WILMINGTON, DELAWARE – JANUARY 06: U.S. President-elect Joe Biden delivers remarks about the … [+] storming of the U.S. Capitol by a pro-Trump mob. (Photo by Chip Somodevilla/Getty Images) Getty Images With improbable Democratic wins in both Georgia Senate runoff elections, President-elect Joe Biden has an opportunity to govern with a congressional majority—though one that
Taxes
MAJADAHONDA, MADRID, SPAIN – MAY 11. A mother in Spain working while taking care of her infant … [+] child. (Photo by Miguel Pereira/Getty Images) Getty Images Even while the nation struggles with vaccinations, we want to know if the Covid-19 pandemic has made permanent changes to the economy, with some observers assuming office work will
The recently released FinCEN Notice 2020-2 states that the agency is intending to subject cryptocurrencies held in overseas locations to the Foreign Bank and Financial Accounts Reporting (FBAR) regime. Currently, taxpayers with foreign financial interest (bank account, securities account, or brokerage account) exceeding over $10,000 in any given year are required to comply with FBAR
AFP via Getty Images As Yogi Berra would say, “It like déjà vu all over again”. At least that is what many ultra-high net worth individuals and families are feeling as election day looms in Georgia. Two months before in the lead up to the presidential election, many were feeling that the election outcome would have a
The higher your tax bracket, the more you save by signing up for healthcare and dependent care FSAs … [+] at work. getty Got leftover money stuck in your healthcare or dependent care FSA? The giant year-end spending package provides tax relief for workers who socked away pre-tax money into flexible spending accounts for 2020
ATLANTA, GEORGIA – JANUARY 04: President-elect Joe Biden speaks during a campaign rally with … [+] Democratic candidates for the U.S. Senate Jon Ossoff and Rev. Raphael Warnock the day before their runoff election in the parking lot of Centerparc Stadium January 04, 2021 in Atlanta, Georgia. Biden’s trip comes a day after the release
I’ve never been big on celebrating the New Year. When I was in high school and for much of my early 20’s, I worked for a party decorating company and I spent late December tying tens of thousands of balloons. Maybe hundreds of thousands. On New Year’s Eve, as midnight approached and champagne flowed, I
The IRS has released updated instructions on how to answer the infamous virtual currency question – “At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in virtual currency?” - on 2020 Form 1040. The updated version as of December 31, 2020, clarifies what’s covered under the term,
Economic Security Planning, Inc. Today’s column addresses questions about widow’s benefits when a spouse dies before full retirement age, whether continuing income will increase benefits, having worked in the US and a foreign country and the possibility of taking spousal benefits before retirement benefits. Larry Kotlikoff is a Professor of Economics at Boston University and
US President-Elect Joe Biden (Photo by Alex Edelman / AFP) (Photo by ALEX EDELMAN/AFP via Getty … [+] Images) AFP via Getty Images Biden, like every other candidate, made a lot of promises during the campaign, including what he would do about taxes. Now his transition team has laid out plans. They do not quite