Taxes

A group of Senators is urging the IRS to take action on the potential use of artificial intelligence (AI) in scams targeted at taxpayers and tax professionals. The four Senators, Chuck Grassley (R-Iowa), Maggie Hassan (D-N.H.), Ron Wyden (D-Ore.), and James Lankford (R-Okla.), sent a letter to IRS Commissioner Danny Werfel warning about the use

The IRS announced that Florida storm victims have until Aug. 15, 2023, to file federal individual and business tax returns and make tax payments, the Internal Revenue Service announced today. The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA) as a result of tornadoes, severe storms and flooding

With concerns about banks constantly in the news—most recently, the Federal Deposit Insurance Corporation (FDIC) confirmed that First Republic Bank FRC had been seized by regulators—some in the U.S. are eying alternatives to keeping their savings in banks. For some, the answer is obvious: rely on cash in hand. I get it. After my great-grandmother’s

Some of the most intractable problems plaguing the federal tax system have been around for a long time. Complaints about complexity, for instance, appeared before Congress even finished drafting the modern income tax in 1913. “I guess you will have to go to jail,” wrote Sen. Elihu Root to a correspondent while the bill was

Today’s Social Security column addresses questions about what how spousal benefits are calculated based on the worker’s benefit rate, effects on spousal benefits when the worker files early and eligibility for survivor’s benefits. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc. See more