Taxes

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
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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
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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
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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
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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.
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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
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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.
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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
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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
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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
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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
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