In this 2017 file photo, Jerome Powell, before being confirmed as chairman of the Federal Reserve, sits in the audience waiting to testify during a Senate Banking, Housing, and Urban Affairs Committee confirmation hearing on Capitol Hill in Washington. (AP Photo/Carolyn Kaster, File) ASSOCIATED PRESS I hope Jerome Powell shows some backbone at the next
Taxes
Share to facebook Share to twitter Share to linkedin According to the National Hurricane Center Dorian is predicted to hit Florida as a Category 4 storm over the Labor Day weekend. (Photo by NOAA via Getty Images) Getty Images Late last night, Hurricane Dorian became a Category 4 hurricane with the maximum sustained winds of
Partnership returns have a new election to consider this year. Question 25 on Page 3 of Form 1065. Is the partnership electing out of the centralized partnership audit regime under section 6221(b)? You have had four years to be thinking about it, but the word is slow getting to some people. I’ve confirmed that with a
In 1924, the seminal macro -economist, John Maynard Keynes, called the gold standard (and by proxy gold) “a barbarous relic”. Why then, 95 years later, can’t I go 30 minutes without a bullish view on gold or a “buy gold now” commercial on business TV? Because for 3,000 years gold has been the ultimate currency,
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 takes up suspending at full retirement age after filing early, when it’s possible to reinstate a retirement benefit after suspending it, fishy claims about eligibility to tens of thousands of
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 discusses whether early retirement benefits will reduce widow(er)’s benefits taken later, potential benefits for younger single parents, effects of earnings $1,000,000, effects of suspending a retirement benefit and income with
Getty Where do I pay taxes? I get that question a lot. Sometimes it comes from a person from another country who is present in the United States (U.S.) on a work or student visa. Sometimes it’s directed from a U.S. citizen living and working in a foreign country. Other times, it’s from a long-term
The massive tax law passed by Congress and President Trump at the end of 2017 radically reshaped traditional tax planning in ways that are still emerging. A prime example is choice of entity for small and not-so-small businesses. There are still the usual suspects, corporations, partnerships and limited liability companies (LLCs), but many tax incentives have changed. A few
Getty According to the most recent data available from the Internal Revenue Service (IRS), just 12,177,779 taxpayers claimed the charitable donation deduction for the 2018 tax year, totaling $102.7 billion. That compares to 33,629,985 taxpayers who claimed the charitable donation deduction for the 2017 tax year, totaling $160 billion. That’s a difference of 21,452,206 taxpayers
The Texas State Capitol building, center, stands in downtown Austin, Texas. Apple Inc. announced in Dec. 2018 it’s opening new offices in Austin, investing $1 billion and bringing as many as 15,000 jobs to a city that was already the fastest growing in the nation for three years running. Photographer: Callaghan O’Hare/Bloomberg © 2018 Bloomberg
The drums sound as to income and wealth inequality as an issue for the 2020 Democratic Presidential primaries. The loudest voices calling for increasing taxes on owners, investors and entrepreneurs – with a view that raising taxes on high-end income families is a good in of itself. All this jawing on hiking taxes on owners/investors/entrepreneurs
Shutterstock Many securities traders incur significant tax bills on phantom income caused by “wash sale losses disallowed” on form 1099-Bs. Traders are often surprised because most brokers don’t report wash sale (WS) loss calculations during the year. In this blog post, learn how to deal with WS loss adjustments and how to avoid them in
Today, Forbes is publishing its 2019 edition of Great Places To Follow Your Passions In Retirement. It’s a list of 25 locales across 21 states and all four continental time zones that are appealing spots to pursue one or more of seven retirement interests: arts, fine dining, lifelong learning, volunteering, outdoor activities on water, outdoor
Whistleblower 14377-16W is my new hero. Old 77 as I have nicknamed him has a superpower far beyond the modest one I have developed. You see when the IRS issues a notice that denies or revokes exempt status it is in the form of a private letter ruling that is redacted. My superpower is to penetrate
“Prepaid” 529 plans allow consumers to lock-in future tuition at current prices, but they have largely been overshadowed by the more popular 529 “Savings” plans. However, new research shows that the oft-overlooked Prepaid may be a better bet than originally thought, offering superior risk-adjusted returns, historically. Choosing the right college savings strategy is never easy.
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 filing early in anticipation of potential future benefit cuts, who can still file restricted applications, potential effects of pensions on Social Security benefits, the availability of survivor benefits and
In a recent program manager technical assistance memorandum—these are from the National Office of the Office of Chief Counsel to IRS program executives and managers—the IRS addressed whether premium seating upgrades (such as for premium economy seats) are subject to the air transportation excise tax. blue seats in economy class passenger section of airplane Getty
Share to facebook Share to twitter Share to linkedin Shutterstock There are significant tax advantages for independent contractors (IC) vs. employees. ICs deduct business expenses, whereas, the new tax law (TCJA) suspended “unreimbursed employee business expenses” as miscellaneous itemized deductions. ICs are eligible for TCJA’s 20% qualified business income (QBI) deduction, whereas, employees are not.
Getty Tax season may be at an end for most taxpayers, but scammers aren’t letting up. The Internal Revenue Service (IRS) recently warned taxpayers and tax professionals about a new IRS impersonation scam email. The email subject line may vary, but according to the IRS, recent examples use phrases like “Automatic Income Tax Reminder” or
The challenge of Samuel and Louise Edelman to the State of New York is a protest against double taxation. I covered it here last month and even came up with a workaround for people in their situation. I had a nice talk with Tom Corrie of Friedman LLP. He directs Friedman’s State and Local Tax Group