Taxes

This segment of What’s Ahead expresses utter astonishment that Britain’s nominally conservative government is ready to impose an array of growth-suffocating taxes on an economy that’s reeling more than just about any other from the coronavirus-induced crisis. If the Democrats win here, the U.S. will do the same.  Taxes are a price we pay, but

PITTSBURGH, PENNSYLVANIA – AUGUST 31: Democratic presidential candidate Joe Biden speaks during a … [+] campaign event at Mill 19. (Photo by Carolyn Kaster-Pool/Getty Images) Getty Images Is Democratic presidential candidate Joe Biden proposing to raise taxes on low- and middle-income households? He emphatically says no. President Trump and his allies say yes, just as

Close-Up Of Small Shopping Boxes With Credit Card On Laptop getty In the years after the U.S. Supreme Court upheld the physical presence nexus standard for state authority to impose a sales and use tax collection duty on remote sellers in Quill v. North Dakota, sales by remote sellers exploded, due almost entirely to the deployment of the world

Taxpayer puts up the white flag to IRS in exchange for easier terms getty In the wake of last week’s damning report from the Senate Finance Committee, the IRS is crowing over the first opponent to throw in the towel in a Tax Court brawl over a syndicated conservation easement based on the IRS offer

Economic Security Planning, Inc. Today’s column addresses questions about whether survivor’s benefits can be claimed after taking retirement benefits, retirement benefits before spousal benefits and selling land while receiving Social Security disability benefits. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc, which markets

Barbed wire dividing a old weathered and ripped dollar bill getty Francine J. Lipman, a law professor at the University of Nevada, Las Vegas, talks with Darrick Hamilton, a stratification economist and the New School’s incoming Henry Cohen Professor of Economics and Urban Policy, about the intersection of U.S. tax policy and racial wealth inequality.

A computer popup box screen warning of a system being hacked, compromised software enviroment. 3D … [+] illustration. getty The Justice Department has announced action against two hacks of virtual currency exchanges by North Korean actors. According to court documents, the actors stole millions of dollars’ worth of cryptocurrency and laundered the funds through Chinese

CRYPTIC: Restricted stock, restricted stock units, and restricted securities sound alike but are not … [+] the same. It’s important for employees to know which they have. getty Grants of restricted stock or restricted stock units (RSU) have become the equity compensation of choice for many public companies and some larger private companies. They may

NAPLES, CAMPANIA, ITALY – 2020/06/12: A medical technician works in the laboratory of the Infectious … [+] diseases department for coronavirus (COVID-19)handling samples of coronavirus COVID 19 tests at the microbiology laboratory of Naples. (Photo by Salvatore Laporta/KONTROLAB/LightRocket via Getty Images) KONTROLAB/LightRocket via Getty Images Daily rapid home testing may be what allows us to

In a recently released memorandum, the IRS discussed the taxation of convertible virtual currency received in a crowdsourcing market.  The issue presented in the chief counsel advice memorandum was “Is convertible virtual currency received by an individual for performing a microtask through a crowdsourcing or similar platform taxable income?” The memorandum concluded that, yes, convertible

getty This year has been difficult by any metric. Without question, advanced charitable techniques like planned giving are far from the minds of many. But it can be particularly valuable for donors motivated to give during this unusual time. When there is a clear need, Americans consistently are compelled to give. Indeed, many charities (including

getty Even if an asset is very common, it doesn’t necessarily mean it will be easy to donate. In fact, sometimes the most common assets are more difficult to dedicate toward charitable purposes. This is particularly true for gifts of subchapter S corporations – even if the companies are successful and very valuable. There are

getty S corporations are one of the most common types of business structure in the country. As such, S corp stock can be a common asset to find on a personal balance sheet. If the shareholder is also charitably-inclined, leveraging the appreciated securities for donation with maximum tax efficiency can be a great strategy. This

shot of coronavirus Fraud getty The Paycheck Protection Program has been something of a whirlwind as hundreds of billions were quickly shoveled out. Thousands of accountants found themselves drafted into service as loan agents – mostly unpaid agents, although that fight is continuing. And, shocking, there was fraud. Quite a bit of fraud and given

Getty Bitcoin and other cryptocurrencies have emerged as excellent candidates for charitable giving. The extraordinary appreciation in trading price for many top virtual currencies has led to significant unrealized capital gains for owners. And, as with other types of noncash assets, donating highly-appreciated property is nearly always the best way to give. Of course, serious

Getty On August 8, 2020, President Trump issued a directive to the Department of Treasury to allow for the deferral of payroll taxes for the period of September 1, 2020, through December 31, 2020. Details were scarce, but a few days later, Treasury Secretary Steven Mnuchin suggested to Fox Business’ Maria Bartiromo that the deferral would be voluntary. 

In the land of the IRS, which is nowhere near as appealing as the Land of Oz, much of the correspondence sent to taxpayers implicates a significant taxpayer right that can only be exercised on time. Taxpayers who are afraid to open IRS mail and therefore delay doing so – or even worse, never do

Eligible for trader tax status Shutterstock There are tax advantages for traders who are eligible for trader tax status (TTS). Learn how to qualify for TTS; no election is required. Automated trading systems can qualify for TTS, providing the trader is significantly involved with the creation. Trade copying software might not be eligible. Learn how

NAPLES, CAMPANIA, ITALY – 2020/06/12: A medical technician works in the laboratory of the Infectious … [+] diseases department for coronavirus (COVID-19)handling samples of coronavirus COVID 19 tests at the microbiology laboratory of Naples. (Photo by Salvatore Laporta/KONTROLAB/LightRocket via Getty Images) KONTROLAB/LightRocket via Getty Images Daily rapid home testing may be what allows us to

A stack of bills past due for payment. getty Did you recently receive a penalty notice for your payroll tax deposit even though you remitted the correct amount? You’re not alone. The Internal Revenue Service (IRS) has announced that a “small population of employers” may have received notice that they were being assessed a failure