Taxes

Fed Chair Powell: Rampant inflation is “not a problem.” In his testimony before the Senate Banking Committee yesterday, Federal Reserve Chairman Jerome Powell said while prices may rise when the pandemic subsides, the increase won’t be enough to reverse past decades of downward pressure on inflation. And he was unconcerned about the inflationary effects of
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Ask Larry Economic Security Planning, Inc. Today’s column addresses questions about how vacation pay can be counted regarding the earnings test, whether benefits for a disabled child are automatic or must be separately filed for and whether restricted application must be made in person or can be done online. Larry Kotlikoff is a Professor of
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WASHINGTON, DC – FEBRUARY 22: U.S. President Joe Biden speaks during an announcement related to … [+] small businesses at the South Court Auditorium of the Eisenhower Executive Office Building February 22, 2021 in Washington, DC. President Biden announced changes to the Paycheck Protection Program aimed at helping small and minority-owned business to qualify for
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Opponents of additional federal aid to state and local governments have noted that overall state revenue declines have not been as bad as expected during the pandemic, thus the need for assistance has lessened. This is too simplistic an argument. While some states have enjoyed better than expected revenues, other states have not. And local
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The U.S. Small Business Administration’s Paycheck Protection Program (PPP) is providing an important lifeline to help keep millions of small businesses open and their workers employed during the COVID-19 pandemic. Many borrowers will have these loans forgiven; eligibility for forgiveness requires using the loan for qualifying purposes (like payroll costs, mortgage interest payments, rent, and
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Tax Season is here- what you need to know now about 2020 tax filing. Pictured President Biden. Getty Images COVID-19, stimulus payments, PPP Loans, unemployment benefits, and working remotely are a few of the factors that could make filing your 2020 taxes more interesting than in a typical year. Throw in sky-high values in the stock
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Ask Larry Economic Security Planning, Inc. Today’s column addresses questions about how spousal benefits are calculated, a potential way to reverse a benefit reduction due to a temporary circumstance and paying Social Security taxes when self-employed. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning,
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The Small Business Administration (“SBA”) requires borrowers to complete SBA Form 3509 (for-profits) if together with their affiliates, the borrower(s) received Paycheck Protection Program (“PPP”) loans totaling $2 million or greater. The Form was created by the SBA in order to evaluate the borrowers good-faith certification surrounding the need for funding due to current economic uncertainty
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If your employer lets you make changes to your workplace healthcare elections for 2021 under new … [+] Treasury guidance, it could cut your tax bill. getty Wish you could change your health plan for 2021? In newly released guidance on new flexible rules for healthcare and dependent care FSAs, the Internal Revenue Service has included
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Ask Larry Economic Security Planning, Inc. Today’s column addresses questions about what factors can potentially reduce benefits for a surviving spouse, whether cost of living allowances also increase spousal benefits and whether a public pension will affect a spouse’s own retirement benefits. Larry Kotlikoff is a Professor of Economics at Boston University and the founder
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The Paycheck Protection Program (PPP) was considered essential to last year’s bipartisan COVID-19 relief packages, and many policymakers initially hailed the CARES Act version as a major success that kept millions of businesses and their employees afloat. Economists have had more mixed reactions. Some questioned whether enough money went to firms that were hurt the
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A model house model is placed on wood word TAX . as background property real estate concept with … [+] copy space for your text or design. getty Although few in the United States are unfamiliar with the term “commuter,” it is less likely so with “road warrior,” a term applied to business owners and
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