Taxes

Many stock mutual funds can quietly rob unsuspecting investors by creating unnecessary taxes. This primarily occurs when mutual funds are held outside a tax-favored work retirement plan, individual retirement account or Roth IRA. To help understand why this occurs, it is important to first learn about how stocks that are not owned within a mutual

Tax credits for buying a new Tesla in the U.S. are winding down at year-end. FREDERIC J. BROWN/AFP/Getty Images Is your car eligible for a $7,500 green tax break? Maybe. Maybe not. In a new audit report, the Treasury Inspector General for Tax Administration found that millions of dollars in potentially erroneous plug-in tax credits

photo by Mike Kemp/In Pictures via Getty Images In Pictures via Getty Images EXPANDED SAFE HARBOR FOR LANDLORDS UNDER 199A (HOORAY) Just when we finished our Section 199A book, and started to promote, The IRS issued Revenue Procedure 2019-38, to let a few more landlords float. Under this new part of the Section 199A Rules,

Share to facebook Share to twitter Share to linkedin Lawsuits are pending in a host of federal courts. Getty Images Topline: With Democrats pursuing multiple investigations into the president’s elusive finances, ongoing court battles over the release of Trump’s tax returns are heating up. Here’s a running list of where the various lawsuits stand: New

By the time reality stars Todd and Julie Chrisley were indicted on 11 criminal counts of tax evasion and bank fraud, many things had gone wrong. If the weight of the federal government is pressing down on you with charges that, if proven, could draw up to an astounding 30 years in prison, it seemed

Getty If you made a purchase on the internet yesterday, you might have noticed something different: sales tax. Changes in sales tax compliance laws for remote sellers and marketplace in more than a dozen states kicked in beginning October 1, 2019. More than 40 states have tweaked their sales tax laws since a 2018 Supreme Court

Where are we to turn for high, safe dividends these days? Certainly not 10-Year Treasuries, unless you think you can scrape by on their 1.7% yields. I’ll save you the calculation: you can’t, because that yield matches the inflation rate to the decimal point. Your “true” income? $0. The S&P 500 isn’t much better: for

Traders eligible for “trader tax status” (TTS) deduct business expenses, startup costs, and home office deductions. A TTS trader may elect Section 475 for exemption from wash sale loss adjustments (deferrals), the $3,000 capital loss limitation, and to be eligible for a 20% qualified business income (QBI) deduction. Trading income is not self-employment income, so TTS

Getty It turns out that there is such a thing as too much SALT. U.S. District Judge J. Paul Oetken has dismissed a lawsuit filed by four states to strike down the cap on state and local tax (SALT) deductions under the Tax Cuts and Jobs Act (TCJA). The lawsuit was filed in July of

Senator Elizabeth Warren. BlueMountain Capital Management, H.I.G. Capital, American Securities, Apax Partners, and Platinum Equity received a letter from Senator Elizabeth Warren (D-MA) and Representatives Mark Pocan (D-WI), and Alexandria Ocasio-Cortez (D-NY) asking them to provide disclosure documents and information required in Sections 501 and 503 of the Stop Wall Street Looting Act. Additionally, the

Democratic presidential candidate Sen. Bernie Sanders (I-VT) addresses an audience on the campus of… [+] the University of Chapel Hill during a campaign rally on September 19, 2019 in Chapel Hill, North Carolina. Sanders spoke to college students about working people’s rights, including fair wages and health care. (Photo by Sara D. Davis/Getty Images) Getty

Judge J. Paul Oetken presides in th e U.S. Southern District of New York Daniel… [+] Patrick Moynihan Courthouse in New York, U.S.. Photographer: Mark Kauzlarich/Bloomberg © 2019 Bloomberg Finance LP A U.S. district judge today dismissed a lawsuit brought by Connecticut, Maryland, New Jersey and New York against the big tax cut signed into

Democrats are focused on passing the Working Families Tax Relief Act (WFTRA), and for good reason. If passed, the WFTRA would provide about $85 billion in benefits to about 48 million households in 2019. Rather than making the false choice between supporting work with the earned income tax credit (EITC) or supporting children with the child tax credit (CTC), the

Share to facebook Share to twitter Share to linkedin A fast way to decumulate your assets, which is not recommended for the 99.9% Stephen Chen You can be young without money but you can’t be old without it.  Tennessee Williams Is Decumulation Even A Word? Although most of us have been raised to focus on the 

United States Tax Court building in Washington DC Getty Jeffrey Davis is my new hero. From the record in Judge Ruwe’s Tax Court opinion, it appears that he got the IRS to back down on their notice of deficiency, but he didn’t stop there. He went on to recover $154.98 in costs. But that is

Here is what Claude Tate George is most remembered for The Shot Seen Round NCAA In the 1990 NCAA March Madness George caught a pass from Scott Burrell with one second on the clock and made “the shot” that gave the U Conn Huskies the win over Clemson that put them in what Matt Zemek

Captive Insurance jda I previously wrote about the opinion of the New Jersey Tax Court in Johnson & Johnson v. Director in my article, Johnson & Johnson Loses $60 Million Case To New Jersey For Captive Insurance Company. In that case, the New Jersey Division of Taxation prevailed against Johnson & Johnson to the tune

The 45th Annual Notre Dame Tax & Estate Planning Institute in South Bend, IN brings together some of the top estate planners from around the country to lecture at a two day conference. This is the first in a series of articles elaborating on some of the many planning nuggets gleaned from the conference that

Getty Do you file an accurate tax return and pay what you owe each year? If so, you’re in the majority: a report released by the Internal Revenue Service (IRS) indicates that the nation’s tax compliance rate is holding at 84%, the same as in prior years. The report also provides an estimate of the

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 responds to questions about what income is subject to the earnings test, how benefits can be apportioned due tot he family maximum, potential effects of public pensions on different benefits,