Taxes

Goldman Sachs has agreed to pay $215 million to settle claims for gender discrimination against nearly 3,000 former employees. While the tax treatment of proceeds at settlement is sometimes unclear, and unfair, the parties in this case will have an unusually straightforward result. In short, Goldman can deduct its settlement payment and legal fees. The

As cities continue wrestling with myriad problems, most noticeably empty office buildings due to increased working from home, urbanists Edward Glaeser and Carlo Ratti in the New York Times NYT propose a new role for cities—the “Playground City.” While they have some useful ideas, their analysis ignores economic, structural and equity problems facing cities which

Tax Day might have passed, but some taxpayers may still have tax questions—it’s tax law, after all. To help taxpayers resolve outstanding issues and solve problems, the IRS will open IRS Taxpayer Assistance Centers (TACs) on Saturday, May 13, 2023, from 9 a.m. to 4 p.m. Normally, TACs are open on weekdays by appointment. These

With Tax Day in the rearview mirror for some (not including those of us on extension), fingers are crossed that IRS processing times may be getting back to normal. According to the IRS, all paper and electronic individual returns received before January 2023 have been processed. Additionally, the agency claims it is opening mail within

The new Chairman of the House Ways and Means Committee Jason Smith (R-MO) recently held a hearing on charitable hospitals. The hearing continued a long bipartisan/bicameral interest of Congress in considering the substantial tax and spending benefits charitable hospitals receive from federal/state/local government — which unfortunately far outweigh the amount of charity care that these

Does it matter for your taxes if you spend $500 on your hobby, or if you spend the same amount promoting your side hustle where you earn extra money? It sure does. If your activity is a hobby, your expenses are not tax deductible. But if you are running a business (even a very small

Former Real Housewives of Atlanta star Kim Zolciak-Biermann has denied reports of financial difficulties for some time—but it appears that the bills are finally catching up to her. The IRS has filed federal liens against Zolciak-Biermann and her husband, former NFL outside linebacker Kroy Biermann, in excess of $1.1 million. Real Estate Last fall, the

The U.S. Department of Justice has filed a complaint seeking to bar nine Florida tax return preparers and their associated business from assisting in preparing federal income tax returns for others. Background According to the complaint, Richard Louis—sometimes known as the “Taxman,” Teddy Davis, James Merrill, Daniel Ouku, Demetrius Knowles, Harold Bornelus, Joseph Garrett, Marlyne

Today’s Social Security column addresses questions about how continued work might be able to increase retirement benefit rates, how survivor’s benefits are calculated and how a non US citizen might be eligible for US Social Security benefits. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security

With Armageddon slated to arrive on or about the first of next month, it seems like a good time to get started with those debt limit negotiations. President Biden, of course, says he won’t bargain over raising the ceiling; only a “clean” increase will do. But the president has also invited House Speaker Kevin McCarthy,