Taxes

President Trump speaks to the media. (Photo by Mark Wilson/Getty Images) Getty Images Trump’s mention that he might temporarily cut payroll taxes comes right out of the Obama administration’s playbook. From the way the current White House has talked, such a possibility has all the trappings of a contingency plan to give the economy a

Since the second series of Treasury regulations regarding Qualified Opportunity Zones (QOZs) were created this spring, tax attorneys across multiple disciplines have been focused on capturing as much tax alpha as possible. And the new regulations have unveiled new opportunities. For example, Treasury is now allowing Qualified Opportunity Fund (QOF) investors to sell their QOF

Share to facebook Share to twitter Share to linkedin Analysts believe 2019’s low unemployment rate means any economic stimulus from a payroll tax cut would be nominal. ASSOCIATED PRESS Topline: President Trump said Tuesday he is considering a payroll tax cut that would put money back into everyday Americans’ pockets, but it could impact funding

Former U.S. Federal Reserve Chairman Paul Volcker In an unfortunate decision, three of the four voting members of the board of the Federal Deposit Insurance Corporation (FDIC) voted to significantly gut the Volcker Rule, a risk reduction cornerstone of the Obama era financial reform law, The Wall Street Reform and Consumer Protection Act (Dodd-Frank).  The

Share to facebook Share to twitter Share to linkedin Serving on the board of directors of a nonprofit can be rewarding, but not if you end up paying for the organization’s tax problems. Your first reaction might be to say what tax problems, for aren’t nonprofits, especially public charities, tax exempt? Not entirely. For example, nonprofits

Democrats should hold Trump and the GOP accountable for their inability to manage the nation’s finances. ASSOCIATED PRESS A new report from the Congressional Budget Office projects federal budget deficits between 2019 and 2029 to be $872 billion higher than was projected just three months ago. As a result, Donald Trump will be forced to campaign

Share to facebook Share to twitter Share to linkedin “I’m not looking at a tax cut now. We don’t need it. We have a strong economy,” President Trump said Wednesday. ASSOCIATED PRESS Topline: President Trump said Wednesday he is no longer considering a payroll tax cut, contradicting a Tuesday statement in which he said the

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 explains what years of income can count toward higher Social Security benefits, benefits available after multiple marriages, benefits available after divorce and remarriage, adopted grandchildren and suspicious claims made by

There has been a bit of hobby loss action, since the Tax Court decision in the case of James and Elaine Donoghue on June 11 which I covered here.  None of the decisions struck me as quite interesting enough to merit a post, but I have resolved to be your go-to-guy when it comes to

Hand holding U.S. passport Getty Earlier this month, the Internal Revenue Service (IRS) issued a reminder to taxpayers with significant tax debts that their passports could be at risk. Now, IRS Commissioner Charles Rettig has granted a reprieve for some taxpayers. A memo (TAS-13-0819-0014) from Acting National Taxpayer Advocate Bridget Rogers has advised that there is

The Trump Tax Plan (aka Tax Cuts and Jobs Act or TCJA) was supposed to make filing taxes simpler and cut the tax bills of millions of hard-working Americans. Like many things out of Trump’s mouth, both of these statements appear to be far from the truth. According to new data from the IRS, Americans paid

The city of Toronto has become a flash point for a global issue that will soon become one of the most divisive, complex legal, regulatory and administrative challenges of the 21st century: smart cities. Toronto, Ontario, Canada on July 01, 2019. (Photo by Creative Touch Imaging Ltd./NurPhoto via Getty Images) NurPhoto via Getty Images Late

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 and suspending versus simply delaying filing, how married couples might sequence benefit applications, early retirement benefits before spousal benefits, and how to understand and respond to negative decisions

Which expenses are business and which are personal? You might think it’s obvious, but your view and the IRS view may differ. These days business and personal can often seem mixed up, such as when you do entertaining, try to motivate employees, go on combined business and work trips, and more. Even lawsuits can seem

Share to facebook Share to twitter Share to linkedin Photocredit: © 2019 Bloomberg Finance LP © 2019 Bloomberg Finance LP The S&P 500 has followed the monthly cycle down. Sentiment, however, turned from too bullish to overly bearish within a short time, leading to a recovery rally. The current price formation looks like a chair

A job seeker shakes hands with a representative during a Hiring Our Heroes career fair in Houston, Texas, U.S., on Thursday, Feb. 28, 2019. The U.S. Bureau of Labor Statistics released its new state level employment report on August 16, 2019. Photographer: Allison Hess/Bloomberg © 2019 Bloomberg Finance LP The federal government just released its

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 taking benefits early to invest them in a 401k, whether filing a restricted application was a mistake, taking retirement benefits before spousal benefits, when to file to get the

With online banking services, companies can save both time and resources while also keeping track of their expenses in a convenient and cost-efficient way. Gone are the days when a company representative had to go to the bank in-person to deposit a check or withdraw cash for wages, as all of these operations can now

Masses of vehicles on November 22, 2017 in Chicago, Illinois. (Photo by Patrick Gorski/NurPhoto via Getty Images) Patrick Gorski/NurPhoto Economists love carbon taxes. According to polls, so do roughly two-thirds of Americans. Yet voters in one of the bluest states in the nation, Washington State, twice rejected a carbon levy in recent years. What’s going

Few parts of the tax code seem to generate more widespread misunderstanding than the rules for selling a home. At least, that’s been my experience. The rules are fairly simple, as least compared to most of the tax code. Yet, there’s a lot of misinformation floating around. One problem seems to be that many people