Marriage or Divorce ? Check Your Social Security Number

Newlyweds and the recently divorced should make sure that names on their tax returns match those registered with the Social Security Administration (SSA). A mismatch between a name on the tax return and a Social Security number (SSN) could unexpectedly increase a tax bill or reduce the size of any refund.

For newlyweds, the tax scenario can begin when the bride says "I do" and takes her husband's surname, but doesn't tell the SSA about the name change. If the couple files a joint tax return with her new name, the IRS computers will not be able to match the new name with the SSN. This could result in tax assessments or even an audit since the IRS may be under the impression that you are simply evading taxes.

Similarly, after a divorce, a woman who had taken her husband's name and had made that change known to the SSA should contact the SSA if she reassumes a previous name. Failure to take this action can lead to audits. Can you imagine going through an audit with your former spouse?

It's easy to inform the SSA of a name change by filing Form SS-5 at a local SSA office. It usually takes two weeks to have the change verified. The form is available on the agency's Web site, www.ssa.gov, by calling toll free 1-800-772-1213 and at local offices. The SSA Web site provides the addresses of local offices.

Richard Chapo is CEO of http://www.businesstaxrecovery.com - Obtaining tax refunds for small businesses by finding overlooked tax deductions and credits through a free tax return review.

In The News:

India's corporate tax rate now equals Singapore's after latest cut  LivemintIndia's reduction in the corporate tax rate to among Asia's lowest was welcomed by investors as a boon that may help spur economic growth and company profits ...
​Corporate tax cut for domestic and new domestic manufacturing companies: FM Sitharaman announces  Economic TimesThe government on Friday slashed the income tax rate for companies by almost 10 percentage points to 25.17 per cent and offered a lower rate to 17.01 per cent ...
Nifty, Sensex soar nearly 6% as government cuts taxes to prop up growth  India TodayIndian shares surged nearly 6% and were set for their best day in more than a decade after the government announced deep cuts in corporate taxes to revive ...
These 20 Nifty 50 companies pay more than 30% tax rate; time to buy?  Moneycontrol.comAny company paying 33% tax rate will see its earnings go up by 12%. Overall, Nifty earnings going up by ~5-6% in FY20.
Corporate tax cut 'surgical strike' on negative sentiments in economy: Analysts  Moneycontrol.comThe reactions came as the government on Friday slashed the income tax rate for companies by almost 10 percentage points to 25.17 per cent and offered a ...
Direct tax collection picks up  BusinessLineBut it is still far short of the targeted 16% growth rate in mop-up for the full year.
FM Nirmala Sitharaman cuts corporate taxes for domestic, new manufacturing companies  India TodayNirmala Sitharaman proposed to slash corporate tax for domestic companies and new local manufacturing companies through an ordinance.
Revival in auto sector may be round the corner with the corporate tax cuts  LivemintVehicle prices may come down significantly following cut in corporate tax.Auto firms looking to make in India will have to pay an even lower tax rate of 15%, ...
GST Council to opt for just minor tax tweaks  LivemintGOA : India's federal tax council is likely to ignore the rising chorus for tax relief at its Friday meeting and make only minor tweaks instead as a revenue shortfall ...
Bankrupt companies take indirect tax department to court over GST software not being in sync with IBC  Economic TimesMUMBAI: Several companies in administration have dragged the indirect tax department to court over the Goods and Services Tax (GST) software, which they ...
Auto Industry Reacts To Finance Minister's Proposal To Reduce Corporate Tax  Car and BikeThe Finance Minister has announced reduction in the corporate tax rate to 22 per cent from 30 per cent, while new manufacturing companies or companies ...
Lower income tax rates likely in direct tax code regime, hints CBDT member  The Financial ExpressThe Centre's gross tax buoyancy more than halved to 0.7 in FY19 from 1.5 in FY17, proving the above-trend surge in tax mop-up post-demonetisation was ...
Govt cuts corporate tax: How it will benefit Indian economy, markets  Economic TimesIt was early Diwali on Dalal Street after Finance Minister Nirmala Sitharaman on Friday unveiled a bonanza for Indian companies as she slashed tax rate for ...
View: Sitharaman's corporate tax cut move is a sixer for sentiment, but a four for the economy  Economic TimesWith the loan melas and the corporate tax cut, the government has addressed the short-term sentiment problem. The stock markets have responded with joy and ...
Advance tax mop-up posts dismal growth, rises by just 6% in H1FY20  Business StandardThe tax authorities are faced with a steep revenue collection target for 2019-20, with advance tax mop-up posting dismal growth in the first half of the financial ...
