Director of the National Economic Council Lael Brainard speaks at the White House in Washington, D.C., on January 11, 2024. Drew Angerer | Getty Images It’s clear we need to end the 2017 tax breaks for the ultra-wealthy and scale back costly permanent corporate tax breaks. Lael Brainard White House national economic advisor The multitrillion … Read more
Hunter Biden, son of U.S. President Joe Biden, arrives for a closed deposition with members of the Republican-led House Oversight Committee conducting an impeachment inquiry into the president, at the O’Neill House Office Building in Washington, U.S., February 28, 2024. Evelyn Hockstein | Reuters A federal appeals court on Thursday rejected a request by Hunter … Read more
Andresr | E+ | Getty Images There is $1 billion in unclaimed 2020 tax refunds up for grabs — but the last chance to file returns and collect the money is approaching. Nearly 940,000 taxpayers have until May 17 to file 2020 returns and claim their refund, the IRS said in a “final reminder” this … Read more
Laylabird | E+ | Getty Images Inherited individual retirement accounts can be a financial boost for heirs, but the windfall can trigger tax issues, experts say. Withdrawals from pre-tax inherited IRAs incur regular income taxes. Since 2020, certain heirs can no longer “stretch” retirement account distributions over their lifetime to reduce yearly taxes. Now, certain … Read more
Treasury Secretary Janet Yellen told lawmakers Wednesday that the department is looking into ways to expand on the limited direct file pilot program with possible extensions in functionality and applicable tax credits up for debate. The free program, which is like a scaled-down version of the popular tax preparation software, has encountered fierce opposition from … Read more
When you receive equity compensation from an employer, it typically requires a comprehensive financial plan — and restricted stock units are no exception. In 2000, only 20% of public companies granted restricted stock or restricted stock units, primarily for senior executives or higher, according to the National Association of Stock Plan Professionals. That percentage, however, has jumped to … Read more
Morsa Images | E+ | Getty Images If you work for a publicly traded company, you may have access to discounted company shares via an employee stock purchase plan, or ESPP. While the benefit can be valuable, you need to know the rules and risks before opting into your company’s plan, financial experts say. In … Read more
Delmaine Donson | E+ | Getty Images The federal tax deadline was April 15 for most filers — and if you missed it, you should file your return and pay your balance as soon as possible, experts say. If you still owe taxes for 2023, you’ll continue racking up penalties and interest until you file … Read more
Jacob Wackerhausen | iStock / 360 | Getty Images If you’ve inherited an individual retirement account since 2020, you could have a shorter timeline to withdraw the money, which can trigger tax consequences. But there are a few things to consider before emptying an inherited account, experts say. Under the Secure Act of 2019, so-called … Read more
President Joe Biden and Vice President Kamala Harris deliver remarks about healthcare in Raleigh, North Carolina on March 26, 2024. Peter Zay | Anadolu | Getty Images President Joe Biden and Vice President Kamala Harris released their annual tax returns Monday, and there are lessons within for average Americans, according to tax experts. The president … Read more
