Taxes

Getty Will he or won’t he? That’s the question on the minds of taxpayers and tax professionals alike as Treasury Secretary Steven Mnuchin continues to mull extending the tax filing deadline for 2020. As it currently stands, the 2019 tax filing deadline remains July 15, 2020.  Last year, the Internal Revenue Service (IRS) received and processed

Department of Justice sign, Washington DC. Getty On June 19, 2020, the Tax Division of the U.S. Department of Justice filed a Petition To Enforce Summons against the Delaware Department Of Insurance, which seeks testimony and certain documents relating to Artex Risk Solutions, Inc. and Tribeca Strategic Advisors, LLC in connection with its promoter audits

TOPLINE President Trump has told his aides that he supports sending another stimulus payment directly to Americans, the Washington Post reports, even though some officials in his administration aren’t on board—the revelation comes as lawmakers disagree on how to approach the economy in the wake of the coronavirus pandemic.  President Donald Trump speaks with reporters

Paper with Required Minimum Distributions RMD on a table Getty Marty Davidoff of PragerMetis has given me a heads up to accommodations the IRS is making to follow through on the spirit of some of the relief that Congress has given taxpayers under the CARES Act and the SECURE Act. This is about required minimum

TOPLINE The market finished higher on Tuesday—with the Nasdaq hitting a new record high—after stocks recovered from overnight losses when White House trade adviser Peter Navarro walked back his earlier comments that the U.S.-China trade deal is “over.” Big tech stocks led the market higher on Tuesday. Spencer Platt/Getty Images KEY FACTS The Dow Jones

High income households will be facing two different IRS enforcement initiatives when the IRS reopens on July 15. First, the IRS announced an effort to get high-income non-filers to come in and file tax returns. Second, the IRS announced it is preparing to examine “several hundred” high-income households that have either a related pass-through entity

Getty If you follow me on Twitter, you’d know that our law firm didn’t take out a Paycheck Protection Program (PPP) loan. But if we had, you might soon know the details – down to how much money we had received: Treasury and the Small Business Administration (SBA) have agreed with the bipartisan leaders of the U.S.

A mini online shopping cart filled with packages on a laptop. Getty Tax Notes legal reporter Jennifer McLoughlin interviews Richard Cram, director of the Multistate Tax Commission’s National Nexus Program, on the state of the sales tax landscape two years after the Supreme Court ruling in South Dakota v. Wayfair Inc.  McLoughlin moderates a discussion between Bradley

For those who pay estimated taxes, 2020 presents special issues and potential hardships. Getty Tax Day 2020 is July 15, and for some taxpayers it could be a financial nightmare. Covid-19 prompted the IRS to delay the usual April 15 federal tax-return deadline to July 15, but it isn’t just 2019 tax returns that are

Getty Recent reports indicate that the IRS is launching an audit campaign that will focus on hundreds of returns filed by high-wealth taxpayers.  The initiative, which was confirmed by Douglas O’Donnell, head of the IRS’s Large Business and International Division (“LB&I”), last week, is expected to begin around July 15th, and will likely involve taxpayers with

Economic Security Planning, Inc. Today’s column addresses questions about early spousal benefits before full retirement benefits, survivor benefits, which month to start benefits to avoid early filing reductions, unpaid Social Security and Medicare taxes and benefits on an ex’s record after remarriage. Larry Kotlikoff is a Professor of Economics at Boston University and the founder

COLUMBUS, OH – MAY 12: Shoppers explore a mostly empty mall. (Photo by Matthew Hatcher/Getty Images) Getty Images Should Congress manipulate the timing of business tax benefits to support firms in the midst of the COVID-19 economic slump? And if so, how? That debate may be the next big battleground as Congress begins to focus

Getty So, there’s some good news: The Internal Revenue Service (IRS) is processing paper tax returns. And then there’s some not-so-good news: The estimated backlog of unopened IRS mail stands at 11 million. That’s the report from Sunita Lough, IRS Deputy Commissioner for Services and Enforcement, and is consistent with statements made at the beginning

It should be a last resort, but it’s easier than ever to break into your nest egg if you’ve been … [+] hurt by the coronavirus pandemic. Getty The Internal Revenue Service’s official guidance on Covid-19-related 401(k) and Individual Retirement Account loans and distributions is out, and it expands the list of who can qualify

Robinhood co-founders Vlad Tenev (L) and Baiju Bhatt (R) in 2015. Ben Margot/ASSOCIATED PRESS With additional reporting from Antoine Gara, John Dobosz and Jeff Kauflin Following the tragic suicide of a 20-year-old Robinhood trader after he saw a $730,000 negative balance in his account, the company’s founders released a statement pledging to tighten eligibility criteria,

Hundreds of unemployed Kentucky residents wait in long lines outside the Kentucky Career Center for … [+] help with their unemployment claims on June 19, 2020 in Frankfort, Kentucky. Getty Images Even as the economy begins to reopen, the coronavirus pandemic has left tens of millions of Americans in financial trouble. More than 44 million

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,

Sometimes the statute of limitations on tax audits is forever. Three years? Getty A Pennsylvania citizen who will be identified here as P has a bone to pick with the collections agency that handles taxes for his municipality. P says he duly paid his 2015 local income tax, but just a few weeks ago got

Getty Just days ago, tax professionals were wondering whether the G20 would meet its 2020 deadline to reach an agreement on multinational taxation. We now have our answer: Treasury Secretary Steven Mnuchin has called for the suspension of the Organization of Economic Co-operation and Development (OECD) talks.  The official statement released by Monica Crowley, Treasury’s

Economic Security Planning, Inc. Today’s column addresses questions about applying for benefits during the coronavirus pandemic, eligibility for spousal benefits, survivor benefit eligibility and calculation and when checks are deposited by SSA. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc, which markets Maximize