taxes in retirement is for the dogs. Getty Assuming you still have some form of income, tax planning does not end once you retire. The Internal Revenue Service (IRS) will always expect you to pay taxes on your retirement income. For those who are well prepared to maintain their standard of
Savvy crypto users are always looking for ways to minimize taxes on cryptocurrency transactions. Since cryptocurrencies like bitcoin are treated as property per IRS Notice 2014-21, every time you sell, trade or exchange tokens into USD or other cryptocurrencies there is a taxable event where you have to pay taxes on, if there is a