Tax advisers use the term ‘disclosure’ frequently. Occasionally, taxpayers do too, although they may not understand how or why they or their tax advisers are discussing it. It can sometimes have a negative connotation. Without knowing exactly why, most people do not want to ‘‘disclose’’ unless they must. Discretion and privacy sound better. They may not
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Economic Security Planning, Inc. Today’s column addresses questions about whether the earnings test would reduce retirement benefits, retirement benefits before survivor benefits, benefits based on a common law marriage and whether an divorced spouse could be eligible for survivor benefits. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president
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Tomas Vargas, Jr., of Stockton, Calif., says that receiving money through the city’s universal basic income experiment has been life changing. Snap Jackson Photography A few years ago, Tomas Vargas, Jr., was having a tough time supporting his family. The Stockton, California, resident, a part-time supervisor at UPS, found his paychecks were not enough to
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Despite COVID-19, the Internal Revenue Service is continuing forward with moving 1099-MISC Box 7, “Non-Employee Compensation” to a new form, the 1099-NEC. This is effective starting this tax year, 2020, meaning that in January 2021, organizations will file this new form. The 1099-NEC is straightforward: Box 1 is for non-employee compensation and Box 4 is
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TOPLINE The stock market moved higher on Friday, reversing early losses, after positive coronavirus vaccine news helped offset growing investor concerns about a record number of new U.S. cases. Stocks ticked higher after Gilead’s coronavirus treatment showed positive data. Marcel Kusch/dpa/picture alliance via Getty Images KEY FACTS The Dow Jones Industrial Average was up 1.4%,
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Virginia La Torre Jeker Courtesy of Virginia La Torre Jeker Tax Notes International contributing editor Nana Ama Sarfo talks with Virginia La Torre Jeker, a U.S. tax attorney based in Dubai, about establishing her tax practice abroad, the challenge of balancing family life with career, and recent international tax issues. This post has been edited for
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The Senate unanimously passed bipartisan legislation Wednesday to help nonprofits, state and local governments, and federally recognized tribes remain financially viable during the COVID-19 pandemic by ensuring they receive federal help for unemployment payments upfront, instead of being reimbursed later. The House later passed the bill in a pro forma session Thursday and it’s headed
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TOPLINE Despite growing concerns about a record number of new U.S. coronavirus cases, the stock market has largely held steady thanks to surging shares of big tech companies—though  that’s resulting in a very imbalanced market, experts warn. The FAANG stocks – Facebook, Amazon, Apple, Netflix and Google-parent Alphabet. Forbes KEY FACTS Even as the United
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