S&P Global says corporate tax cut 'credit negative'  Economic TimesMUMBAI: Rating firm S&P Global said on Friday India's move to cut corporate tax rates was a "credit negative development" despite potentially boosting the ...
India Inc says tax giveaways will revive their animal spirit  Economic TimesMUMBAI: Hailing the massive tax giveaways to corporates to the tune of Rs 1.45 lakh crore, industry captains said the decision will not only boost the economy ...
India FY20 fiscal deficit may surge 70 bps on govt tax measures  LivemintGoa: India's fiscal deficit is likely to surge at least 70 basis points to 4% of GDP in 2019-20 as a result of the corporate tax cuts announced by finance minister ...
Tax cuts: SBI pegs companies saving Rs 50,000 crore; prices falling 2-5%  Economic Times"Corporate savings will jumps by Rs 50000 crore, product price can come down by 2-5 percent, boosting demand," they said in a note.
E-assessment scheme for faceless scrutiny of income tax returns notified  Economic TimesThe finance ministry has notified the e-assessment scheme 2019 for conducting faceless scrutiny assessment of income tax returns (ITR). The scheme involves ...
Exclusive | Deepak Parekh on corporate tax cut: 'It is a great boon'  Moneycontrol.comIn an interaction with Moneycontrol, Deepak Parekh, Chairman, HDFC, spoke about how the corporate tax rate cut could revive investments and market ...
Effective tax outgo falls by 28% for biggies, by 13% for smaller firms  Economic TimesNEW DELHI: Bigger companies are set to benefit more from the corporate tax cuts as the effective tax for them will come down by up to 28 per cent. Smaller ...
Rahul links tax cuts to Narendra Modi’s U.S. visit  The HinduWhat is needed is a large dose of public investment to create employment and increase people's purchasing power, says CPI(M)
Corporate tax cut: Uday Kotak, Kiran Mazumdar Shaw, Ajay Piramal, others welcome 'bold move'  Business TodayCorporate tax cut: Kiran Mazumdar Shaw said that the move will revive growth and investment, while Uday Kotak called it a bold and progressive step forward.
Reduced corporate tax rates likely to bode well for consumer goods firms  LivemintThe government slashed the basic corporate tax rate to 22% from 30% benefitting companies, while for new manufacturing companies it has been cut down to ...
Buyback tax: Major relief for Infosys, Wipro; but IT sector may not have much to gain  MoneycontrolInfosys and Wipro can breathe a sigh of relief. Both companies will be exempted from the buyback tax of 20 percent, which was announced during Budget 2019.
Income tax department issues warning against this fake SMS  LivemintThe income tax department has warned against a fake SMS doing the rounds.You should never click on such links sent in SMSes as it could be a phishing trap.
Corporate tax rate cut to spur demand for warehousing, commercial real estate  Moneycontrol.comWith the government slashing corporate tax rate to 25.17 per cent, real estate experts said that the move is expected to have a positive impact on the sector and ...
Corporate tax rate cut a long-term positive, will have chain effect: Rajat Rajgarhia, Motilal Oswal  Moneycontrol.comThe government's move of slashing corporate tax rate will have a chain effect and bodes well for the market in the long term, Rajat Rajgarhia, Managing Director ...
Continued Strong Job Growth In Low-Tax States Since The Trump Tax Cut  ForbesJob growth in the 27 states with low state and local taxes continues to double the pace of employment gains compared to their high-tax peers.
Opinion | Increasing India’s tax competitiveness  LivemintIn one stroke, India undertook possibly the most radical tax cuts in its history. While corporate tax rates in the low 20s are increasingly becoming the norm ...
Tax cut a game-changer; may see straight big gain on Monday too: Vikas Khemani  Economic TimesAs long as the directionally things have changed, this is bringing the risk appetite back, says Vikas Khemani, Founder, Carnelian Capital Advisors. Excerpts from ...
Bank stocks seen top beneficiaries of corporate tax cut  LivemintIndia's bank stocks will be the biggest beneficiaries of Prime Minster Narendra Modi's move to slash the corporate tax rate to among the lowest in Asia, according ...
Cut in corporate tax will help to revive the economy over the next few quarters: Experts  Economic TimesThe slew of measures announced by Union finance minister Nirmala Sitharaman on Friday to revive investment in the country including a cut in corporate tax will ...
Anand Mahindra Praises Corporate Tax Move, Then Enters Into Twitter Duel  NDTV NewsIndustrialist Anand Mahindra today praised the government's move to reduce corporate tax in a bid to boost economic growth amid slowdown in several key ...
