theonlinetaxguy

Economic Security Planning, Inc. Today’s column addresses questions about when it’s possible to file for spousal benefits, who can still file restricted applications for spousal benefits only, divorced spousal benefits after early retirement benefits and eligibility for disability benefits close to full retirement age. Larry Kotlikoff is a Professor of Economics at Boston University and
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Employees working from home during the coronavirus pandemic claimed some outlandish expenses this year, including pricey exercise bikes, facelifts and private jets. Emburse, an expense management software company, released a compilation Wednesday of some of the craziest expenses it has seen claimed this year, some of which were actually approved. That included $1,895, which was
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The Internal Revenue Service and the Treasury Department have issued guidance to clear up the tax treatment of expenses when a loan from the Small Business Administration’s Paycheck Protection Program hasn’t been forgiven by the end of the year, while groups including the American Institute of CPAs are complaining about a new, lengthy questionnaire from
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Jin Lee | Bloomberg | Getty Images Out on Wall Street, stocks are taking a breather from this month’s rally. Despite encouraging updates on a potential coronavirus vaccine, disappointing unemployment data and a spike in coronavirus cases have spooked investors. Not helping investor sentiment, New York City Mayor Bill de Blasio announced that schools would
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6year end tax-saving moves that you need to make before New Years Eve. Getty Images Wow! 2020 has been a crazy year. Many people have seen their incomes plummet, while others have been more fortunate. 2020 has been a record-setting year for the incomes of some. Either way, yearend is a great time to do
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Jeanne Flynn, 34, has accumulated thousands in credit card debt while waiting for unemployment benefits to arrive in New Jersey. Jeanne Flynn Jeanne Flynn used to worry about money. But never like this. Flynn, 34, lost her restaurant job in March as the coronavirus pandemic raged. Months of waiting for unemployment benefits and little savings
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The IRS Advisory Council, a federal advisory committee that provides a public forum for discussion of relevant tax administration issues between IRS officials and representatives of the public, sees a danger in chronic underfunding of the agency. IRSAC made the point in its annual report, which also highlighted the importance of the Taxpayer First Act
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A President Donald Trump and a former Vice President Joe Biden supporter converse before the Joe Biden Campaign Rally at the National World War I Museum and Memorial on March 7, 2020 in Kansas City, Missouri. Kyle Rivas | Getty Images This year’s presidential election was expected to usher in a blue wave of votes
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Taxpayers around the world lose at least $427 billion each year to individual tax evasion and multinational corporate profit-shifting, which undercuts public funding for a COVID-19 response, according to a new report. The report, released Friday by the advocacy group Tax Justice Network, in collaboration with Public Services International, the Global Alliance for Tax Justice
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