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
Taxes
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are calculated, how survivor benefits are calculated, filing online and whether a deceased person’s application can be withdrawn.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
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
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
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 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
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