The leaders of Congress’s main tax-writing committee are wondering if the Internal Revenue Service will be ready to handle next tax season as it’s still processing millions of pieces of correspondence that went unopened for months during the COVID-19 pandemic. House Ways and Means Committee chairman Richard Neal, D-Massachusetts, and Oversight Subcommittee chairman Bill Pascrell,
Month: October 2020
Anxiety around money is spiking in the pandemic. mapodile | E+ | Getty Images Amanda Collins describes the experience of being out of work for seven months in one word: “Maddening.” She was furloughed in March from her job in the I.T. department at the John F. Kennedy Center for the Performing Arts in Washington,
Getty Are your accounts receivables piling up? With so many people out of work, many businesses are experiencing slow payers and (gulp) non-payers. If you’re not sure about the practical and tax aspects of handling those accounts, here are a few things to keep in mind. Don’t assume that you can send a Form 1099-C
The Internal Revenue Service said Friday it would restart issuing its 500 series of balance-due notices to taxpayers later this month after they were paused on May 9 due to the COVID-19 pandemic. While the IRS continued to issue most of its notices, the 500 series was temporarily suspended because of a backlog of mail
President Donald Trump and Democratic presidential candidate Joe Biden during the final presidential debate at Belmont University in Nashville, Tennessee, on Oct. 22. Jim Watson and Brendan Smialowski | AFP | Getty Images President Donald Trump isn’t the only one who’s “prepaid” his taxes. Millions of other Americans have, as well. At least that’s the
Close-up of Conservation easement with pen getty The Senate Finance Committee’s investigation of conservation easement syndications is a bright spot of bipartisanship on a bleak landscape of divisiveness. I say this even though I was a little disappointed in the proposed Charitable Conservation Easement Program Integrity Act of 2020 that came out shortly after the
Gone Pro’s; various ways to fraud; oxymoron; and other highlights of recent tax cases. Trenton, New Jersey: Angelo Thompson, 39, of Reisterstown, Maryland, a former employee of Tax Pro’s and Tax Solutions & Associates, has been sentenced to 27 months in prison for conspiring to defraud the U.S. by filing false income tax returns. Thompson
Billionaire hedge fund manager Paul Tudor Jones has turned more bullish on bitcoin, calling it the best inflation hedge. “I like bitcoin even more now than then. It’s in the first inning and has a long way to go,” Jones said on CNBC’s “Squawk Box” on Thursday. He first revealed his bitcoin investment in May and
An employee stands on a social distancing marker in an elevator at an office in Dallas, Texas. Dylan Hollingsworth/Bloomberg via Getty Images The number of workers receiving and applying for unemployment benefits declined significantly last week, according to Labor Department figures issued Thursday. That’s good news for workers and the U.S. economy — thousands of
getty There was an article that circulated recently suggesting that bankruptcies didn’t peak as expected. If the folks who are reaching out to me are any indication, just give it time. With unemployment numbers still high and many areas still under shutdown orders due to the pandemic, it’s clear that the economy is not back
Democratic Presidential candidate Joe Biden has proposed a first-time homebuyer (or “down payment”) tax credit of up to $15,000. While details are sparse, the idea of a tax credit to help new homebuyers with their down payment makes good sense and is a significant improvement over today’s primary subsidy for homeowners—the mortgage interest deduction (MID).
The Internal Revenue Service is offering less generous settlement terms to participants in micro-captive insurance schemes as part of its clampdown on the transactions. The IRS said Thursday it will be sending settlement offers with terms that are stricter than ones it offered last year under an earlier micro-captive initiative. The IRS has been focusing
(L-R) Lloyd Blankfein and David Solomon attend NYSCF Annual Summer Cocktail Reception at Private Residence on July 15, 2016 in Sagaponack, NY. Sean Zanni | Patrick McMullan | Getty Images Goldman Sachs is moving to claw back tens of millions of dollars in compensation it’s paid executives including CEO David Solomon and former CEO Lloyd
Luis Alvarez | DigitalVision | Getty Images Generating income through safe investments like U.S. Treasurys was once was an easy move. Now, not so much. With yields on those government-issued bonds near zero, investors may need to add some risk to the income side of their portfolio. “Twenty years ago, generating income was a one-trick
Economic Security Planning, Inc. Today’s column addresses questions about whether someone can switch to spousal benefits after already receiving a retirement benefit reduced for filing early, a public pension’s effect on potential spousal benefits and whether early survivor benefits will reflect the deceased spouse’s delayed retirement credits (DRCs). Larry Kotlikoff is a Professor of Economics
Democrats on the House Ways and Means Oversight Subcommittee are demanding answers from Treasury Secretary Steven Mnuchin about why the Internal Revenue Service suddenly revoked the tax-exempt status of more than 30,000 nonprofit organizations, including nearly 28,000 charities, many of which are in their home states, shortly before the crucial holiday giving season. They noted
Spencer Platt | Getty Images News | Getty Images The S&P 500 is up about 5% since the end of July, and that higher market historically would be a sign President Donald Trump will remain in the White House, if stocks hold their gains into the election. But strategists say the so-called stock market indicator
Getty Images It’s no secret that many people worry whether Social Security will be there for them when they retire. And recent headlines could be stoking those fears. Last week, the Social Security Administration announced the annual cost-of-living adjustment will be 1.3% in 2021. The change will amount to just $20 more per month for
Suburban Women Against Trump, or The S.W.A.T Team’s Shira Tarantino is seen campaigning against the … [+] president’s courting of female voters in the suburbs on October 15, 2020 in Stamford, Connecticut. – Donald Trump says suburba (Photo by TIMOTHY A. CLARY / AFP) (Photo by TIMOTHY A. CLARY/AFP via Getty Images) AFP via Getty
Whatever the outcome, the November presidential election promises to bring a period of uncertainty and volatility to the markets. However, equities are still your best long-term bet, two experts said on Tuesday at the CNBC Financial Advisor Summit, a day-long virtual conference for financial advisors. After hitting fresh highs even during the Covid-19 crisis, stocks
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