Taxes

The news that Hunter Biden says he’s under tax investigation tells us very little. We know there is a criminal investigation underway involving the President Elect’s son, but not much more. Hunter Biden said in a statement that he is under investigation by the U.S. Attorney’s Office in Delaware for his “tax affairs.” The whole matter

Nykvåg beach is a picturesque spot in the Vesterålen Islands. But Norway’s richest aren’t moving … [+] here for the views. getty Retired cross-country skier and cultural icon Bjørn Dæhlie is among a group of wealthy Norwegians who now call Bø i Vesterålen home. The sparsely-populated municipality on a windswept Arctic island is attracting many

Advisors help in filling 1040 form, teamwork in office getty As this unprecedented and strange year draws to a close, it is time for businesses and individuals to start planning to reduce next year’s tax obligations wherever possible. So far, we have survived COVID-19 and an adversarial presidential election process. We are approaching 2021 with

Reading a few books on the floor getty If you graduated from law school within the past five decades, you probably saw on the menu of courses offered during your second or third year a curious seminar with a title like “Law and Literature” or, most likely, exactly that. The version at my school —

Work-from-home is a crowd pleaser. That may sound like an obvious finding, but – given the dire circumstances under which the world entered the virtual workforce this year – it’s a significant one. A woman working from home as a preventive measures against the spread of covid 19 disease. (Photo by … [+] Robin Utrecht/SOPA

getty The Internal Revenue Service (IRS) has released the very-probably-unless-Congress-does-something-soon final version of Form 1040, U.S. Individual Income Tax Return for 2020 (downloads as a PDF). There are several notable changes to the form proposed for the tax year 2020 – the tax return that you’ll file in 2021. Page One Form 1040 (2020) IRS/KPE Identifying information.

The Covid-19 pandemic and protests against racial injustice drove spikes in donations via corporate … [+] virtual giving programs. getty More people are donating to charity via new workplace online giving platforms than ever, and they’re donating more than ever. It seems they’ve been spurred on in part by the issues of 2020—the Covid-19 pandemic

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 the fundamentals of tax planning.  About the Guests Benjamin M. Willis is a contributing editor for Tax Notes Federal. He has worked in PwC’s national mergers and acquisitions and international tax services

Economic Security Planning, Inc. Today’s column addresses questions about potential future survivor’s benefits a spouse could receive in the event of the record holder’s death, when divorced spousal benefits might be available and filing options when eligible for both retirement and widow(er)’s benefits. Larry Kotlikoff is a Professor of Economics at Boston University and the

getty Congress is making some progress on a COVID relief package. If it advances, it would be the first significant stimulus action from Congress since the Coronavirus Aid, Relief, and Economic Security Act or the CARES Act was signed into law in March of 2020. A second relief bill was introduced and passed in the House

Topline To avert a looming government shutdown this weekend, the House of Representatives Wednesday passed a continuing resolution that will keep the government running and give lawmakers more time to pass a comprehensive coronavirus relief bill and a $1.4 trillion omnibus budget bill for the 2021 fiscal year. House Majority Leader Steny Hoyer (D-MD) talks

Among the early decisions that President-elect Joe Biden will need to make is how to clean up the … [+] payroll tax deferral mess that he will inherit from President Trump. Biden has several options, but some require Congressional action and none are particularly attractive. AFP via Getty Images Among the early decisions that President-elect

Economic Security Planning, Inc. Today’s column addresses questions about when and whether delayed retirement credits (DRCs) are applied to benefit rates, eligibility of exes to file for benefits on a person’s Social Security record and pensions based on work not taxed by Social Security. Larry Kotlikoff is a Professor of Economics at Boston University and

TOPSHOT – US President Donald Trump looks on during a ceremony presenting the Presidential Medal of … [+] Freedom to wrestler Dan Gable in the Oval Office of the White House in Washington, DC on December 7, 2020. (Photo by SAUL LOEB / AFP) (Photo by SAUL LOEB/AFP via Getty Images) AFP via Getty Images

NEW YORK, NY – MAY 24: Former Treasury Secretary & White House Economic Advisor Larry Summers is … [+] interviewed by FOX Business’ Maria Bartiromo on May 24, 2017. (Photo by Robin Marchant/Getty Images) Getty Images For decades, conventional wisdom said that high levels of federal debt created a significant drag on the economy by

ASSOCIATED PRESS When I read in the Wall Street Journal that Bob Dylan had sold his entire songwriting catalog, I immediately wished that I had been in on the tax planning for that. Here is the press release from Universal Music Publishing. Sir Lucian Grainge, Chairman and CEO of Universal Music Group, said, “As someone

Has your CPA firm embraced technology like RPA bots that help accountants tackle mundane tasks? Getty Need business advice? Call your CPA firm. “This year was the perfect case study for why companies should consider leaning on their CPAs as key advisors,” says Carla McCall, managing partner with regional powerhouse AAFCPAs in Westborough, Massachusetts.  CPA

Economic Security Planning, Inc. Today’s column addresses questions about breakeven analysis and delaying filing, eligibility for divorced spousal benefits, suspending disability benefits at full retirement age and spousal benefit combined with foreign pensions. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc, which markets

WASHINGTON, DC – DECEMBER 01: Senate Minority Leader Charles Schumer (D-NY) holds a news conference … [+] at the U.S. Capitol. (Photo by Tasos Katopodis/Getty Images) Getty Images By embracing a $908 billion bipartisan pandemic relief plan, congressional Democratic leaders may have jump-started long-dormant talks over short-term economic aid. A nudge by President-elect Joe Biden

Big Brother style camera over the entrance to the United States Tax Court getty Nothing like packing several issues into one decision. That’s what we have in the Duffy case. Since the Tax Court will not be issuing any opinions until after Christmas I decided to look at the court’s top hits for 2020. I reached out