The recent GAO report IRS Could Better Leverage Existing Data to Identify Abusive Schemes Involving Tax-Exempt Entities is not nearly as boring as the title makes it sound. In order to get to its recommendations the report authors had to describe the shenanigans that the scoundrels are engaging in. The report might serve as a
Taxes
Social Security may be one of your largest assets. What and when you collect will make a huge difference to your lifetime benefits. Today’s column addresses how early retirement benefits can affect later spousal benefits, survivor’s benefits before retirement benefits, the rate of reduction due to taking benefits early, the application of delayed retirement credits
internet banking network and cryptocurrency concept. Man hand using credit card for trade cryptocurrency. Getty Days after the Internal Revenue Service (IRS) released two new pieces of guidance for taxpayers who engage in transactions involving virtual currency, the IRS announced another compliance measure: a checkbox on form 1040. The checkbox, which appears on the early
Share to facebook Share to twitter Share to linkedin President Donald Trump shakes hands with Chinese Vice Premier Liu He. Getty Images Topline: Following news that the U.S. and China reached a partial trade agreement on Friday, the stock market sharply rebounded, putting major indexes back within reaching distance of record highs. Both major indexes
Demonstrators against the Republican tax reform bill November 30, 2017. (SAUL LOEB/AFP/Getty Images) AFP/Getty Images Economists Emmanuel Saez and Gabriel Zucman of the University of California at Berkeley have a new book that has generated an enormous amount of attention. One key conclusion: The richest 400 families in the US paid an average effective tax
Share to facebook Share to twitter Share to linkedin Got Crypto? With the ups and downs of Bitcoin and other cryptocurrencies, it can be dizzying to invest, even if you aren’t thinking about taxes. When you add taxes into the mix, it is much more so. Since 2014, the IRS said it would tax it
Share to facebook Share to twitter Share to linkedin A judge revealed that Deutsche Bank is not in possession of Trump’s tax returns. (AP Photo/Richard Drew) ASSOCIATED PRESS Topline: Deutsche Bank said it doesn’t have President Donald Trump’s tax returns in a court filing released Thursday in what is a blow to House Democrats’ efforts
Getty The Social Security Administration announced key numbers that affect workers and retirees today—a substantial increase in the wage base for workers and a modest increase in benefits for retirees. First the wage base news. The maximum amount of earnings subject to Social Security tax will rise 3.6% to $137,700 in 2020. That means a
US President Donald Trump claps during a campaign rally in Rio Rancho, New Mexico, on September 16, 2019. (Photo by Nicholas Kamm / AFP) (Photo credit should read NICHOLAS KAMM/AFP/Getty Images) AFP/Getty Images For the first time in American history, the 400 wealthiest people paid a lower tax rate than any other group, according to
Getty The Internal Revenue Service (IRS) has issued new guidance for taxpayers who engage in transactions involving virtual currency, including cryptocurrency. The new guidance, which is intended to help taxpayers better understand reporting obligations for specific transactions involving virtual currency can be found at Revenue Ruling 2019-24 (downloads as a PDF) and the frequently asked
Tax return forms and wage statements with a note saying Taxes Due. Getty You have probably seen the recent headlines saying that US income inequality has reached a 50-year high. They are based on the Census Bureau’s latest report on Income and Poverty in the United States, published last month. The Census Bureau’s data, however,
Getty Are you scared to look your tax professional in the eye? The deadline for taxpayers who requested an automatic six-month filing extension is fast approaching – and if Twitter is to be believed, many taxpayers still have to get their information to their tax preparers. Remember that most taxpayers on an extension must file
Share to facebook Share to twitter Share to linkedin Both major indexes fell over 1%. Getty Images Topline: The stock market was off to a rough start on Tuesday, and although it rebounded slightly in the afternoon, rising uncertainty over trade talks with China—set to start Thursday—took a huge toll and prompted a further sell-off.
I’m not sure whether advisers who specialize in the tax issues of expatriates will learn a lot from studying the recent Tax Court decision in the case of Elena Lea Morgan Weschenfelder and Frederick Burkhart Weschenfelder. What they can definitely do is use it as advertising. United States Tax Court building in Washington DC Getty
People take part in a protest against the Republican tax bill in Los Angeles, California on December 4, 2017. Democrats and many economists warn that the GOP tax plan gives large tax cuts to corporations and the wealthy and will hurt middle class NurPhoto via Getty Images The most obvious parts of financial inequality are
Share to facebook Share to twitter Share to linkedin Brokerages will cumulatively lose billions of dollars in revenue. BLOOMBERG NEWS Topline: As the race to the bottom continues, slashing trading fees will eliminate billions of dollars of revenue for discount brokerage firms, although some may be better positioned to weather the impact. Charles Schwab—the first
Financial advisors have been overseeing estate planning and asset management for their clients for centuries. In recent years, however, the introduction of new asset types and the implementation of new laws has made it necessary for finance pros and their clients to expand their knowledge and stay on top of trends if they want to
US President Donald Trump speaks to the press aboard Air Force One in flight as he travels from Joint Base Andrews in Maryland, to Bedminster, New Jersey, June 29, 2018. – Trump denied he is planning to withdraw the United States from the World Trade AFP/Getty Images The list of U.S. tariffs on EU products
Social Security may be one of your largest assets. What and when you collect will make a huge difference to your lifetime benefits. Today’s column addresses when the earnings test comes into effect, restricting an application to spousal benefits only online, what to do if a payee withheld benefits from the beneficiary, filing retroactively and
PLYMOUTH, NH – SEPTEMBER 29: Democratic presidential candidate, Sen. Bernie Sanders (I-VT) speaks at Plymouth State University (Photo by Scott Eisen/Getty Images) Getty Images This week, Democratic presidential hopeful Bernie Sanders proposed raising the tax rates for large corporations where there are “exorbitant” pay gaps between top executives and rank-and-file workers. It is just the