Taxpayers and tax professionals have been scrambling to prepare and file tax returns by April 15. The IRS said repeatedly that unlike last year, it would not extend the date. But now, the normal April 15 deadline is extended to May 15. The American Institute of Certified Public Accountants and other groups have been asking,
Taxes
The Internal Revenue Service’s backlog of tax returns is way down, but it’s still significant, according to IRS operations statistics updated yesterday. As of January 29, the IRS said it had 6.7 million 2019 tax returns in line for processing. The new number: As of March 5, the IRS had 2.4 million individual tax returns
The name of a tax bill introduced in the Senate says it all: the ‘End Double Taxation of Successful Consumer Claims Act.’ Should plaintiffs in consumer lawsuits have to pay taxes on money paid directly to lawyers—fees the plaintiffs don’t get to keep? It sounds like a silly question, and most people would say no. In
The Treasury and Internal Revenue Service have announced that the due date for individual tax returns has been moved from April 15, 2021 to May 17, 2021. IRS Commissioner Chuck Rettig noted: “This continues to be a tough time for many people, and the IRS wants to continue to do everything possible to help taxpayers
Today’s column addresses questions about whether there’s a universal maximum retirement benefit rate based on high income, when to file to ensure full unreduced benefits and how divorced spousal benefits are calculated and whether they affect other benefit rates. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of