The Kardashians are becoming wealthier still. Sisters Kourtney, Kim and Khloe Kardashian won their suit for royalties from the makeup line Kardashian Beauty. After a five-year legal battle, a California State Appeals Court judge agreed that the Kardashians were owed $11.5 million in royalties from Haven Beauty and subsidiary Hillair Capital, who had licensed the… More
Topline The U.S. Treasury and the Internal Revenue Service announced Thursday morning families of nearly 60 million children have received $15 billion dollars in the first monthly payments under the recently expanded Child Tax Creditâone of the major antipoverty initiatives in President Joe Biden’s American Rescue Plan passed in Marchâand hereâs what to know if… More
Getty getty Excitement is building this week as the new Advanced Child Tax Credit launches. Yet as the July 15 rollout nears, there are still taxpayers who are unsure about how this new program will impact them. âThe much-anticipated child tax credit payments being released this week, while certainly welcomed, are still broadly misunderstood by most… More
Michael Jackson in New York City, New York (Photo by Kevin Mazur/WireImage) WireImage If you want to know why a wealth tax would be an administrative nightmare, take a look at the dispute over the estate of pop star Michael Jackson, which recently was resolved in federal tax courtâ12 years after his death and following… More
Before making after-tax contributions to a traditional IRA, understand the rules to avoid the double … [+] tax trap on withdrawals. getty Anyone with earned income can make a non-deductible (after tax) contribution to an IRA and benefit from tax-deferred growth. But it may not be worth it due (in part) to often overlooked ongoing… More
Please be aware of the pitfalls of using a TOD transfer on death beneficiary designation. (Photo … [+] credit should read STR/AFP via Getty Images) AFP via Getty Images When you set up an account to “transfer on death,” the assets will go directly to beneficiaries upon the owner’s death. While these assignments can help… More
getty Thanks to the Tax Cuts and Jobs Act enacted in 2017, use of donor-advised funds (DAFs) is soaring. They remain one of the best ways for many people to maximize the tax benefits of charitable giving. Contributions to DAFS increased by 80% from 2015 to 2019, according to the National Philanthropic Trust (NPT). Grantmaking… More
Close-up of Conservation easement with pen getty The Eleventh Circuit has dealt a blow to the beleaguered syndicated conservation easement (SCE) industry in its decision upholding the Tax Court in TOT Property Holdings LLC v IRS. As I have noted elsewhere SCE is an industry based on nonsense. Investors buy into a partnership that has recently acquired… More
Most families with children are eligible for advance payments of the 2021 Child Tax Credit. getty Some 36 million families are eligible for advance payments of enhanced child tax credits for 2021, and the Internal Revenue Service has launched two new online tools to help taxpayers navigate this tax law change. Thereâs a Child Tax… More
Having kids just got more valuable: Millions of Americans are eligible for advance payments of the … [+] new expanded child tax credit. getty The Internal Revenue Service today updated its Child Tax Credit information page with FAQs and a new online tool to reach low-income people who donât normally file tax returns. The American… More
An image of Bitcoin and US currencies is displayed on a screen as delegates listen to a panel of … [+] speakers during the Interpol World Congress in Singapore on July 4, 2017. – The three-day conference on fostering innovation for future security challenges is taking place from July 4 to 6. (Photo by ROSLAN… More
Roses in a cemetery with headstones in the background getty President Biden has proposed major changes in the way the US taxes the assets of those who have died. There is a great deal of confusion about just what heâd do, in part due to the way the White House itself framed his proposals in… More
If your uncle, best friend or bank loans you money, is it taxable? Nope, not if itâs a real loan. But the loan or income distinction lands many people in trouble with the IRS. Besides, interest rates on risky loans like litigation funding and pre-IPO stock are high, and you might not be able to… More
Ask Larry Economic Security Planning, Inc. Today’s column addresses questions about whether and when Social Security will fix problems with benefit calculation for those born in 1960, effects of the earnings test on survivor’s benefits and qualifying for divorced spousal benefits. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and… More
When the Tax Cuts and Jobs Act (âTCJAâ) was passed in December 2017, many residents on the east and west coast felt like they heard fingernails scrapping against a chalkboard. It officially become federal law that the maximum amount of state and local taxes (âSALTâ) that could be included as a federal itemized deduction, and thereby… More
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