Taxes

New Hampshire and Massachusetts are fighting over whether the Bay State still has the right to tax the incomes of 103,000 former commuters now working from home in New Hampshire. But this tax spat deals with issues that spread far beyond the Massachusetts border — it has national implications and could impact millions of Americans.

Today’s column addresses questions about whether there’s a universal maximum retirement benefit rate based on high income, when to file to ensure full unreduced benefits and how divorced spousal benefits are calculated and whether they affect other benefit rates. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of

The Treasury and Internal Revenue Service have announced that the due date for individual tax returns has been moved from April 15, 2021 to May 17, 2021. IRS Commissioner Chuck Rettig noted: “This continues to be a tough time for many people, and the IRS wants to continue to do everything possible to help taxpayers

With the job losses and unemployment numbers this year, freelance work has replaced full-time staff positions for many people. This means that, with the gig economy already in full swing, we can expect to continue to see a robust freelance economy in the future. Since this is new territory for many, there are some new

As we enter the middle of Tax Season 2021, I’m hearing a lot of people asking the following questions about their mortgage interest, “Can I still deduct my home equity line of credit? Should I refinance to make it tax-deductible again? How do I know if I can deduct the home equity line of credit

There’s welcome news for financially struggling taxpayers with federal tax debts who didn’t get Round 1 and Round 2 economic impact payments, and were instructed to file 2020 tax returns to claim the payments as a recovery rebate credit. The Internal Revenue Service has now agreed to use its discretion to bypass offsets for federal

Yvette Lind, an assistant professor of tax law at Copenhagen Business School, talks about how the coronavirus pandemic hurt gender equality and offers possible tax solutions. The post has been edited for length and clarity. David Stewart: Welcome to the podcast. I’m David Stewart, editor in chief of Tax Notes Today International. This week: gender equality and

Last week, President Biden signed the American Rescue Plan (ARP) into law. And the Child Tax Credit (CTC) that began life in 1998 as a benefit of up to $400 for families with children under age 17 now delivers up to $3,600 for each child under age 18. Over 90 percent of all families with children will receive an

A good global minimum tax would target stateless income. Professor Reuven S. Avi-Yonah recently stated that the “global intangible low-taxed income regime is the best part” of the Tax Cuts and Jobs Act. While I couldn’t disagree more, perhaps this should be read in light of the suggestions for improving the TCJA that constitute the majority of Avi-Yonah’s article. After

As promised, the Internal Revenue Service has rebooted its Get My Payment tool, so as of today, taxpayers can check the status of the $1,400 stimulus payments (Round 3) that are part of the $1.9 trillion Covid relief package President Joe Biden signed into law last Thursday. That doesn’t mean you’ll get the answer you’re

In capital markets, it could be argued that nothing is hotter right now than a special purpose acquisition company (“SPAC”). Whether SPACs are the way of the future or just another fad, they are booming at the moment and the subject of many conversations. Much has been written on SPACs, but little to no ink has been

President Biden signed the American Rescue Plan into law on Thursday, March 11, 2021. The law provides $1.9 trillion of tax and financial relief to businesses and individuals and includes a provision that makes a taxpayer’s first $10,200 of unemployment compensation (UC) non-taxable at the federal level. Many taxpayers who were waiting to see if

Today’s column addresses questions about how far in advance you can apply to begin Social Security retirement benefits, whether new income will increase benefits and the ability to delay retirement benefits while receiving survivor’s benefits. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc,

A retired widowed engineer who typically has $120,000-plus in income got welcome news from his tax preparer. He’s getting $1,800 — Round 1 $1,200 plus Round 2 $600 of the 2020 economic impact payments — as a recovery rebate credit on his 2020 tax return. Plus he qualifies for a $1,400 Round 3 stimulus payment

The 100% COBRA subsidy in the $1.9 trillion American Rescue Act means that more than 2 million laid off Americans will have the option to extend their workplace healthcare insurance for free—temporarily. The U.S. government will pay the full cost of workplace healthcare premiums for laid off workers from April 1 through the end of

Every once in the while the IRS comes out with something that may cause beleaguered tax preparers to breathe a sigh of relief. This just in, which is short enough to reproduce in full. IRS Statement – American Rescue Plan Act of 2021 The IRS is reviewing implementation plans for the newly enacted American Rescue

The most challenging decision an estate planner must make is who to recommend as a trustee for a client. Trusts execute the estate plan, and the trustee is the lynchpin of any trust. The trustee plays multiple roles; a financial and ministerial role; they are responsible for the prudent investment of assets as well as administrative and

The third and biggest round of economic stimulus payments will start to hit taxpayers direct deposit … [+] accounts this weekend. getty The Internal Revenue Service announced today that it will begin delivering Round 3 economic stimulus payments this weekend. The $1,400 per person economic impact payments were part of the $1.9 trillion Covid-relief stimulus

WASHINGTON, DC – JANUARY 18: Vice President-elect Kamala Harris and her husband Douglas Emhoff fill … [+] bags with food as they volunteer at Martha’s Table in Washington, District of Columbia on January 18, 2021. The Martin Luther King, MLK day holiday, is celebrated as a day of service. (Photo by Bonnie Jo Mount/The Washington

NEW YORK, NEW YORK – A Doordash sticker is seen on a window at Mallenche Mexican Grill in the … [+] Flatbush neighborhood of Brooklyn on December 04, 2020 (Photo by Michael M. Santiago/Getty Images) Getty Images Tucked inside the American Rescue Act is a tax change that has big implications for tax revenue and