IRS Commissioner Daniel Werfel testifies before the House Small Business Committee on July 17, 2013. James Lawler Duggan | Reuters The IRS has unveiled a “voluntary disclosure program” for businesses that claimed a pandemic-era tax credit in error and want to pay the money back. Worth thousands per employee, the employee retention tax credit, or … Read more
Workers may have jobs where they pay into Social Security or earn pension benefits. When they have both, their Social Security benefits may be adjusted to reflect that. There’s growing support in Congress to either revise those rules or eliminate them altogether. Araya Doheny | Getty Images When Dave Bernstein, 87, started working at the … Read more
IRS Commissioner Daniel Werfel testifies before the Senate Finance Committee on April 19, 2023. Chip Somodevilla | Getty Images IRS scrutiny of the employee retention credit The plan is part of the agency’s elevated focus on employee retention credit claims, according to April Walker, lead manager for tax practice and ethics with the American Institute … Read more
As the economic forecast has mostly shifted from recession to soft landing, experts at firms who landed on this year’s CNBC FA 100 list are still watching for a downturn. Despite those forecasts, here’s where they see opportunities for gains in stocks, bonds and cash. Shoppers at a Chicago grocery store on Aug. 9, 2023. … Read more
About 23% of Americans over age 65 live in poverty, according to the Organization for Economic Co-operation and Development. That’s one of the highest shares among developed nations. U.S. Census data suggests a smaller share of the elderly are poor, and that old-age poverty nationwide has been falling. Experts say tweaks to Social Security benefits … Read more
The IRS has unveiled plans to offer digital correspondence for the 2024 season and aims to offer “paperless processing” for tax returns in 2025. It’s expected the plan will eliminate up to 200 million pieces of paper every year, slash processing times by half and speed up refunds by several weeks. “This is truly a … Read more