Lili cofounders Lilac Bar David (right) and Liran Zelkha (left) are what Group 11 Founding Partner … [+] Dovi Frances calls “the OGs of the digital banking industry.” Lili In deciding whether or not to bet on the founders of Lili, a digital banking app that caters towards America’s freelancers, Group 11 founding partner Dovi… More
Ask Larry Economic Security Planning, Inc. Today’s column addresses questions about divorcing and remarrying after 60 to allow survivor’s benefits from a previous marriage, temporarily avoiding the deeming provision even if you were born after 1/1/1954 and how Social Security uses earnings histories to calculate benefit amounts. Larry Kotlikoff is a Professor of Economics at… More
Couple enjoying a sailing cruise. getty The House Ways & Means Committee is once again tinkering with the law that requires retirees to take minimum distributions from their individual retirement accounts (IRAs) and 401(k)s. Each time, Congress eases the required minimum distribution (RMD) rules at great cost to the federal government. Yet the beneficiaries would… More
California is a magnet for tourists, but does California have an estate tax? AFP via Getty Images If you live in California, you likely know it is one of the highest-taxed states when it comes to income taxes; there is some good news for those worried about estate taxes. California is part of the 38… More
“I have worked with this person for many years, and he has a tendency to try to change the terms of payment after agreeing on a certain way of operating,” said the contract worker. A United States-based business development specialist has claimed that a company that paid them for contract work using cryptocurrency now wants… More
In one of the most anticipated United States Tax Court decisions in years, the Court yesterday published a 271 page opinion deciding the fate of the Estate of Michael Jackson v. Commissioner, T.C. Memo 2021-48. And for the IRS, the Court’s opinion can only be interpreted one way: Bad. Really, Really Bad. In a battle… More
Buried in an already disheartening article about how homeless Americans are struggling to get their … [+] stimulus checks is an even more depressing accusation: finance bros are offering to help homeless people get stimulus payments in exchange for a hefty fee. getty Buried in an already disheartening New York Times article about how homeless… More
Ask Larry Economic Security Planning, Inc. Today’s column addresses questions about how stopping work before claiming a Social Security retirement benefit can affect the benefit amount, divorced spousal benefits and the family maximum that can be claimed on a single record and how the Government Pension Offset (GPO) is applied. Larry Kotlikoff is a Professor… More
NEW YORK, NEW YORK – AUGUST 06: AUGUST 06: New York State Attorney General Letitia James speaks … [+] during a press conference announcing a lawsuit to dissolve the NRA on August 06, 2020 in New York City. New York State Attorney General Letitia filed a lawsuit seeking to dissolve the National Rifle Association charging… More
What crypto owners should know if crypto accounts fall within the new Foreign Bank and Financial Accounts regulations. The United States Department of Treasury is again sharpening its sword upon crypto. In January 2021, the Department of Treasury’s Financial Crimes Enforcement Network issued Notice 2020-2. The Notice states that FinCEN intends to amend its regulations… More
Which is better, using appreciated securities or an IRA? Here’s a calculator to answer the question. Volunteers at Habitat for Humanity in Culver City, California. (Photo by John Wolfsohn) Getty Images The 2017 tax law, with its huge standard deduction, did serious damage to the tax benefits of philanthropy: Now, for a lot of taxpayers,… More
Robert Smith, June 2020. The Washington Post via Getty Images It’s a new legal development for private equity billionaire Robert F. Smith and his onetime mentor Bob Brockman, already accused of the biggest tax evasion in U.S. history. Yesterday, the U.S. Department of Justice announced the indictment of Carlos E. Kepke, a Houston tax attorney who… More
Ask Larry Economic Security Planning, Inc. Today’s column addresses questions about how taking early retirement benefits would affect survivor’s benefits taken later, when spousal benefits can be available and how divorced spousal benefits are calculated. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc,… More
DILEMMA: How can you know your April 15 estimated tax payment for 2021 if you haven’t yet done your … [+] 2020 tax return due in May? getty While the IRS extended the tax return deadline to May 17, it kept the usual April 15 date for the first quarterly estimated tax payment of 2021.… More
This year’s tax filing deadline hasn’t exactly been smooth. It seemed that the April 15 deadline would stick, but then the IRS extended it to May 17. But that didn’t cover everything, notable the April 15 estimated tax payment deadline! What’s more, don’t forget about FBARs either, as that deadline was not extended. The IRS… More
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