FMs tax cuts: Reduction in MAT to benefit IT companies in Gift City  Business StandardCompanies providing IT-enabled services in Gift city will benefit following today's announcement on the reduction in Minimum Alternative Tax. Union Finance ...
Closing Bell: FM's tax relief kickstarts party on D-Street; Sensex up 1,921 pts, Nifty closes above 11,250  Moneycontrol.comThe Sensex was up 1921.15 points or 5.32% at 38014.62, while Nifty was up 569.40 points or 5.32% at 11274.20.
Exclusive: Bold move, will help economy, RBI Governor Shaktikanta Das reacts on corporate tax rate cuts  India TodayReserve Bank of India Governor Shaktikanta Das praised the government for its "bold" move to slash corporate tax rates in a bid to boost the ailing Indian ...
After 40 years, UP ministers to start paying income tax  Economic TimesYogi Adityanath has asked ministers to start paying their own income tax, ending the four-decades-old practice.
If you hit the $211 million Mega Millions jackpot, here's what you'll pay in taxes  CNBCWhile the odds are stacked against players scoring the jackpot — your chance is about 1 in 302 million — the IRS is always a guaranteed eventual winner.
Uttar Pradesh not only state where state exchequer pays income tax for CM, ministers  MoneycontrolThe state exchequer has been bearing the tax burden of the chief minister and council of ministers of Uttar Pradesh since the last 40 years, under the Uttar ...
Congress links cut in corporate tax move to PM Modi's Houston visit for Howdy, Modi!  India TodayThe Congress linked the cut in corporate tax to Prime Minister Narendra Modi's United States visit for Howdy, Modi! event in Houston, Texas. Leader of Congress ...
Taxes are the least of Elizabeth Warren's 'Medicare for All' problems  CNBCDemocratic presidential candidate Elizabeth Warren has been given more than one opportunity over the past two weeks to clarify her response to a key question ...
Government needs to clarify on angel tax exemption, tax capital gains alike: Mohandas Pai  Economic TimesBENGALURU: Venture capitalist TV Mohandas Pai has urged Finance Minister Nirmala Sitharaman to treat capital gains from both unlisted and listed ...
Nirmala Sitharaman press conference highlights: Corporate tax relief to help stabilise economy, says Tech Mahindra's Gurnani  Moneycontrol.comAddressing her fourth press conference to revive the economy, the FM announced a cut in the corporate tax rate for domestic companies and new domestic ...
Finance Minister announces new tax refund scheme, easy credit to boost exports  Economic TimesFinance Minister Nirmala Sitharaman Saturday announced a slew of measures to boost the economy, including a new scheme to refund taxes and duties on ...
Tax sops a big boost for electronics manufacturing: Ravi Shankar Prasad  Economic TimesCalling it a "big booster" for electronics manufacturing, union minister for electronics and IT, Ravi Shankar Prasad said that reduced tax rate of 15% announced ...
Angel Tax measures on exemptions inadequate for startups, say industry experts  Economic TimesNEW DELHI: The spotlight on the controversial Angel Tax isn't showing signs of fading anytime soon. While the government has been announcing measures ...
India GST panel likely to recommend tax cuts on 20-25 products - sources  Economic TimesThe panel, comprising state finance ministers and the federal finance minister as the chair, will shortly meet to decide on reducing tax rates to boost growth.
The new tax plan |India Today Insight  India TodayThe Modi government considers a Donald Trump-style overhaul of India's direct taxes to increase compliance and reduce 'tax terror'.
A wealth tax could totally remake charity in the United States  Vox.comIn the past year, a massive, predominantly left-wing backlash to mega-philanthropy has broken out. Writers like Anand Giridharadas, Rob Reich, and Rutger ...
India’s budget gap seen widening to four-year high on tax cuts  Economic TimesThe median of the survey of seven economists showed fiscal deficit may rise to 3.9 per cent of GDP.
Corporate tax cut infuses fresh energy into corporate India: policy makers  Times of IndiaIndia Business News: New Delhi, Sep 20 () Hailing the reduction in corporate tax and other fiscal relief measures as "bold", policy makers on Friday said the ...
Tax bonanza will prove to be a game-changer: Anil Agarwal, Vedanta  Economic TimesThe tax level has been brought to global level and on the top of it, incentives have been given for the new industry. This will give boost to the sentiment, says Anil ...
Sensex sheds 3.5% in 4 days on concerns over slowdown, lower tax mop-up  LivemintMumbai: Indian equities fell over 1% on Thursday as investors remained concerned over slowing consumer demand and lower-than-targeted tax collection.
