Taxes

Economic Security Planning, Inc. Today’s column addresses questions about what happens if you delay filing for Social Security retirement benefits past 70, whether someone can falsely claim spousal benefits on someone else’s record and when survivor’s benefits can be paid and why they may not be. Larry Kotlikoff is a Professor of Economics at Boston

Pennsylvania State Capitol Building getty In the administration of state government, there are times when the separate executive and legislative branches become entwined. This is often the case with tax measures. A state’s executive might outline a legislative platform during a public address or draft legislation for the legislature to consider. The executive’s role in

In this installment of In the Pages, Robert Goulder, contributing editor for Tax Notes International, Martin Sullivan, chief economist and contributing editor for Tax Notes Federal, and Joseph Thorndike, director of the Tax History Project and contributing editor for Tax Notes Federal, delve into the details of the presidential candidates’ tax proposals. In their discussion, they address the connection

WEST HOLLYWOOD, CALIFORNIA – OCTOBER 22: People watch a broadcast of the final debate between … [+] President Donald Trump and Democratic presidential nominee Joe Biden. (Photo by Mario Tama/Getty Images) Getty Images Much ink is being spilled about what a Democrat or a Republican presidential result could mean for the stock market. This is

getty The Internal Revenue Service (IRS) has announced the annual inflation adjustments for the tax year 2021 – and that includes penalty amounts. Here’s a quick look at some of the most common: Failure-To-File Penalty It’s important to file even if you can’t afford to pay because the IRS imposes a failure-to-file penalty if you don’t

US tax form 1065 with a silver pen getty The IRS put something exciting on Page 30 of the draft 2020 Instructions for Form 1065. I am going to try to explain why this is important to anybody other than the few thousand people who take this stuff seriously. In 2017 there were 3.9 million

Economic Security Planning, Inc. Today’s column addresses questions about when Social Security uses the annual earnings test rather than the monthly test, when to contact Social Security in order to switch from a survivor’s benefit to a retirement benefit and how spousal and survivor’s benefits are calculated. Larry Kotlikoff is a Professor of Economics at

How much money should go to the tax collector when you die? getty The Internal Revenue Service announced today the official estate and gift tax limits for 2021: The estate and gift tax exemption is $11.7 million per individual, up from $11.58 million in 2020. That means an individual could leave $11.7 million to heirs

The news that Goldman Sachs is paying nearly $3 billion in the 1MDB mess was accompanied by news that the firm will claw back millions from top executives. The massive almost $3 billion settlement with U.S. authorities is over Goldman’s role in the 1MDB debacle, where a $6.5 billion Malaysian investment fund was looted. Most people

Victims of California wildfires that began Sept. 4 have until Jan. 15, 2021, to file various individual and business tax returns and make tax payments, the IRS announced. The IRS has offered this relief to any area designated by the Federal Emergency Management Agency (FEMA) as qualifying for individual assistance. Currently this includes Fresno, Los

Billionaire Jim Ratcliffe, chairman and founder of Ineos Group Holdings Plc, pauses during a news … [+] conference during the official launch event of the Team Ineos cycling group in Ilkley, U.K., on Wednesday, May 1, 2019. Following its recent purchase of Team Sky, Ineos has said it’s in talks to invest in OGC Nice,

BRAZIL – 2020/10/09: In this photo illustration the Internal Revenue Service (IRS) logo seen … [+] displayed on a smartphone. (Photo Illustration by Rafael Henrique/SOPA Images/LightRocket via Getty Images) SOPA Images/LightRocket via Getty Images On Oct 23, 2020, the IRS released instructions to the draft 2020 Form 1040 which contains the infamous virtual currency question

WILKES-BARRE, PENNSYLVANIA, UNITED STATES – 2020/10/22: A view of an official Mail-in ballot for the … [+] 2020 general election. Mail-in Ballots have gone out and they are being returned. (Photo by Aimee Dilger/SOPA Images/LightRocket via Getty Images) SOPA Images/LightRocket via Getty Images Election 2020 is less than two weeks away and between expanded mail-in

Economic Security Planning, Inc. Today’s column addresses questions about whether someone can switch to spousal benefits after already receiving a retirement benefit reduced for filing early, a public pension’s effect on potential spousal benefits and whether early survivor benefits will reflect the deceased spouse’s delayed retirement credits (DRCs). Larry Kotlikoff is a Professor of Economics

Getty Are your accounts receivables piling up? With so many people out of work, many businesses are experiencing slow payers and (gulp) non-payers. If you’re not sure about the practical and tax aspects of handling those accounts, here are a few things to keep in mind. Don’t assume that you can send a Form 1099-C

Close-up of Conservation easement with pen getty The Senate Finance Committee’s investigation of conservation easement syndications is a bright spot of bipartisanship on a bleak landscape of divisiveness. I say this even though I was a little disappointed in the proposed Charitable Conservation Easement Program Integrity Act of 2020 that came out shortly after the

getty There was an article that circulated recently suggesting that bankruptcies didn’t peak as expected. If the folks who are reaching out to me are any indication, just give it time. With unemployment numbers still high and many areas still under shutdown orders due to the pandemic, it’s clear that the economy is not back

President Trump has paid more in taxes through his secret Chinese bank account to China than he has … [+] paid Uncle Sam in federal income taxes. Getty Images The explosive revelations that self-proclaimed billionaire Donald Trump paid just $750 in federal income taxes – a tiny fraction of what he paid the Chinese government

Suburban Women Against Trump, or The S.W.A.T Team’s Shira Tarantino is seen campaigning against the … [+] president’s courting of female voters in the suburbs on October 15, 2020 in Stamford, Connecticut. – Donald Trump says suburba (Photo by TIMOTHY A. CLARY / AFP) (Photo by TIMOTHY A. CLARY/AFP via Getty Images) AFP via Getty

In the coming weeks, Paypal is preparing to launch a digital wallet and a Cryptocurrency Hub allowing its customers to buy, hold and sell cryptocurrencies like bitcoin, ethereum, bitcoin cash, and litecoin. Beginning in early 2021, PayPal PYPL users can also use the service to buy goods and services from 26 million merchants connected with