Hand holding U.S. passport Getty Earlier this month, the Internal Revenue Service (IRS) issued a reminder to taxpayers with significant tax debts that their passports could be at risk. Now, IRS Commissioner Charles Rettig has granted a reprieve for some taxpayers. A memo (TAS-13-0819-0014) from Acting National Taxpayer Advocate Bridget Rogers has advised that there is
Social Security may be one of your largest assets. What and when you collect will make a huge difference to your lifetime benefits. Today’s column addresses filing and suspending versus simply delaying filing, how married couples might sequence benefit applications, early retirement benefits before spousal benefits, and how to understand and respond to negative decisions
Credit: Getty Royalty Free Getty Even though you may be retired, the tax man is ready to take a slice of your Social Security and retirement fund payouts. How can you minimize his cut? Stephen Nelson, a wealth manager at Aldrich Wealth in Carlsbad, Calif., has some very good advice here: Larry Light: With boomers
Social Security may be one of your largest assets. What and when you collect will make a huge difference to your lifetime benefits. Today’s column addresses taking benefits early to invest them in a 401k, whether filing a restricted application was a mistake, taking retirement benefits before spousal benefits, when to file to get the
Masses of vehicles on November 22, 2017 in Chicago, Illinois. (Photo by Patrick Gorski/NurPhoto via Getty Images) Patrick Gorski/NurPhoto Economists love carbon taxes. According to polls, so do roughly two-thirds of Americans. Yet voters in one of the bluest states in the nation, Washington State, twice rejected a carbon levy in recent years. What’s going
Getty Did you owe an estimated tax penalty for 2018 but didn’t claim the waiver? All is not lost. The Internal Revenue Service (IRS) has announced that it is waiving the estimated tax penalty for those eligible taxpayers who filed their 2018 federal income tax returns but did not claim the waiver. The relief is
TV personalities Todd Chrisley (L) and Julie Chrisley attend the 52nd Academy Of Country Music Awards at Toshiba Plaza on April 2, 2017 in Las Vegas, Nevada. (Photo by Frazer Harrison/Getty Images) Getty Images A federal grand jury has indicted reality television stars Todd and Julie Chrisley on multiple counts of conspiracy, bank fraud, wire
The capital gains tax is once again a political tug-of-war. While Democratic presidential candidates discuss changes in capital gains tax to boost federal revenue, the Trump White House is pulling in the opposite direction: a possible executive order to require the US Treasury to index capital gains for inflation—effectively a tax cut that would, controversially, bypass Congress.
Happy Couple Rawpixel.com Before marriage equality, LGBTQ planning lore was full of horror stories. There was the lifelong partner kicked out onto the street after his lover passed away. A woman who had to pretend to be her girlfriend’s sister to get into the hospital room. A father who lost the right to see his
Getty With gloomy threats of Brexit and a general election happening within the coming months, many are worried that foreign wealth might depart the U.K. That threat was confirmed on Friday, with latest government data showing that over 12,000 individuals have given up their “non-domiciled” status. This unique, and almost oxymoronic term, allows foreign individuals
null Getty Regardless of how much money you have, one thing is clear: funding college education is an expensive endeavor. The good news is that over the past decade, Americans of all income groups have come to embrace the 529 plan. In fact, the Pew Research Center found that these education accounts have increased in number
WASHINGTON, DC – MARCH 20: Nina E. Olson in her office on March 20, 2012 in Washington, DC. The Taxpayer Advocate office works independently within IRS. (Photo by Ann Hermes/The Christian Science Monitor via Getty Images) Christian Science Monitor/Getty Images Nina Olson, the National Taxpayer Advocate, retired last week after 18 years on the job.
Social Security may be one of your largest assets. What and when you collect will make a huge difference to your lifetime benefits. Today’s column addresses questions about when to file to allow for larger benefits for a spouse, how spousal benefits are determined, how survivor benefits are calculated, when it is possible to file
Anthony Charles Dwight Box was at what I consider the end of the line in tax litigation – appealing his sentence from prison – when he heard from the Eleventh Circuit last month. It was not good news. The Circuit Court approved the 36 month sentence handed down by Judge Federico Moreno of the Southern District
Over half of businesses in the United States have increased their commitment to renewable energy in response to reports warning of a worsening climate crisis . A study led by Deloitte has shed light on how businesses and consumers are reacting to climate change and the steps they have taken to reduce their carbon emissions.
