Getty Recent reports indicate that the IRS is launching an audit campaign that will focus on hundreds of returns filed by high-wealth taxpayers. The initiative, which was confirmed by Douglas O’Donnell, head of the IRS’s Large Business and International Division (“LB&I”), last week, is expected to begin around July 15th, and will likely involve taxpayers with
Taxes
Economic Security Planning, Inc. Today’s column addresses questions about early spousal benefits before full retirement benefits, survivor benefits, which month to start benefits to avoid early filing reductions, unpaid Social Security and Medicare taxes and benefits on an ex’s record after remarriage. Larry Kotlikoff is a Professor of Economics at Boston University and the founder
COLUMBUS, OH – MAY 12: Shoppers explore a mostly empty mall. (Photo by Matthew Hatcher/Getty Images) Getty Images Should Congress manipulate the timing of business tax benefits to support firms in the midst of the COVID-19 economic slump? And if so, how? That debate may be the next big battleground as Congress begins to focus
Getty So, there’s some good news: The Internal Revenue Service (IRS) is processing paper tax returns. And then there’s some not-so-good news: The estimated backlog of unopened IRS mail stands at 11 million. That’s the report from Sunita Lough, IRS Deputy Commissioner for Services and Enforcement, and is consistent with statements made at the beginning
It should be a last resort, but it’s easier than ever to break into your nest egg if you’ve been … [+] hurt by the coronavirus pandemic. Getty The Internal Revenue Service’s official guidance on Covid-19-related 401(k) and Individual Retirement Account loans and distributions is out, and it expands the list of who can qualify
Robinhood co-founders Vlad Tenev (L) and Baiju Bhatt (R) in 2015. Ben Margot/ASSOCIATED PRESS With additional reporting from Antoine Gara, John Dobosz and Jeff Kauflin Following the tragic suicide of a 20-year-old Robinhood trader after he saw a $730,000 negative balance in his account, the company’s founders released a statement pledging to tighten eligibility criteria,
Hundreds of unemployed Kentucky residents wait in long lines outside the Kentucky Career Center for … [+] help with their unemployment claims on June 19, 2020 in Frankfort, Kentucky. Getty Images Even as the economy begins to reopen, the coronavirus pandemic has left tens of millions of Americans in financial trouble. More than 44 million
WASHINGTON, DC – APRIL 27: The Internal Revenue Service headquarters building appeared to be mostly … [+] empty April 27, 2020 in the Federal Triangle section of Washington, DC. The IRS called about 10,000 volunteer employees back to work Monday at 10 of its mission critical locations to work on taxpayer correspondence, handling tax documents,
Sometimes the statute of limitations on tax audits is forever. Three years? Getty A Pennsylvania citizen who will be identified here as P has a bone to pick with the collections agency that handles taxes for his municipality. P says he duly paid his 2015 local income tax, but just a few weeks ago got
Getty Just days ago, tax professionals were wondering whether the G20 would meet its 2020 deadline to reach an agreement on multinational taxation. We now have our answer: Treasury Secretary Steven Mnuchin has called for the suspension of the Organization of Economic Co-operation and Development (OECD) talks. The official statement released by Monica Crowley, Treasury’s