How the White House can get $1,000 into the hands of every American

As the coronavirus threatens to push the global economy into recession, the Trump administration is rolling out an unusual idea: handing out free money. Secretary Steven Mnuchin on Tuesday proposed mailing out checks of up to $1,000 to American adults to quickly pump hundreds of billions of dollars into the U.S. economy at a time when airlines are slashing flights and officials are shuttering restaurants, sports arenas and other public venues. Though details remain unclear, Washington could turn to the … Continued

6 advanced estate planning strategies

With a new decade upon us and some significant changes to our tax code, there are a number of advanced estate planning strategies that can minimize income and estate taxes and provide asset protection. Leaving a legacy A family Limited Liability Company (or LLC) is often overlooked as an estate planning tool used to steward wealth transfers to multiple generations while minimizing estate taxes. An LLC is a business entity that provides asset protection and a more flexible tax and … Continued

Is Life Insurance Taxable? – TheStreet

  Generally the beneficiary of a life insurance policy receives the death benefit proceeds free of tax. However, any interest you might receive on those proceeds would be taxable. This situation might occur if the proceeds are paid into an interest-bearing account at the insurance company. Just like a savings or money market account, the interest earned in this account would be subject to taxes. Though the proceeds of a life insurance policy are generally tax-free money for the beneficiary … Continued

Trump announces delay of tax deadline for those affected by virus – Portland Press Herald

  President Trump announced Wednesday night that he will instruct the Treasury Department to allow individuals and businesses negatively affected by the coronavirus to defer their tax payments beyond the April 15 filing deadline. In an address from the Oval Office, Trump said he would use his emergency authority to allow individual taxpayers and businesses to defer paying their taxes by next month’s deadline if they have suffered adverse effects from the spreading virus. Trump announces delay of tax deadline … Continued

Tax Reform Redux: Most Taxpayers Didn’t Adjust Their Withholding Before 2020 Filing Season | CPA Practice Advisor

  Taxpayers are ill-informed about changes to the tax law that may impact them personally, according to a survey of enrolled agents, who are federally-licensed tax professionals. The survey, conducted by the National Association of Enrolled Agents (NAEA), presented a series of statements and asked NAEA members to choose the statements with which they agreed most strongly. The statements were grouped into three broad categories: Government operations (what impact does IRS operations have on the filing season), tax code and … Continued