Does the risk of a law change make it unwise to wait until 70? Wait as late as you can to take Social Security. You’ll get more in the long run. Unless Congress double-crosses you. Open in Google Sheets Forbes Late claiming has been the standard advice coming from financial planners and from commentators like
Social Security may be one of your largest assets. What and when you collect will make a huge difference to your lifetime benefits. Today’s column addresses restricted applications, when the deeming provision is applied, the availability of divorced spousal benefits, unexpected payments from SSA and the earnings test. Larry Kotlikoff is a Professor of Economics
Woodbridge, New Jersey – April 26, 2015: A replica of the Back to the Future DeLorean is shown at a local car show Getty My daughter asked for a pair of throwback Nike sneakers this week to match her ringer tees and scrunchies. Not to be outdone, my son wants a DeLorean. It feels like
College fund. Piggy bank with coins. Money for education. Getty 529 plans and custodial accounts are two of the most common ways to save for college, but they have distinctly different benefits for families. Understanding the differences between the two savings methods is essential to choosing the right one for you and your children, so
Trump’s trade wars are hurting the economy. Getty “Strategy without tactics is the slowest route to victory. Tactics without strategy is the noise before defeat.” Sun Tzu ‘The Art of War (Sunzi Bingfa)’ Sun Tzu Harvard Business Review Last year I wrote several pieces about the potentially negative effect of Trump’s trade wars on companies,
Getty If you’re on the receiving end of correspondence from the Internal Revenue Service (IRS), you’re not alone: it’s correspondence season. And the latest batch of letters to appear in mailboxes may focus on health care. Correspondence season is the term that tax professionals use to describe the period after tax season officially ends. As
Disgraced Wall Street financier Bernard Madoff (C) arrives at a US Federal Court on March 12, 2009 in New York. Photo credit: TIMOTHY A. CLARY/AFP/Getty Images Getty Ponzi schemer Bernard Madoff has been in prison over 10 years (time flies) but still has another 140 years to go. He’s now asked President Trump, who has
The IRS has begun sending letters to people with virtual currency transactions who may have failed to report income and pay taxes, or who did not report their transactions properly. By the end of August, more than 10,000 taxpayers will receive the letters, targets the IRS says it obtained through various ongoing IRS compliance efforts.
Getty Taxpayers who deal – or even dabble – in virtual currency may be on the receiving end of a letter from the Internal Revenue Service (IRS) this month. The IRS has announced that they have begun sending letters to taxpayers who might have failed to report income and pay the resulting tax from virtual
null Getty Booking.com, the online travel agent, is the focus of an investigation in Italy into $167m of unpaid VAT on holiday rentals made through its website. Two sources told the FT that the inquiry is focusing on the VAT owed on payments between individuals for rental properties advertised by the popular hotel and holidays
IRS audit Getty The Internal Revenue Service (IRS) Large Business and International division (LB&I) has announced six additional compliance campaigns for taxpayers. A compliance campaign is a targeted directive on a particular issue; they happen when the IRS determines that there are taxpayer issues which require a response from the agency. When the IRS announces
ASSOCIATED PRESS Whether the Tax Cuts and Jobs Act (TCJA) disproportionately helped the rich may be 2020’s biggest political issue. Treasury Secretary Steve Mnuchin claims that it benefited most Americans. Senator Bernie Sanders (I-Vt.) calls it a massive giveaway to the rich. Who’s right? Unfortunately, no one can tell from the TCJA studies done to
Social Security may be one of your largest assets. What and when you collect will make a huge difference to your lifetime benefits. Today’s column addresses spousal benefit filing options after reaching full retirement age, when to begin benefits to ensure a certain benefit amount, when and how Social Security makes certain payments, information available