Taxes

Economic Security Planning, Inc. Today’s column addresses questions about the ability to receive spousal benefits after filing early for Social Security retirement benefits, taking Social Security survivor benefits before retirement benefits and whether a survivor’s benefit from a non-covered pension would affect Social Security retirement benefits. Larry Kotlikoff is a Professor of Economics at Boston

IRS privacy coin crackdown Shehan Chandrasekera 2020 has been a year with a lot of turmoil but regulators’ attempt to crackdown on cryptocurrency has not slowed down whatsoever (350,000 Aussie Crypto Users Are Receiving Tax Warning Letters, The IRS Is Hiring Consultants To Crack Down On Cryptocurrency Tax Evasion). A new listing posted on the

One of the most exciting features of the Paycheck Protection Program was that it appeared that borrowers were going to be getting deductions funded with loans that did not have to be paid back. And there was an explicit statement that the discharge of indebtedness would not be taxable income. Taxability.—For purposes of the Internal

Economic Security Planning, Inc. Today’s column addresses questions about how and when delayed retirement credits (DRCs) are applies, how divorced spousal benefits are calculated, how survivor benefits are calculated, filing online and whether a deceased person’s application can be withdrawn. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president

Getty On Tuesday, the Commissioner of the Internal Revenue Service, Charles Rettig, testified before the Senate Finance Committee.  His message was a clear one: He is an enforcement-minded commissioner and “the IRS is committed to pursuing those who . . . intentionally evade their tax obligations.”  Mr. Rettig did not mince words. His IRS will “aggressively pursue

Getty In an already complex year, taxpayers got a slight reprieve when the IRS extended the federal income tax filing deadline to July 15, 2020. (Most states followed suit, although not all.) With Tax Day 2020 quickly approaching, taxpayers have just under two weeks remaining to organize their information and to file their 2019 federal

TOPLINE Although House Democrats passed a massive $1.5 trillion infrastructure proposal earlier this week, the Senate didn’t take it up before the weekend—and the bill is now facing near certain death as both top Republicans and the White House have said they will oppose the legislation. Republicans ridiculed the bill and vowed it would die

Economic Security Planning, Inc. Today’s column addresses questions about when to file for spousal benefits, marrying a working spouse, when the earnings test will no longer reduce benefits and whether filing and suspending might be a good strategy for a particular case. Larry Kotlikoff is a Professor of Economics at Boston University and the founder

Getty As we head into the July Fourth weekend, the Paycheck Protection Program Extension Act is on its way to President Trump’s desk for signature. This Act will extend the time small businesses and self-employed individuals have to file an application for a PPP loan to August 8, 2020.  However, while Congress congratulates itself on this

Getty The Internal Revenue Service (IRS) may have your money. The tax agency has announced that more than $1.5 billion in outstanding refunds remain unclaimed from 2016. Yes, billion. That represents well over one million taxpayers who might have qualified for a refund but did not file a federal income tax return for 2016. If you are

Joe Biden AFP via Getty Images Joe Biden’s ambitions seem to be rising with his poll numbers. Victory is anything but certain in far-off November, but Biden isn’t waiting until the game is in the bag. “Biden’s camp is in the disorienting position of scaling up its laundry list of proposals to match the ambition, and the

TOPLINE In a Wednesday interview with Fox Business, President Trump said he supports a second round of direct payments to individuals—it’s the first time he has publicly declared his support for the idea, which has been the subject of vehement debate among lawmakers in Washington in recent weeks. US President Donald Trump speaks following a

NIXVILLE, SC – APRIL 13: A man walks in front of a home destroyed by a tornado on April 13, 2020 … [+] near Nixville, South Carolina. A string of storms across the southern United States that began Easter Sunday and continued into today produced multiple tornados resulting in more than 30 deaths and dozens

The President’s disaster declaration opens a window to unusual tax claims Eyeing losses Getty Are you reporting net capital gains on the 2019 tax return you’re about to file? Have you already taken, or could you take, losses this year on bad stocks? Then you should visit your accountant for another look at Section 165(i)

Getty The Internal Revenue Service (IRS) continues to resume operations. According to the IRS Commissioner, as of mid-month, thousands of employees had returned to facilities in seven states (Kentucky, Texas, Utah, Georgia, Minnesota, Tennessee, and Missouri) with employees in four more states and Puerto Rico returning on June 29. The IRS will reopen facilities in

In March 2020, The Australian Taxation Office (ATO), the entity responsible for tax administration in Australia similar to the IRS in the US, was in the process of initiating the largest crypto tax crackdown. As news.com.au reported, the ATO was planning to send out crypto tax warning letters to 350,000 Australians. We are now seeing

The recession is hitting state and city budgets hard in the new fiscal year that starts on July 1. They are responding by firing workers, reducing services, and even increasing taxes. Massive federal aid is the only real solution. City workers and their allies rallied in front of City Hall to protest cut to the

Getty Winston Churchill once said in a speech, “Now this is not the end. It is not even the beginning of the end. But it is, perhaps, the end of the beginning.” While Churchill was referring the Allied defeat of Rommel in November of 1942, he could just as easily have been talking about the Covid-19 crisis. While lockdown restrictions have been

A person holding a remote control pointing at the TV. Getty Lawrence A. Zelenak, the Pamela B. Gann Professor of Law at Duke University School of Law, shares his findings from watching dozens of hours of tax-related sitcom episodes. This post has been edited for length and clarity. David Stewart: Larry, welcome to the podcast. Lawrence

Every taxpayer misplaces receipts, but as anyone who has been through a tax audit knows, the IRS usually requires them. But in one famous tax case, Cohan v. Commissioner a taxpayer won even though he didn’t have any. George M. Cohan was a Broadway pioneer with hits like “Give My Regards to Broadway” and “Yankee Doodle Boy.” His statue still stands