Inherited IRAs now need to take annual distributions in almost all cases, and the IRS imposes hefty penalties for those who don’t.
Category Archives: Investing
Charlie Sheen Beats IRS, Slashes $7M Tax Bill To $3.3M
Sheen owed $5.7 million to the IRS, and offered to settle it for $1,240,000. When the IRS said no, he upped it to $3.1 million to cover three years. Then, the IRS started playing hard ball and Sheen went to Tax Court where he has just won saying the IRS abused its discretion.
How The Pandemic Affects Tax Reserve Estimates
Carrie Brandon Elliot examines how the effects of the COVID economy on current financial results and the projection of future performance have income tax accounting implications.
New Buyback Excise Tax Snares Foreign Investors
Congress’s new 1 percent stock buyback excise tax on US publicly traded corporations will strip tax benefits from foreign investors.
Breaking Down The Tax Changes In The Inflation Reduction Act
Kyle Pomerleau of the American Enterprise Institute discusses the key tax provisions of the Inflation Reduction Act and what they mean for the future of tax policy.
Social Security Blows It Yet Again, But Ultimately Redeems Itself
Half of Social Security’s advice is wrong, misleading, or incomplete. Here’s a case where Social Security both under-estimated widows benefit and failed to pay spousal benefits for years. But with my software company’s help, one top staffer made things right.
Amid Trump Passport Flap, Here’s How To Keep IRS From Taking Yours
Criminal defendants commonly have to surrender their passports as part of bail or other types of agreements, but Americans who owe the IRS more than $55,000 in back taxes can also have passport problems.
Jump-Starting Clean Vehicles With The New Tax Credit
Marie Sapirie examines the revamped clean vehicle credit in the Inflation Reduction Act, arguing that the new requirements will make the credit harder to qualify for in the short term, but that they’ve been tightened to encourage technological development of electric vehicles.
Ask Larry: Will Taking Spousal Benefits Affect My Social Security Benefit Rate?
Today’s Social Security column addresses questions about whether spousal benefits can affect later retirement benefits, filing for both retirement and survivor’s benefits and whether Social Security is moving payment days.
The Inflation Reduction Act Won’t Affect Most Americans’ Tax Bill
The Tax Policy Center analyzed the big climate, health, and tax bill three different ways. The bill is quite progressive every time.