Today’s column addresses questions about how Social Security survivor’s benefits are calculated if the record holder dies before filing for their retirement benefit, eligibility for benefits on the record of a first spouse after remarriage and taking spousal benefits before full retirement age. Larry Kotlikoff is a Professor of Economics at Boston University and the
Taxes
Today’s column addresses questions about whether it’s possible to opt out of contributing to Social Security, Social Security benefits for veterans and filing options when an older spouse dies before the younger spouse reaches full retirement age (FRA). Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic
President Biden and Democrats and Republicans in Congress have begun a fascinating game of three-dimensional chess over Biden’s $2.2 trillion infrastructure spending plan and the way to pay for it. As the game begins, it may be worth looking at where public opinion stands on infrastructure spending and how it should be funded. To start,
As the nation struggles with slowing vaccinations, confusing mask guidance, and the long-term economic implications of Covid-19, the future of cities’ central business districts (CBDs) remains unclear. Will they return to normal, with office workers going back in larger numbers? Or has there been a permanent change in office work that will require permanent changes in how
Its tax day folks and the process of preparing them can be difficult if not arduous, even though for several years now the IRS has advocated for a free filing system to make it easier for Americans to complete them. Over 40% of Black Americans make less than $40,000 per year, putting them at an
With the standard deduction being so high, fewer and fewer US households go the itemized route. Although this does help simplify your tax returns, many of us can be short-changing ourselves by taking the easy way out. Here are 8 tax tips along with some of the most overlooked tax deductions that you still have
The capital gains tax looks like its set to rise, and that could trigger both major headaches and shifts in investing strategy for those impacted by the hike. Earlier this month, President Joe Biden announced his plan for higher levies on capital gains. Under the President’s proposal, the top capital gains tax rate would increase
The Supreme Court of the United States granted a significant victory for taxpayers’ advisors today, which also happens to be tax filing day. It is no wonder that soon after revenue laws were enacted taxpayers sued to prevent the IRS from assessing and collecting tax. We are, after all, a nation founded on a tax
A veterinary science professor at Oklahoma State University was flummoxed trying to e-file his 2020 individual tax return due May 17, 2021 over the weekend. The professor, Jerry Ritchey, who has successfully e-filed his returns for umpteen years, got a rejected message. The problem: The Internal Revenue Service still hasn’t processed his 2019 tax return,
Here we are again. Just a day away from another tax deadline. If you haven’t filed yet, you have until midnight Monday, May 17th, to file. Here are some last-minute tips. You can still reduce your tax bill If you’ve been waiting to file because you know you will owe money, you still have a chance
The 2020 tax return season is finally reaching its filing deadline. With over 126 million tax returns received by the IRS as of May 5, it seems that most taxpayers have filed. However, there are always taxpayers who wait until the deadline to file their returns. As a result, with the new deadline of May 17, 2021 looming,
Tax Day 2021 is May 17 (Monday). If you haven’t yet filed your federal tax return, you need to decide whether to go for it now or wait. If you can’t beat the buzzer by May 17, you can let the clock run out and go into overtime via an extension of your filing due
In Illinois, under current law, hair dressers need a license but tax preparers do not. The Biden administration plans to change that and give the IRS authority to regulate all paid tax preparers. Tax preparers, which include Certified Professional Accountants (CPAs), Enrolled Agents (EAs), and unregistered tax preparers, have access to highly confidential information, including
As the saying goes, “The road to Hell is paved with good intentions.” That seems to be the case with section 602(c)(2)(A) of the American Rescue Plan Act (ARPA), signed into law by President Biden on March 11. The subsection prohibits states from using funds disbursed under the act to “directly or indirectly offset a reduction in
New spending rules issued this week say that states and local governments can use their federal COVID-19 relief aid for hazard pay for essential workers. The allowance comes amid a brewing battle in California over grocery workers’ right to hazard pay. The inclusion is part of the U.S. Department of Treasury’s sweeping guidance on how
The Internal Revenue Service is conducting an “ongoing, extensive investigation involving substantial IRS resources” into cryptocurrency holders. As part of that investigation, the IRS is serving “John Doe” summons on various cryptocurrency companies, seeking court orders to require cryptocurrency exchanges to turn over account holder’s names and other key identifying information. On May 5, 2021,
The Internal Revenue Service has announced new, higher contribution limits for health savings accounts for 2022. Are you maxing out these benefits? At the end of January, Americans held $82.2 billion in 30 million health savings accounts, according to HSA advisory firm Devenir. That’s a year-over-year increase of 25% for HSA assets and a 6%
Why is it hard to stop inflation? Because it creates so many winners. Down in Washington they’re printing money like ink is going out of style. Possible consequence: People spend the money, bidding up the prices of cars, lumber and semiconductors. We might get high inflation, high being something more than the target rate of
Today’s column addresses questions about whether Social Security spousal benefits might be available before their spouse takes their retirement benefits, why spousal benefits were terminated after filing for retirement benefits and how to determine when to file for maximum benefits. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president
Jonathan Curry of Tax Notes recaps the tax provisions of President Biden’s American Families Plan and discusses with Dean Zerbe of Alliantgroup LP the finer details and its likelihood of passing Congress. This post has been edited for length and clarity. David Stewart: Welcome to the podcast. I’m David Stewart, editor in chief of Tax Notes Today International. This week:
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