Economic Security Planning, Inc. Today’s column addresses questions about eligibility for spousal benefits, how self employment can affect benefit calculation, obtaining retirement benefit estimates after filing for spousal benefits, whether having a partner can reduce widow(er)’s benefits and filing in a complex situation. Larry Kotlikoff is a Professor of Economics at Boston University and the
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The Financial Accounting Standards Board has released a new Accounting Standards Update aimed at reducing the cost and complexity of accounting for income taxes. Part of the board’s simplification initiative, ASU 2019-12 removes certain exceptions to the general principles in Topic 740 – “Income Taxes in GAAP,” and means organizations don’t need to determine whether
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The IRS is looking for nominees to its Electronic Tax Administration Advisory Committee. ETAAC provides a public forum for the discussion of such e-tax administration issues as ID theft and refund fraud. Members also work with the Security Summit, a joint effort of the IRS, state tax administrators and the tax industry to fight electronic
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Key Findings Several politicians have suggested eliminating deferral of capital gains (appreciation in an asset’s price over original purchase price) via a mark-to-market system as one way to generate revenue in a progressive manner and reduce inequality. A mark-to-market system would tax accrued gains on assets annually and eliminate the deferral advantage of the current
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A FedEx employee loads up deliveries in San Francisco. Getty Images “Face plant” and “awful” aren’t descriptors CEOs want to hear after reporting quarterly profit numbers. But FedEx’s second-quarter results were so bad — the profit decline so steep — that such severe language is not only justified, but it wouldn’t be surprising to see
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Today’s map is the final in our series examining each of the five major components of the 2020 State Business Tax Climate Index. Compared to individual, corporate, sales, and property taxes, unemployment insurance (UI) taxes are less widely understood, but they have important implications for a state’s business climate. A state’s performance on the UI tax
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In a last-minute deal, lawmakers have agreed to revive several expiring tax breaks, including many that have been gone for nearly two years. Unfortunately, this deal represents the worst of tax policy, continuing the tradition of retroactive and temporary extensions rather than answering the question of which provisions deserve permanent status. The year-end tax deal
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Compass with needle pointing the word retirement, concept image to illustrate retirement planning Getty Feeling old enough to worry about retirement, you have finally decided to check your 401k account to see how your money is invested.  You look at the investment options in your plan and they seem to be mostly mutual funds. Then you
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Share to facebook Share to twitter Share to linkedin Some provisions of the deal are underwhelming, according to experts. Scott Olsoon/Getty Images Topline: Although Wall Street cheered the signing of a new North American trade deal announced by the Trump administration and congressional Democrats last week, in their relief many investors overlooked specific provisions of
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A subsidiary of Vitol Group, the biggest independent oil trader, is demanding that the U.S. government return more than $52 million in fuel taxes the Rotterdam-based company says was improperly collected. The Internal Revenue Service failed to refund federal excise taxes paid by Vitol Inc., which is principally operated out of Houston, from 2014 through
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Global intangible low-taxed income, or GILTI, is a new concept added to the Tax Code by the Tax Cuts and Jobs Act that creates a new category of foreign income that gets added to corporate taxable income each year — and substantially alters the landscape of international tax. “The TCJA threw everything upside down because
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Germany ranks 16th on the Tax Foundation’s 2019 International Tax Competitiveness Index, a study that measures and compares how well OECD countries promote sustainable economic growth and investment through competitive and neutral tax systems. With Germany having seen few major changes to its tax system over the last years, this ranking has been relatively stable.
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Getty Getty Make sure to do these 5 things for your student loans before the year ends. Here’s what you need to know. 1. Consider an income-driven repayment If you are struggling to pay off federal student loans, consider an income-driven repayment plan. There are four types: Income-Based Repayment (IBR), Pay As You Earn (PAYE),
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The Public Company Accounting Oversight Board announced that Patrick Bryan has been named director of its Division of Enforcement and Investigations, while Kenneth Lench is due to join the audit overseer as general counsel. Bryan, who is expected to join the board in January 2020, is currently assistant general counsel for enforcement for the Board
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