Taxes

17 states and the District of Columbia impose estate or inheritance taxes separate from the federal … [+] estate tax levy. getty As states address budget woes due to the pandemic, one place they may turn to for revenue as they have in past economic crises is death taxes. Already the District of Columbia has

Internal Revenue Service sign with a traffic signal in the foreground indicating a red light. getty One of my least favorite ideas is hiring private collection companies to collect federal taxes. So I was really intrigued by the second biannual report by the Treasury Inspector General For Tax Administration (TIGTA) on the program. Is IRS

The Free Application for Federal Student Aid (FAFSA) has different rules concerning which parent(s) are responsible for completing a dependent student’s FAFSA and who is considered a dependent of the parent on the FAFSA. These rules are changing, starting with the 2023-2024 FAFSA. The Consolidated Appropriations Act, 2021 changed the rules as part of an

A participant stands at the OECD headquarters in Paris during the presentation of the Economic … [+] Outlook at the 2013 OECD Week on May 29, 2013. AFP PHOTO ERIC PIERMONT (Photo credit should read ERIC PIERMONT/AFP via Getty Images) AFP via Getty Images Martin Hearson of the International Center for Tax and Development and Emmanuel Eze

The IRS has a deadline of January 15 to send out $600 stimulus checks. After that, individuals will … [+] need to claim the money by filing their 2020 tax returns, which means they may not see their stimulus payment until February or March. getty Time is running out for the IRS to distribute $600

12 January 2021 Most of the commentary about indirect tax changes arising from the end of the Brexit withdrawal period has been on the movement of goods between the UK and EU and vice versa. While not as high profile or as wide-ranging, there were also changes relevant to organizations providing services.  Services businesses also

Economic Security Planning, Inc. Today’s column addresses questions about what happens to a person’s benefit when an ex files on their record, how to file for retirement benefits after taking spousal benefits first and whether it would be a good idea to take early retirement after disability benefits. Larry Kotlikoff is a Professor of Economics

The total U.S. national debt currently stands at $27.6 trillion, or $21.6 trillion if one excludes … [+] intragovernmental debt (such as that owed to the Social Security and Medicare trust funds). getty When President-elect Biden begins rolling out his ambitious recovery agenda on Thursday, economists and policymakers will debate to what extent it should

shot of money and college theme getty In this installment of Willis Weighs In, Benjamin M. Willis, contributing editor for Tax Notes Federal, and Jasper B. Smith, executive editor for commentary at Tax Notes, discuss Ben’s recent article in Tax Notes, “Student Loan Relief and the Purchase Price Reduction Doctrine.”   Benjamin M. Willis is a contributing editor for Tax Notes Federal. He has worked

Boston South End aerial view. Residential district near Columbus Avenue. getty The Low Income Housing Tax Credit (Section 42) has generated very little in the way of conventional tax litigation, meaning IRS v taxpayer. Oddly part of Section 42, specifically 42(i)(7) – Impact of tenant’s right of 1st refusal to acquire property – has blossomed

getty With all of the last minute changes to the Tax Code – and those stimulus check reconciliations – it was clear that the Internal Revenue Service (IRS) was going to have to make revisions to tax forms used to file 2020 tax returns (the tax returns that you’ll file in 2021). Most tax professionals

getty 2020 is already a distant memory for many Americans. Almost halfway through January, it might feel that there is no planning that can be done on your 2020 taxes. In fact taxpayers do still have some tax planning opportunities. “Most tax planning should be done before the end of the year,” says Nicole Davis, CPA at

A series of strategies for tax-wise investors. Table of Contents. Location getty There are good places and bad places to park certain kinds of investments. Swapping locations can save a bundle at tax time. You have, or should have, three slots for money: a taxable brokerage account, pretax 401(k) or IRA retirement accounts and a

A series of strategies for tax-wise investors. Table of Contents. 501(c)(3) Associated Press “Qualified charitable distribution” is tax jargon for money you send directly to a charity from your pretax retirement account. This beats taking the money into your bank account and then writing a check to the charity. With the QCD, you keep the

A series of strategies for tax-wise investors. Table of Contents. Gig. (Photo:Damian Dovarganes) ASSOCIATED PRESS Moonlighting yields some nice tax dodges. With side income you can: —deduct things you couldn’t from a salary, —grab a 20% “pass-through” freebie, —stuff savings into a Roth account. Say you and your spouse raise Yorkshire terriers. Income from that

A series of strategies for tax-wise investors. Table of Contents. Stocks zz/STRF/STAR MAX/IPx A long-standing feature of the tax code is that gains and losses are recognized only on the sale of property. There are exceptions to the rule, such as for commodity futures, but they are not common. We’re talking, of course, about what

Tax-hungry legislators may go after incomes over $400,000. But they will likely leave in place a rich collection of avoidance devices. Here are ways that investors minimize damage from the IRS. Democrats, narrowly in control of Congress, are equipped to undo parts of the 2017 Trump tax cut and, perhaps, to attack some of the

A series of strategies for tax-wise investors. Table of Contents. Philanthropy getty Billionaires easily deduct their philanthropic contributions. Moderately prosperous people have to get creative. This year you get a $25,100 standard deduction on a joint return ($27,800 if you are both at least 65). The limit on deductions for state and local taxes is

CPA Mark Astrinos, 37, started Los Gatos, California firm Libra Wealth not quite four years ago. Alison Yin/AP Images for American Institute of Certified Public Accountants Libra Wealth is giving stock pickers a run for their money by offering advice on tax maneuvers at a fraction of the cost. Mark Astrinos is a 37-year-old CPA

Lawsuit form an a desk with pen and calculator getty Things have not been great for the syndicated conservation easement (SCE) industry. Late in December, two accountants who focused on SCE pled guilty to conspiracy. The circumstances of their pleas indicate that they are cooperating with the prosecution. The latest is that David Deary’s firm