Getty You probably already know that you can fix most tax return mistakes by filing an amended return. If IRS doesn’t correct your error or if it’s a huge mistake or if you forgot to report something important (like being married), you can amend your previously filed tax return with a federal form 1040X, Amended U.S. Individual Income Tax Return (downloads as
Taxes
The Paycheck Protection Program offers an alluring loan of up to $10M tax free. If you comply, you don’t even have to pay it back. What’s more, there is no forgiveness of debt income when your loan is forgiven, something that is standard fare if you are relieved of paying back debt. However, IRS Notice
On March 27, 2020, Congress passed the Coronavirus Aid, Relief and Economic Security (CARES) Act, a $2.5 trillion relief package aimed at stemming the economic damage caused by the COVID-19 pandemic. The CARES Act contained a wide range of relief, from forgivable small business loans to enhanced unemployment benefits to a host of tax changes
TOPLINE Tens of millions of Americans have filed for unemployment in recent weeks and although the data is sobering, jobless claims have declined from their peak earlier this month giving a slight boost to investors who are desperate for positive news. Job loss claims may have peaked as the market looks towards re-opening the economy.
Getty Are you receiving Social Security retirement or disability benefits (SSDI), Supplemental Security Income (SSI), Railroad Retirement benefits, or VA benefits? If you are and you are generally not required to file a tax return, and you have children, you need to be aware of a new deadline. The Internal Revenue Service (IRS) previously announced that folks in those
Blank United States Treasury checks are run through a printer at the U.S. Treasury printing … [+] facility. (Photo by William Thomas Cain/Getty Images) Getty Images The IRS has already processed over 80 million stimulus checks during the first week of sending out payments. However, there are still approximately 60 million stimulus checks that still
WASHINGTON, DC – President Donald Trump sits down with staff, ranked by Budget Director Mick … [+] Mulvaney and Secretary of the Treasury Steven Mnuchin, during a federal budget luncheon in the Roosevelt Room at the White House in Washington, DC Wednesday February 22, 2017. (Photo by Melina Mara/The Washington Post via Getty Images) The
Social Network Backgrounds Getty The Gig economy has been expanding rapidly over the past decade and the number of users involved with platforms like Uber, Lyft & Airbnb has grown exponentially. The IRS recently launched the Gig Economy Tax Center on www.irs.gov. This is a brand new section of the IRS website dedicated to help
Share to facebook Share to twitter Share to linkedin Getty The Internal Revenue Service (IRS) has issued guidance for some taxpayers who took out federal or private student loans to finance attendance at a nonprofit or for-profit school. The guidance offers relief for students whose loans have been discharged by the Department of Education and
Share to facebook Share to twitter Share to linkedin The Phase One agreement marks a ceasefire in the long-running trade war. Saul Loeb/AFP via Getty Images Topline: President Donald Trump and Chinese Vice Premier Liu He signed the long-awaited Phase One trade deal in an elaborate ceremony at the White House on Wednesday, marking a
DES MOINES, IOWA – JANUARY 14: Sen. Bernie Sanders (I-VT) makes a point as former South Bend, … [+] Indiana Mayor Pete Buttigieg and Sen. Amy Klobuchar (D-MN) listen during the Democratic presidential primary debate at Drake University on January 14, 2020 in Des Moines, Iowa. Six candidates out of the field qualified for the
Share to facebook Share to twitter Share to linkedin The deal includes Chinese commitments to buy more U.S. goods in four industries. Costfoto/Barcroft Media via Getty Images Topline: With the Phase One trade deal signing scheduled for tomorrow, new details have emerged about China’s pledge to significantly ramp up purchases of U.S. exports including manufactured
Comfortable retirement: Still out of reach for most. (Photo by Andrew Lichtenstein/Corbis via Getty … [+] Images) Corbis via Getty Images Congress ended 2019 by producing a budget of sorts. That fact, in itself, constitutes a rare accomplishment for this country’s dissipated and ever-distracted representative bodies. Such documents, as always, offer much to praise or
Economic Security Planning, Inc. Today’s column addresses questions about limits a family could receive, whether working longer can increase benefit amounts, whether delaying till 70 is still worth it, whether filing at 62 might be better and filing for survivor benefits while still working. Larry Kotlikoff is a Professor of Economics at Boston University and
I hate it when people lose out by barely missing a deadline. A recent decision in the Western District of Wisconsin has an important lesson about deadlines. The lesson is that if you are going to rely on special rules to cut things close, you better understand how the rules apply. The couple in the
Share to facebook Share to twitter Share to linkedin The market resumed its rally from last week, amid renewed trade optimism. Kena Betancur/Getty Images Topline: With the signing of the phase one trade deal mere days away, the U.S. said that it would remove China from a list of countries that it considers as currency
As your investment account value climb, you may be sitting on a tax time bomb. Here are the new … [+] capital gains tax rates for 2020. Getty We have been in an amazing bull market for more than ten years. In 2019, we saw the U.S. stock markets continue to climb to record highs.
Economic Security Planning, Inc. Today’s column addresses questions about when and how a married couple can file, survivor’s benefits and the earnings test, divorced spousal benefits before retirement benefits, avoiding filing for retroactive retirement benefits unintentionally and the availability of divorced spousal benefits. Larry Kotlikoff is a Professor of Economics at Boston University and the
President Trump doesn’t want to release his tax returns. After promising to make them public during his primary campaign, he later changed his mind. And even after winning his race for the White House, he continued to refuse, breaking with four decades of voluntary disclosure by American presidents. WASHINGTON DC, USA – JANUARY 8: US
It’s 1099 season, so I thought a recent decision in the Southern District of New York might rate some attention. I doubt the litigants want to be more famous because of this so I am going to call them Jane, the company and the other partners. If you must know who they are, you can