Getty The Internal Revenue Service (IRS) has announced that a new payment option has been added to the private debt collection program. The payment option is intended to make it easier for those who owe to pay their tax debts, although some practitioners, like me, fear that it could lead to abuse. Taxpayers can now
Taxes
Share to facebook Share to twitter Share to linkedin A Bernie Sanders presidency could be very bad news for U.S. billionaires. While Elizabeth Warren would levy taxes of up to 62% on America’s wealthiest individuals, Sanders would go a step further according to professors Emmanuel Saez and Gabriel Zucman from the University of California, Berkeley.
Reducing taxable income can help prevent taxpayers from climbing into a higher tax bracket or … [+] triggering the 3.5% Medicare surtax. Your AGI and MAGI also help determine your eligibility for tax credits, retirement contributions and other deductions. Getty For most taxpayers, there isn’t a magic bullet to reduce taxable income to the extent
WESTERVILLE, OHIO – OCTOBER 15: Former Vice President Joe Biden speaks as Sen. Bernie Sanders (I-VT) and Sen. Elizabeth Warren (D-MA) look on during the Democratic Presidential Debate at Otterbein University on October 15, 2019.(Photo by Win Getty Images In a new report, my Urban Institute colleagues have estimated that a full-blown Medicare for All
Getty Mrs. Jimmy Rogers of Houston, Texas, was disabled in 1996 in an aircraft accident while working for American Airlines. To this day she is unable to sit, stand, or walk for more than thirty minutes without extreme pain. After the accident, she applied for and received Social Security disability benefits. Four years later, she
I see from the National Review that Beto O’Rourke’s remarks about revoking tax-exempt status of religious institutions such as colleges, churches, etc. for opposing same-sex marriage is still a thing. I’m not going to try to review the response to this remark, which has been epic. My purpose is to get some expert comment into
Getty The largest dark web child pornography site in the world has been taken down. That was the word today from the U.S. Attorney’s Office for the District of Columbia, the Justice Department’s Criminal Division, the IRS Criminal Investigation (IRS-CI), and U.S. Immigration and Customs Enforcement’s Homeland Security Investigations (HSI), together with the National Crime
Credit: Getty Royalty Free Getty Granting people gifts makes you and them happy. If you can tailor your generosity so not to pay tax on your largesse, you will be even happier. It pays to know the rules about the taxes that your magnanimity may trigger. Without incurring any taxes, you can give one person
Since passage of the Tax Cuts and Jobs Act, taxpayers and preparers have been adjusting strategy to optimize the significant changes of 2018. With one TCJA filing season down, I’ve taken stock of some of the not-so-common tax situations encountered and the strategies developed to work around them this year. While not all-encompassing, this list
Share to facebook Share to twitter Share to linkedin 3D Word IPO on Chalkboard Background – 3D Rendering Getty For both private company directors as well as CEOs as you begin to think about liquidity choices for your company you normally think of an IPO. There is of course another alternative you may want to
Senator Chuck Grassley in his own letter is cautioning the IRS about Senator Ron Wyden’s letter urging the IRS to investigate the NRA. Wyden refers to a report by the Senate Finance Committee Minority Staff – The NRA And Russia – How A Tax-exempt Organization Became a Foreign Asset. Mariia Butina, leader of a pro-gun
Getty The Internal Revenue Service (IRS) has issued a reminder to taxpayers with an expiring Individual Taxpayer Identification Number (ITIN) to submit renewal applications. Failing to renew an ITIN by the end of the year may cause refund and processing delays in 2020. An ITIN is assigned to a taxpayer who is not eligible to obtain a
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 addresses eligibility for spousal benefits if the other spouse hasn’t yet filed, the calculation of spousal benefit amounts, switching from spousal to retirement benefits, spousal benefits after retirement benefits and
The recent GAO report IRS Could Better Leverage Existing Data to Identify Abusive Schemes Involving Tax-Exempt Entities is not nearly as boring as the title makes it sound. In order to get to its recommendations the report authors had to describe the shenanigans that the scoundrels are engaging in. The report might serve as a
Share to facebook Share to twitter Share to linkedin Got Crypto? With the ups and downs of Bitcoin and other cryptocurrencies, it can be dizzying to invest, even if you aren’t thinking about taxes. When you add taxes into the mix, it is much more so. Since 2014, the IRS said it would tax it
internet banking network and cryptocurrency concept. Man hand using credit card for trade cryptocurrency. Getty Days after the Internal Revenue Service (IRS) released two new pieces of guidance for taxpayers who engage in transactions involving virtual currency, the IRS announced another compliance measure: a checkbox on form 1040. The checkbox, which appears on the early
Demonstrators against the Republican tax reform bill November 30, 2017. (SAUL LOEB/AFP/Getty Images) AFP/Getty Images Economists Emmanuel Saez and Gabriel Zucman of the University of California at Berkeley have a new book that has generated an enormous amount of attention. One key conclusion: The richest 400 families in the US paid an average effective tax
Share to facebook Share to twitter Share to linkedin President Donald Trump shakes hands with Chinese Vice Premier Liu He. Getty Images Topline: Following news that the U.S. and China reached a partial trade agreement on Friday, the stock market sharply rebounded, putting major indexes back within reaching distance of record highs. Both major indexes
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 addresses how early retirement benefits can affect later spousal benefits, survivor’s benefits before retirement benefits, the rate of reduction due to taking benefits early, the application of delayed retirement credits
US President Donald Trump claps during a campaign rally in Rio Rancho, New Mexico, on September 16, 2019. (Photo by Nicholas Kamm / AFP) (Photo credit should read NICHOLAS KAMM/AFP/Getty Images) AFP/Getty Images For the first time in American history, the 400 wealthiest people paid a lower tax rate than any other group, according to