Taxes

For two years in a row, the Association of Certified Fraud Examiners has placed theft of pandemic-related enhanced unemployment benefits at the top of its annual list of five most scandalous frauds. The association compiles its list based on money lost, lives affected, and relevance to the anti-fraud profession. In 2020 and 2021, fraudulent unemployment

Just like with gifts of art, the IRS may decide to treat different people who make gifts of NFTs differently. Creators and dealers may be in a different category from collectors and personal users when it comes to valuation and deductions. In this environment, a creator is the person or entity who creates the NFT

As previously discussed, NFTs are not currency but are very likely considered property by the IRS. Therefore, as with all non-cash transactions over $5,000, a qualified appraisal in accordance with Publication 561 from the IRS is required if a person decides to make a gift of an NFT and seek a charitable deduction. Assuming the

As discussed previously, NFTs could be donated to charity. If you are a nonprofit and are deciding whether to start accepting NFTs, one issue that you must address is how to liquidate the NFT. Most nonprofits have gift acceptance procedures that require immediate liquidation, and any asset given to a nonprofit does not bring any

IRS Commissioner Charles Rettig discusses the current state of the tax agency, including the paper return backlog, technology improvements, and hiring updates. This transcript has been edited for length and clarity. Cara Griffith: Welcome, everyone. I’m Cara Griffith, the president and CEO of Tax Analysts. Now, our guest today needs no introduction but it would

Today’s Social Security column addresses questions about how long you have to withdraw an application for benefits, applying online to switch from survivor’s benefits to retirement benefits and the earliest different benefits can begin. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc. See

It’s tax day folks and the process of preparing them can be difficult if not arduous, especially for more than 14 million taxpayers who ​​paid for tax prep software that they could have gotten for free. The Treasury Inspector General for Tax Administration found roughly a billion dollars in revenue for TurboTax maker Intuit INTU

Just like Christmas, tax day comes but once a year. Unlike Christmas, however, tax day moves around a bit. This year, it falls on April 18, thanks to the celebration of Emancipation Day in the District of Columbia. The same will be true next year. Still, April 15 gets all the attention. Every year, the

Are gifts income the IRS can tax? Fortunately, no, but the line between what is income and what is a gift is sometimes fuzzy. Let’s say you do major favors for your employer and get a gift of $20,000, is that really a gift? You might try to document it that way, but it’s not

ProPublica recently reported on a “trove of IRS data” that showed “the incomes and tax rates of the 400 Americans with the highest incomes from 2013 to 2018.” “First, for scale, this is the typical American’s income compared to what it took to get into the top 5%, e.g., a primary care doctor’s salary, or