Effective January 1, 2023, the annuity payout recommended by the American Council on Gift Annuities for an annuitant aged 79 years is 7.4 percent, up sixty basis points from the 6.8 percent recommended rate implemented only six months previously, and up forty basis points from the 6.2 percent rec… – Forbes – Taxes
When current yields are low, a fixed annuity will tend to deplete trust principal, and this fact is reflected in the present value of the deductible remainder to charity. – Forbes – Taxes
If the claimed noncash charitable deduction is more than $5k, you need to attach a completed Form 8283 to your return, and that form needs to be signed not only by the recipient charity, but also by a qualified appraiser. – Forbes – Taxes
This article focuses on the noncash charitable reporting requirements themselves, specifically Form 8283, and on how IRS has cited technical noncompliance with these requirements — footfaults, if you will — in disallowing claimed deductions even where there is no actual dispute as to valuation. – Forbes – Taxes
Tax Notes Capitol Hill reporter Doug Sword discusses the latest national sales tax proposal in Congress, and contributing editor Robert Goulder shares his thoughts on the challenges of implementing the tax. – Forbes – Taxes
States are beginning to take to heart Justice Brandeis’ concept of being a laboratory of economic experiments. One area States are beginning to test the waters is with various wealth tax proposals. – Forbes – Taxes
The IRS has announced that businesses can now file Forms 1099 using a new online portal called the Information Returns Intake System, or IRIS. – Forbes – Taxes
Laid off tech workers will likely find new jobs, but layoffs signal new stress and tension in the sector and among workers. – Forbes – Taxes
Nana Ama Sarfo reviews the OECD’s updated economic impact assessment for pillars 1 and 2 and argues that the updates may be most useful as a framework for additional assessments from the international tax community. – Forbes – Taxes
Social Security and Medicare provisions of the Act will automatically adjust the 23% rate so that it will yield what the payroll taxes would have brought in. In the legislation the general revenue rate is fixed at 14.91% but the Social Security and Medicare rates vary from year to year after 2025. – Forbes – Taxes
Every day, Social Security sends claw-back bills, many massive, to beneficiaries whom it mistakenly overpaid for years/decades. Social Security’s mistake is your mistake. Don’t take a penny before checking what they are going to send you is correct. – Forbes – Taxes
Today’s Social Security column addresses questions about when to switch from survivor’s benefits to retirement benefits, survivor’s benefits amounts after taking spousal benefits and whether claims of taking full retirement benefits at 55 are credible. – Forbes – Taxes