Ecuador’s newly sworn-in President Guillermo Lasso. He allegedly transferred assets to trusts in … [+] South Dakota in 2017 amid reports that questioned his interests in a bank in Panama. (Photo by Cristina Vega RHOR / AFP) (Photo by CRISTINA VEGA RHOR/AFP via Getty Images) AFP via Getty Images In recent decades, South Dakota has… More
Concept for leaked financial documents. Selective focus. Concept. Stafford, United Kingdom, October … [+] 6, 2021. getty Tax Notes reporter Sarah Paez discusses the EU tax haven blacklist and the potential impact of the recently released Pandora Papers. This transcript has been edited for length and clarity. David D. Stewart: Welcome to the podcast. I’m David Stewart,… More
How much will you pay in Social Security taxes and how much will you get in benefits? getty The Social Security Administration announced key numbers today that affect workers and retirees—a substantial increase in the taxable wage base for workers and the biggest increase in benefits for retirees in decades. First the wage base news. The… More
Tax planning is an essential part of running a business. It is incredible how many high-income … [+]e business owners are unaware of the tax savings they could get from a cash balance pension plan. getty Tax Planning is an essential part of being a business owner. As your income grows, the options may seem… More
Most legal settlements are taxed, but there is often flexibility and the wording matters. Even legal malpractice settlements are usually taxed. The latest example is Carol Holliday v. Commissioner, T.C. Memo. 2021-69, on the heels of several other recent cases. In McKenny, McKenny v. United States, No. 18-10810 (11th Cir. 2020), aff’g in part, rev’g… More
Ask Larry Economic Security Planning, Inc. Today’s column addresses questions about the potential effects of pensions on the availability of spousal benefits, statistics about what benefit amounts different people receive and potential effects of filing for survivor’s benefits early and while working. Larry Kotlikoff is a Professor of Economics at Boston University and the founder… More
SALT cap workaround Shutterstock Many states recently enacted “SALT cap workaround” legislation enabling pass-through entities (PTE) to deduct entity-level SALT payments as a business expense in place of non-deductible itemized deductions over the “SALT cap” of $10,000 per individual tax return. Currently, 20 states have enacted this legislation, and others are considering it. The SALT… More
Many private companies rely heavily on stock comp to recruit top talent. Equity in a private company … [+] can be a very good deal but requires special planning. getty Fast-growing private companies rely heavily on equity compensation to recruit, motivate, and retain the best employees. Grants are typically stock options, restricted stock, or restricted… More
How will your various retirement income streams be taxed? getty When you are planning for a retirement income you can’t outlive, you must not forget about taxes. How much you will owe in taxes during your retirement years will depend on a combination of how your retirement income is generated and the dollar amount of… More
Equity comp in private companies can be profitable. But unlocking the value of stock without … [+] liquidity calls for special measures. getty Employees with stock options in a private company face a big obstacle that employees in public companies do not: you cannot sell the stock to fund the exercise price and any taxes.… More
Ask Larry Economic Security Planning, Inc. Today’s column addresses questions about eligibility for spousal benefits, what being born after 1/1/1954 means for spousal benefit eligibility and working while receiving disability benefits. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc. See more Ask Larry… More
El Salvador is looking to attract foreign investment by adopting major tax breaks on Bitcoin trading. The government of El Salvador will reportedly exempt investors from paying a capital gains tax and an income tax on Bitcoin (BTC), according to a presidential legal counsel.Javier Argueta, a legal adviser to President Nayib Bukele, is looking to… More
401k ira roth on pieces of paper. Retirement planning. getty If you lost track of a retirement savings account held in the early years of your career, your ease in finding it will depend a lot on the type of savings plan. If you’re looking for an old IRA, searching for it through the National… More
Russia is moving to regulate cryptocurrency mining after legitimizing the broader crypto industry in January. As Russian cryptocurrency advocates are working to attract global crypto mining operators, local lawmakers have gotten more serious about regulating the industry.Anatoly Aksakov, chairman of the Russian State Duma Committee on Financial Markets, claimed that Russian lawmakers are now considering… More
With net unrealized appreciation, executives roll over company stock in their 401(k) to a brokerage … [+] account and pay long-term capital gains tax – instead of ordinary income tax – when the shares are sold. getty If you have company stock in your 401(k), you may want to consider whether to take advantage of… More
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