Today’s column addresses questions about how spousal benefits are calculated after early retirement benefits when the record holder delays until 70, whether spousal benefits are 50% of age 70 benefits and when survivor’s benefits may become available to surviving spouses. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president
Taxes
The 2020 tax return season is finally reaching its filing deadline. With over 126 million tax returns received by the IRS as of May 5, it seems that most taxpayers have filed. However, there are always taxpayers who wait until the deadline to file their returns. As a result, with the new deadline of May 17, 2021 looming,
Tax Day 2021 is May 17 (Monday). If you haven’t yet filed your federal tax return, you need to decide whether to go for it now or wait. If you can’t beat the buzzer by May 17, you can let the clock run out and go into overtime via an extension of your filing due
In Illinois, under current law, hair dressers need a license but tax preparers do not. The Biden administration plans to change that and give the IRS authority to regulate all paid tax preparers. Tax preparers, which include Certified Professional Accountants (CPAs), Enrolled Agents (EAs), and unregistered tax preparers, have access to highly confidential information, including
As the saying goes, “The road to Hell is paved with good intentions.” That seems to be the case with section 602(c)(2)(A) of the American Rescue Plan Act (ARPA), signed into law by President Biden on March 11. The subsection prohibits states from using funds disbursed under the act to “directly or indirectly offset a reduction in