Ask Larry Economic Security Planning, Inc. Today’s column addresses questions about the rate of reduction for filing less than 12 months before full retirement age (FRA), eligibility for benefits based on an ex’s record and how and when delayed retirement credits (DRCs) are applied when filing after FRA. Larry Kotlikoff is a Professor of Economics… More
Most families with children are eligible for advance payments of the 2021 Child Tax Credit. getty Some 36 million families are eligible for advance payments of enhanced child tax credits for 2021, and the Internal Revenue Service has launched two new online tools to help taxpayers navigate this tax law change. There’s a Child Tax… More
If your uncle, best friend or bank loans you money, is it taxable? Nope, not if it’s a real loan. But the loan or income distinction lands many people in trouble with the IRS. Besides, interest rates on risky loans like litigation funding and pre-IPO stock are high, and you might not be able to… More
Couple enjoying a sailing cruise. getty  The House Ways & Means Committee is once again tinkering with the law that requires retirees to take minimum distributions from their individual retirement accounts (IRAs) and 401(k)s. Each time, Congress eases the required minimum distribution (RMD) rules at great cost to the federal government. Yet the beneficiaries would… More
Which is better, using appreciated securities or an IRA? Here’s a calculator to answer the question. Volunteers at Habitat for Humanity in Culver City, California. (Photo by John Wolfsohn) Getty Images The 2017 tax law, with its huge standard deduction, did serious damage to the tax benefits of philanthropy: Now, for a lot of taxpayers,… More
Season to pay Tax, Budget, and Tax planning concept. Business woman wear glasses calculating annual … [+] tax and using mobile phone. Calendar 2021 and personal income tax form placed on home office desk. getty For the second year in a row, you have additional time to file your federal taxes. On March 17th, the… More
BRAZIL – 2020/10/09: In this photo illustration the Internal Revenue Service (IRS) logo seen … [+] displayed on a smartphone. (Photo Illustration by Rafael Henrique/SOPA Images/LightRocket via Getty Images) SOPA Images/LightRocket via Getty Images Every once in the while the IRS comes out with something that may cause beleaguered tax preparers to breathe a sigh… More
The Internal Revenue Service (IRS) has issued new standard mileage rates for operating an automobile for business, charitable, medical or moving purposes in 2021. The IRS has issued new lower mileage rates for 2021. getty New IRS Mileage Rates The new IRS mileage rates apply to travel starting on January 1, 2021. 56 cents per… More
Introduction Tax resolution is an incredibly lucrative service to bolt on to your existing tax practice. However, because it’s such a narrow, niched service, the traditional education provided to CPAs, attorneys, and Enrolled Agents really doesn’t prepare them to do this type of work. Unfortunately, neither do most continuing education programs that focus on this […] More
What will your state’s tax hike pay for? Education, bridges, public transportation? getty Arizona has likely flipped from a red state to a blue state, and along with that momentous change, its voters on election day have approved a massive state income tax hike on high earners. Put one way, it’s a 3.5% state income… More
Pennsylvania State Capitol Building getty In the administration of state government, there are times when the separate executive and legislative branches become entwined. This is often the case with tax measures. A state’s executive might outline a legislative platform during a public address or draft legislation for the legislature to consider. The executive’s role in… More
Victims of California wildfires that began Sept. 4 have until Jan. 15, 2021, to file various individual and business tax returns and make tax payments, the IRS announced. The IRS has offered this relief to any area designated by the Federal Emergency Management Agency (FEMA) as qualifying for individual assistance. Currently this includes Fresno, Los… More
Under Sheth’s watch, Vista Equity Partners has conducted more software acquisitions than any other … [+] company or investor in recent years. Patrick T. Fallon/Bloomberg Following billionaire Robert Smith’s admission to tax fraud last week, one of his private equity firm’s top dealmakers—cofounder and president Brian Sheth—looks set to depart. While Sheth—who launched Vista Equity… More
WASHINGTON DC, OCTOBER 15: Albert Lauber, left, and Craig Hoffman pose in the front yard of thier … [+] Victorian Home off just off Logan Circle in Washington DC, October 15, 2014 (Photo by John McDonnell/The Washington Post via Getty Images) The Washington Post via Getty Images In a recent interview Judge Albert Lauber of… More
Economic Security Planning, Inc. Today’s column addresses questions about how the earnings test is applied when a spouse has filed early, whether payments based on an ex’s non-covered pension will invoke the WEP, child benefits for children not in the record holder’s custody and exchange rates and foreign pensions. Larry Kotlikoff is a Professor of… More
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