Taxes

The employee retention credit (ERC) started out slow but keeps going strong, even to the present day. When it was first enacted on March 27, 2020 as part of the CARES Act, it received little fanfare because taxpayers that received a forgivable loan under the paycheck protection program (PPP) were prohibited from claiming the ERC.

Share to Facebook Share to Twitter Share to Linkedin Do-it-yourself labor has powerful economic forces at its back. You can participate—or invest. I broke the mirror on my pick-up. To replace it (parts, labor, tax) my friendly dealer wanted $431. There would be a wait, because the parts would have to be ordered and openings

If you are eligible for trader tax status (TTS), consider setting up a trading business to maximize tax benefits. Some traders benefit from an LLC; others don’t need one. Deduct trading business expenses. Elect Section 475 MTM for exemption from wash sales and the capital loss limitation. Be eligible for a 20% qualified business income

Today’s Social Security column addresses questions about how and when Social Security determines someone to have turned 62, filing for retirement benefits at FRA before later spousal benefits and retroactive retirement benefits before survivor’s benefits. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc.

As workers, employers, and analysts try to understand the pandemic-induced increase in working from home, there’s a vigorous debate on remote work with economists like Adam Ozimek, Matthew Kahn, and Nicholas Bloom arguing the data show a major change. Although we don’t know the long term implications of these trends, some popular commentators may be

It must be hard to be Rick Scott. The junior senator from Florida began the year with an ambitious bid for party leadership among his fellow Republicans, releasing an “11-Point Plan to Rescue America.” For his effort, Scott received a vigorous, bipartisan spanking. It lasted for months, ending only last week when Scott agreed to

Share to Facebook Share to Twitter Share to Linkedin Republicans look set to take both houses of Congress this November and to win the White House in 2024. This episode of What’s Ahead deals with a critical question: Will the GOP squander its opportunities the way Boris Johnson and his Conservative Party-controlled government have done

IRS Forms 1099 allow computer matching of Social Security numbers and dollar amounts paid. That makes it possible for IRS collection efforts to be streamlined and automated. Failing to report a Form 1099 on your tax return (or at least to explain it) is likely to get you an IRS notice in the mail asking

The IRS has released its “Dirty Dozen” tax avoidance and fraud list for 2022, consisting of heavily promoted transactions likely to attract IRS scrutiny, consumer-focused fraud, and activities targeting high-net-worth individuals. “Dirty Dozen” activity tends to be most prevalent during the filing season. The IRS has compiled the annual list for more than 20 years

Today’s Social Security column addresses questions about how filing early can affect benefits for a spouse, whether an ex’s state pension can reduce divorced spousal benefits and when spousal benefits can become available. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc. See more

Topline Mortgage rates have surged higher this week as markets digest more aggressive interest rate hikes from the Federal Reserve, and with the average 30-year fixed mortgage rate hitting its highest level since 2008 experts warn that warning signs in the housing market could spell trouble for the broader economy. Key Facts The average interest

Raymond Stahl of Ernst & Young discusses concerns about the final regulations for claiming foreign tax credits, particularly how they affect creditability, withholding, and treaty benefits. This transcript has been edited for length and clarity. David D. Stewart: Welcome to the podcast. I’m David Stewart, editor in chief of Tax Notes Today International. This week:

The European Commission’s appeal in the high-profile case concerning selective aid allegedly granted by Luxembourg to subsidiaries of Amazon.com may cast light on the murky role of the burden of proof in state aid cases. The decision in Luxembourg v. European Commission and Amazon EU Sàrl and Amazon.com Inc. v. European Commission, joined cases T-816/17

Senator Rick Scott (R-FL), who last February proposed taxing millions of low-income households that currently pay no income tax, has released a new version that largely walks back those tax hikes. But while its details are even murkier than his original, Scott still may be looking to hike taxes on many of those same households.

Today’s Social Security column addresses questions about child benefits and the earnings test, effects of not working for a number of years before filing and how delayed retirement credits are applied to benefit rates. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc. See

The IRS is rightly concerned about protecting taxpayers from data breaches and unauthorized disclosures, and it takes tremendous precautions to defend against them. At the same time, taxpayers and their representatives have a right to understand how the IRS is using the personal information it collects in administering the tax laws. A recent decision from

#DeferStudentLoanDebt? Doesn’t really have the same ring to it, does it? Even still, as the Biden administration inches closer to a decision on whether it will cancel trillions of dollars of student loan debt, many questions remain about how the plan will affect individuals with significant obligations. While many of the prominent Democrats in Washington

Democrats have been struggling to respond to the highest inflation America has seen in 40 years. Many on the left are pushing a bogus “greedflation” narrative that blames rising prices on corporations’ desire to maximize profits, as if that were some new phenomenon. Others have proposed to compensate consumers for higher prices with cash handouts

Robert Goulder of Tax Notes interviews professors Lawrence Zelenak and Ajay Mehrotra about the recently published memoirs of Stanley S. Surrey, who is considered America’s greatest tax scholar. This transcript has been edited for length and clarity. Robert Goulder: Hello, everyone I’m Bob Goulder, contributing editor with Tax Notes. Welcome to the May edition of

Even though jobs are plentiful and wages are up, many families still face a shaky economic outlook. Higher than average inflation, which tends to hit low- and middle-income families hardest, will likely persist in 2022. A rental crisis looms. Either could undo gains in financial well-being found at the end of 2021 by the Federal