Taxes

Getty Covid-19 is wreaking terrible destruction. Over 110,000 deaths, output down some 40 percent, 43 million unemployed, millions of businesses going bankrupt, and entire industries decimated. Ironically, this includes healthcare. Yes, there’s a huge demand for docs and nurses to treat the plague’s victims. But the rest of the healthcare system has been locked down,

Global epidemics and economic impact Getty A quick glance at the OECD’s 70-page roundup of tax administration responses to the COVID-19 pandemic underscores the agility with which tax authorities are reacting to the global crisis. As several countries remain under lockdown, the name of the game is self-service tax. Administrations are quickly enhancing their digital and

Apatosaurus dinosaur from the Jurassic era scene 3D illustration Getty Kent Hovind has finally followed through on the lawsuit that he promised to bring to seek compensation for what he sees as unjust imprisonment and theft of his property. He had always indicated it was going to be a lot, but frankly I hadn’t expected

Cutting spending prematurely could make the recession deeper and longer. A woman wearing a facemask enters a building where the Employment Development Department has its … [+] offices in Los Angeles, California on May 4, 2020, past a posted sign mentioning the closure of the offices’s public access counters due to the coronavirus pandemic. -(Photo

LIVERPOOL, ENGLAND – MARCH 11: Diego Costa of Atletico Madrid during the UEFA Champions League round … [+] of 16 second leg match between Liverpool FC and Atletico Madrid at Anfield on March 11, 2020 in Liverpool, United Kingdom. (Photo by Robbie Jay Barratt – AMA/Getty Images) Getty Images La Liga players may not be

Getty The Internal Revenue Service (IRS) has now processed 159 million Economic Impact Payments (EIPs, sometimes called stimulus checks), totaling almost $267 billion. That includes 120 million direct deposits, 35 million paper checks, and 4 million pre-paid debit cards. (You can find out how out many payments went to your state here.)  But the IRS isn’t done yet. Millions

TOPLINE Brokerage giant Charles Schwab announced on Thursday that it had received antitrust approval from the U.S. Department of Justice for its acquisition of rival broker TD Ameritrade, a blockbuster $26 billion deal which further consolidates the industry. Schwab’s stock is up 2% on the news, while TD shares surged 5%. Mark Lennihan/ASSOCIATED PRESS KEY

Getty Paycheck Protection Plan or PPP loan borrowers are breathing a huge sigh of relief. In the afternoon hours of June 3rd, the Senate unanimously passed by voice vote the Paycheck Protection Plan Flexibility Act. This bill had been approved by the House last week on May 28th. The House’s vote was 417-1 with the lone dissent by

US President Donald Trump (C) is flanked by Small Business Administration Administrator Jovita … [+] Carranza (L) and Treasury Secretary Steven Mnuchin during a press briefing in the East Room of the White House in Washington, DC, on April 28, 2020. – US President Donald Trump held a press briefing about supporting small businesses during

Kitchen worker Misael Cruz, 38, wears a surgical mask and gloves as he prepares food at Little Tong … [+] Noodle Shop that is providing meals on a voluntary donation basis for take-out only as authorities restricted gatherings and barred sit-down dining due to coronavirus concerns, Tuesday, March 24, 2020, in New York. The restaurant,

Employee stock purchase plans (ESPPs) offer more shelter from down and volatile stock prices than … [+] stock options do. Getty When stock prices fall, the topic of underwater stock options tends to rise. Companies have well-established choices for handling employee stock option grants in which the market price of the company’s stock is cheaper

DORAL, FL – MARCH 06: Republican presidential candidate Donald Trump makes an appearance prior to … [+] the start of play during the final round of the World Golf Championships-Cadillac Championship at Trump National Doral Blue Monster Course on March 6, 2016 in Doral, Florida. (Photo by Mike Ehrmann/Getty Images) Getty Images The Eleventh Circuit

Economic Security Planning, Inc. Today’s column addresses questions about the effect on benefit rates of years with no income, how early filing reductions are applied for spousal benefits, survivor benefits at 50, timing of spousal benefits and the earnings test. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president

Photo: Getty Bitcoin taxes are becoming a hot topic after the IRS has cracked down on cryptocurrency investors over the past year. Last year alone, the IRS sent out more than 10,000 warning and action letters to individuals suspected of misreporting bitcoin capital gains and losses income on their tax returns. In this article, we’ll

TOPSHOT – US President Donald Trump looks at a pre-paid debit card during a meeting with his cabinet … [+] on May 19, 2020 in the Cabinet Room of the White House in Washington, DC. – The card will be issued by the Internal Revenue Service to distribute nearly 4 million dollars in stimulus aid

The IRS has announced that this summer for the first time, you can amend your tax return (file Form 1040-X) electronically. That is a big deal, since up to now, every amended tax return had to be filed the old-fashioned way, on paper and in the mail. About 3 million Forms 1040-X are filed by taxpayers

US Treasury Secretary Steve Mnuchin shows US President Donald Trump a pre-paid debit card during a … [+] meeting with his cabinet on May 19, 2020 in the Cabinet Room of the White House in Washington, DC. – The card will be issued by the Internal Revenue Service to distribute nearly 4 million dollars in

Economic Security Planning, Inc. Today’s column addresses questions about when benefit rate increases due to continued income are applied, spousal benefit early filing reductions, when disability benefits convert to retirement benefits, whether SSA’s estimates include COLAs and widow’s benefits before retirement benefits. Larry Kotlikoff is a Professor of Economics at Boston University and the founder

Getty The Internal Revenue Service (IRS) has announced a game-changer: later this summer, taxpayers will be able to file Form 1040-X, Amended U.S Individual Income Tax Return, electronically. Before this year, you could only amend your tax return by paper. At the best of times, that could mean a six-to-eight week wait for processing. And these are not

TOPLINE In an increasingly confrontational approach to China, President Trump announced new targeted sanctions against Chinese officials on Friday, while also directing his administration to remove special exemptions for Hong Kong. “We will take action to revoke Hong Kong’s preferential treatment,” Trump said. Doug Mills-Pool/Getty Images KEY FACTS Trump announced that he would impose new