British American Tobacco issued with £900m Dutch tax bill  The GuardianBritish American Tobacco is being pursued by the Dutch authorities for £902m in unpaid taxes, as the maker of Rothmans, Camel and Lucky Strike cigarettes ...
Rahul Gandhi says corporate tax rate cut to bump up stock market for 'Howdy, Modi' event  Moneycontrol.comAfter Finance Minister Nirmala Sitharaman's announcement to slash corporate tax, Congress leader Rahul Gandhi on September 20 said that he is amazed at ...
RBI governor Shaktikanta Das reacts to Corporate tax cut  Business TodayReserve Bank of India Governor Shaktikanta Das gave his first reaction to the corporate tax rate cut at the India Today Conclave in Mumbai. Das was speaking at ...
Tax rates now comparable to US; hope growth gets a fillip: Piyush Goyal  Times of IndiaIndia Business News: Commerce minister Piyush Goyal Friday said he "hopes" the tax relief measures announced by the government for the corporates will give ...
Federal judge halts California law forcing Trump to release tax returns to qualify for ballot  CNNA federal judge has ordered a temporary injunction against the California law requiring presidential candidates to release their tax returns to secure a spot on ...
I-T department seizes ₹30 cr. paintings in tax evasion probe against Kuldeep Bishnoi  The HinduThe paintings by renowned artists were put under restraint after raids were conducted by the Income Tax Department against the Haryana Congress leader ...
Income tax department relaxes time for applying for compounding of offences  LivemintNEW DELHI : The income tax department has relaxed time for applying for compounding of income tax offences by launching of a one-time facility. The Central ...
Opinion | You may not get tax refund if you haven’t validated your bank account  LivemintHave you received your refund for the income tax return that you filed last year? If you have still not received it, that's probably on account of the fact that there is ...
Reduction in corporate tax rate welcome, doubtful whether investment will revive: Jairam Ramesh  Times of IndiaNEW DELHI: Congress leader Jairam Ramesh on Friday welcomed the reduction in corporate tax rate but expressed doubts on whether the step will revive ...
Seniors will soon have their own IRS tax form  CBS NewsNew Form 1040-SR should allow seniors to file income taxes without benefit of an accountant -- or a magnifying glass.
New Income-tax law – third time lucky?  Moneycontrol.comHimanshu Parekh. The current Income-tax Act, enacted in 1961, is nearly six decades old. With time, there have been a plethora of amendments making it a ...
Is interest paid on foreign home loan tax-deductible in India?  Moneycontrol.comInterest on housing loan paid outside India can be claimed as a deduction in calculating income from house property, only if some important conditions are met.
$1 billion savings seen for companies on buyback tax exemption  LivemintA one-time exemption could save about $1 billion in taxes for Indian companies that announced share buybacks this year, according to Umesh Mehta, head of ...
Too many taxes, anti-rich mindset need to go for economy to be back on its feet  Times of IndiaThe economy is in bad shape. There is no more debate about it. With a second innings of a super-stable government, we should be looking at a double-digit ...
Corporate tax rate cut impact: Move will help draw attention of foreign investors, says IIFL's Jonathan Schiessl  Moneycontrol.comThe cut in corporate tax and removal of additional surcharge on capital gains made by FII and domestic investors bode well for the Indian market, said Jonathan ...
Taxing wealth at lower rate than income is wrong, says thinktank  The GuardianThe government could gain £90bn in extra revenue over five years if it taxed income from wealth in the same way it taxes income from work, according to a ...
Trump Decides Laws Are for Little People on Taxes and Ukraine  BloombergThe presidential team's attempts to keep his tax records and Ukraine conversations private suggest he is beyond reproach. Far from it.
CBDT launches one-time facility for compounding of income tax offences  Economic TimesA one-time facility to apply for compounding of income tax offences has been launched and taxpayers can avail this opportunity by December 31, a latest CBDT ...
New corporate tax rates give companies flexibility to choose between tax structures: Seshagiri Rao, JSW Steel  Moneycontrol.comDepending on its capex cycle, a company can choose between existing tax rates with payment of MAT or, the reduced corporate tax.
Income-tax return filings surge to a record  LivemintTax returns filed on the final date surged 41% to 4.9 mn filings in 2019-20 assessment year from a year ago.There has been a sharp increase in filing returns ...
Formalisation is shrinking the economy  BusinessLineThe drive to make units in the informal sector tax compliant has pushed them to the wall, reducing margins and volumes.
HDFC Bank shares surge most in 30 months after govt slashes corporate tax rate  Moneycontrol.comShares of HDFC Bank surged 10 percent on BSE on September 20, marking their highest intraday gain in over 30 months, after the government announced ...
