Taxes

NIXVILLE, SC – APRIL 13: A man walks in front of a home destroyed by a tornado on April 13, 2020 … [+] near Nixville, South Carolina. A string of storms across the southern United States that began Easter Sunday and continued into today produced multiple tornados resulting in more than 30 deaths and dozens

The President’s disaster declaration opens a window to unusual tax claims Eyeing losses Getty Are you reporting net capital gains on the 2019 tax return you’re about to file? Have you already taken, or could you take, losses this year on bad stocks? Then you should visit your accountant for another look at Section 165(i)

Getty The Internal Revenue Service (IRS) continues to resume operations. According to the IRS Commissioner, as of mid-month, thousands of employees had returned to facilities in seven states (Kentucky, Texas, Utah, Georgia, Minnesota, Tennessee, and Missouri) with employees in four more states and Puerto Rico returning on June 29. The IRS will reopen facilities in

In March 2020, The Australian Taxation Office (ATO), the entity responsible for tax administration in Australia similar to the IRS in the US, was in the process of initiating the largest crypto tax crackdown. As news.com.au reported, the ATO was planning to send out crypto tax warning letters to 350,000 Australians. We are now seeing

WILD RIDE: Many ESPP purchases at the stock-price lows of March and April have led to big gains in … [+] the market rebound. Getty An employee stock purchase plan (ESPP) buys company stock for participants at set intervals, usually every six months. An ESPP can be a very good deal. Employees at companies with

Getty Winston Churchill once said in a speech, “Now this is not the end. It is not even the beginning of the end. But it is, perhaps, the end of the beginning.” While Churchill was referring the Allied defeat of Rommel in November of 1942, he could just as easily have been talking about the Covid-19 crisis. While lockdown restrictions have been

A person holding a remote control pointing at the TV. Getty Lawrence A. Zelenak, the Pamela B. Gann Professor of Law at Duke University School of Law, shares his findings from watching dozens of hours of tax-related sitcom episodes. This post has been edited for length and clarity. David Stewart: Larry, welcome to the podcast. Lawrence

Getty Confused about your estimated payment deadline? You’re not alone. The series of events leading up to the extension for estimated payments (not once, but twice) has left many taxpayers bewildered. Here’s what you need to know. In response to COVID-19, the Internal Revenue Service (IRS) announced in March that the tax filing season had been

Road work during highway repaving and widening project slows traffic. (Photo by: Education … [+] Images/Universal Images Group via Getty Images) Universal Images Group via Getty Images House Speaker Nancy Pelosi (D-CA) has rolled up many different committee bills into a single, massive 2,300-page, $1.5 trillion infrastructure package that the Democratic-controlled House likely will pass

Economic Security Planning, Inc. Today’s column addresses questions about whether delaying filing is always merited, paying back taxes, whether filing early to avoid potential cuts to Social Security makes sense, disability and survivor benefits and filing options during the pandemic. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president

Ice Cube: Why are we paying taxes right now? (Photo by Stephen J. Cohen/Getty Images) Getty Images Rapper-turned-Hollywood celeb Ice Cube has some advice for Washington’s coronavirus relief efforts that Wall Street will absolutely love: read his lips, don’t pay taxes. The Compton rapper was responding to a Time magazine report that highlighted how a

null Getty The way my mind works stimulus checks going to dead people had me first thinking about zombie movies. My second thought was about a fellow I knew who said his estate plan would be to bounce his last check. He would have had to come back. But with the Wall Street Journal, the

TOPLINE  With Joe Biden surging in the polls, Wall Street executives are preparing for a potential scenario where he becomes president—with some firms warning clients the stock market could take a hit. As Biden surges in the polls, Wall Street grows more concerned about a likely corporate tax hike. Joshua Roberts/Getty Images KEY FACTS The

TOPLINE Chinese officials recently expressed “strong dissatisfaction” with U.S. sanctions that came in response to a new national security bill on Hong Kong, warning that crossing “red lines” and meddling in what China considers its own internal affairs could put the trade deal at risk, The Wall Street Journal first reported on Friday. U.S. President

Sujata Yalamanchili Sujata Yalamanchili Buffalo, New York, has been called the “queen city.” Yet other women of power grace its streets, such as Sujata Yalamanchili, a partner in the Hodgson Russ law firm. She is the firm’s real estate practice leader as well as its retail sector industry leader. At Hodgson Russ, Yalamanchili has served on the board of directors, and

Thanks to decades of spending, many local police departments now resemble well-armed military squads. But budget shortfalls and protests will likely force a change. Among Delaware’s beach towns, Dewey Beach, sandwiched between artsy Rehoboth to the north and family-friendly Bethany Beach to the south, is known as a place to party after a day of

Without additional unemployment insurance and other government aid, the labor market and job creation are too weak for economic recovery. But Congress has not reauthorized the $600 weekly addition to benefits. NEW YORK, UNITED STATES – 2020/03/26: View of Brooklyn office of NYS Department of Labor as … [+] unemployment claims in USA soared to

TOPLINE The Federal Reserve on Thursday placed new restrictions on the banking industry for the first time since the aftermath of the 2008 financial crisis, requiring big banks to temporarily suspend share buybacks and cap dividend payments at current levels. The Fed cracked down on big banks in an effort to protect the economy during

IRS building in Washington DC. Please see my portfolio for other travel and tax related images. Getty Offer For Cases Being Litigated The IRS is following up a major Tax Court win against sketchy conservation shelters with a purportedly “take it or leave it” offer. For background you might want to check out my piece

In part two of Tax Notes’ three-part series: Paying for the Pandemic, watch William G. Gale, co-director of Urban-Brookings Tax Policy Center, make a case for raising revenue with a progressive value-added tax. Here are a few highlights… On forecasting the GDP ratio William G. Gale: The estimates that we did [in my article] involve this scenario called