New income tax rule on insurance maturity proceeds: 5 things to know  LivemintThe new income tax rule on receipt of maturity benefits from insurance policy came into effect from 1st September.A higher TDS will be levied if the insurance ...
Income tax benefits on costs of education under Section 80E to Section 80  LivemintThe Income Tax Act allows tax benefits for a loan taker for higher education when certain conditions are met.Tax benefits have been laid down under Section ...
Moody's says corporate tax cut too boost net income of companies  Moneycontrol.comMoody's Investors *Service* on September 20 said the government's move to cut corporate tax rate will boost net income of Indian firms, and is a credit positive ...
Google will pay over $1 billion after French investigation over dodged taxes  The VergeGoogle has agreed to pay a $550 million fine to settle an investigation in France over its tax practices, Reuters reports.
Government to tweak Income Tax Act, won’t replace it with direct tax code  MoneycontrolNEW DELHI : The government is unlikely to replace the Income Tax Act with the direct tax code, and will only incorporate select suggestions from the draft law to ...
Burden of corporate tax cut will fall on common man: Congress  India TodayCongress Party has said that the burden of corporate tax cut announced by Modi Government on Friday will fall on the common man. Party spokesperson ...
Road tax hikes making cars unaffordable, says Maruti Suzuki chairman R.C. Bhargava  The HinduCiting increases in road taxes by various States as one of the main reasons for higher car prices, making them unaffordable, Maruti Suzuki chairman R.C. ...
Govt hoping for windfall gains from tax amnesty scheme  Business TodayAt a time when the government is scurrying for every penny that counts - because of fiscal uncertainty arising out of a slowing economy - it can hope to get some ...
Tax task force recommends new tax slabs for individuals  Economic TimesNEW DELHI: A government constituted Direct Tax Code task force, headed by CBDT member Akilesh Ranjan, is arguing for a new tax regime for individuals.
Tax reduction means better capital efficiency for engineering sector  Moneycontrol.comOne very important aspect of capital intensive sectors such as construction and engineering is they require a huge amount of capital. With the reduction in ...
Govt reworking its strategy to enhance direct tax mop-up: CBDT Member Ranjan  Economic TimesNEW DELHI: The government is reworking its strategy to boost revenue collection from direct taxes which has been lagging behind so far, a senior CBDT official ...
Portugal Tax Authorities Clarify That Buying Or Selling Cryptocurrency Is Tax-Free  ForbesThe United States may be taking a hard line on cryptocurrency, but not all countries are seeking to collect from the virtual currency boom. Portugal has clarified ...
Taxing times  The Indian ExpressSluggish tax collections are likely to upset spending plans. Government needs to explore other ways to shore up revenues.
Companies will have the leeway to cut prices: Maruti’s Bhargava on tax relief  Livemint'Companies will now have the leeway to become more competitive in the market place'.'They can (if they want to) reduce prices or use any other measure to the ...
Aviation sector to get a boost from government's tax rate cut  LivemintNew Delhi: The domestic aviation sector, struggling with tepid growth, will get a shot in the arm from the finance minister's announcement to reduce corporate tax ...
This triple tax-advantaged account might beat your 401(k) plan  CNBCThere's a savings account with a potential advantage over your 401(k) plan — and it just might help you save on taxes. It's your health savings account, and it's ...
Tax booster a AAA rated announcement from government: Sunil Singhania, Abakkus Asset Manager  Economic TimesThe policy indicates that the government is willing to forgo some tax revenue, maybe a little bit of fiscal prudence but ensure that the economy comes back to the ...
7 changes in income tax laws that come into effect from Sept 1  Economic TimesHere is the list of the seven main changes in tax laws that will come into effect from September 1.
Is it time to switch income tax with a sales tax?  The GuardianIs it time for the US to consider switching from income tax to a progressive consumption tax as a way of addressing growing wealth inequality? Many economists ...
As govt foregoes tax income, bond traders fear more supply  LivemintThe benchmark 10-year govt bond yield surged by over 20 basis points after the govt announced a corporate tax cut.Finance Minister Nirmala Sitharaman puts ...
Corporate tax rate cut will boost earnings by 15-17%: Sushil Kedia  Moneycontrol.comSlashing corporate tax rates is a 'regime change' sort of move and will work for over 10-15 years, said Sushil Kedia, Founder, Kedianomics, in a chat with ...
Apple Says It Would Rather Not Pay $14.3 Billion in Back Taxes to the EU  GizmodoThe European Union has ordered Apple to pay roughly $14.3 billion (13 billion euros) to cover back taxes the EU says is owed to Ireland. But Apple is putting up ...

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