Taxes

In March 2020, Congress started down the rather unusual but not unprecedented path of sending people checks to help them deal with effects of the COVID-19 pandemic and economic downturn. Nationwide, as many as 8 million households appear to have been eligible for this first round of economic impact payments (EIPs) but had not received the money by the

The third and biggest round of economic stimulus payments will start to hit taxpayers direct deposit … [+] accounts this weekend. getty The Internal Revenue Service announced today that it will begin delivering Round 3 economic stimulus payments this weekend. The $1,400 per person economic impact payments were part of the $1.9 trillion Covid-relief stimulus

The American Rescue Act gives laid off workers a 100% premium subsidy to choose their employer … [+] workplace health care plan for half of 2021. getty The 100% COBRA subsidy in the $1.9 trillion American Rescue Act means that more than 2 million laid off Americans will have the option to extend their workplace

Retirees, newborns, and students find out they’re in line to get recovery rebate credits on their … [+] 2020 tax returns as well as round 3 stimulus payments. getty A retired widowed engineer who typically has $120,000-plus in income got welcome news from his tax preparer. He’s getting $1,800 — Round 1 $1,200 plus Round

Tax Time Shutterstock Even though it’s too late to elect Section 475 MTM for tax-year 2020, the opportunity for 2021 is available now. In this blog post, I will cover the scenarios that make it prudent to obtain Section 475 for tax-year 2021 and how to make the election.  Before I dive in, let’s review

New York State Capitol. (Photo by Hans Pennink / POOL / AFP) (Photo by HANS PENNINK/POOL/AFP via … [+] Getty Images) POOL/AFP via Getty Images Hurt severely by Covid in many ways, states and cities have nonetheless enjoyed a financial boon in the pandemic. To be sure, fighting the pandemic has cost them a lot,

The federal tax rate on cryptocurrency capital gains ranges from 0% to 37%. Your specific tax rate primarily depends on three factors: 1 / The accounting method used for calculating gains. 2/ How long you held the coins before selling (Holding period). 3/ Your overall annual income (including non-crypto sources such as W-2) and tax

NETHERLANDS, Rotterdam : Dutch party leaders Paul Tang (PvdA), Hans van Baalen (VVD), Dennis de Jong … [+] (SP), Esther de Lange (CDA) , Sophie In ‘t Veld (D66) and Marcel de Graaff (PVV) attend a debate at the Erasmus University in Rotterdam on May 19, 2014 in preparation for the upcoming European elections. Elections

1st June 1928: American statesman Franklin Delano Roosevelt (1882 – 1945) smiling when he heard … [+] that he was leading the contest for Governor of New York State. He later became the 32nd President of the USA. (Photo by Hulton Archive/Getty Images) Getty Images Presidents sometimes play an outsize role in shaping tax policy

Gift tax written on piece of paper. getty The Biden administration has promised to lower the Unified Credit for Estate taxes from $11.7 million to $3.5 million, and the credit for gift taxes to $1 million. The question on many planner’s minds is whether Congress has the political will to make those changes retroactive: that is

Tax day concept. The USA tax due date marked on the calendar. getty Despite increasing pressure from Congressional Democrats and requests from professional organizations including the American Institute of Certified Public Accountants (AICPA) IRS Commissioner Charles Rettig remains adamant about keeping the April 15 filing deadline exactly where it is. And that’s all we know.

WEEHAWKEN, NJ – View of New York City from Weehawken. New Jersey could gain big if a Supreme Court … [+] case on income taxes goes its way. (Photo by Gary Hershorn/Getty Images) Getty Images The pandemic and subsequent downturn has left its mark on state and local budgets over the past year, but it

             The Employee Retention Credit (ERC) is a tax credit first put in place last year as a temporary coronavirus-relief provision to assist businesses in keeping employees on payroll. Since then, the ERC has been significantly expanded – and in the most recent relief bill that will be sent to President Biden for signature – the ERC

The Senate approved a COVID relief bill on Saturday, with the House expected to approve the bill Tuesday this week. While the original House bill looked to extend additional unemployment aid of $400 per week until September, a last-minute change in order to secure West Virginia Senator Joe Manchin’s support decreased the benefit to $300 per

WASHINGTON, DC – MARCH 06: U.S. Senate Majority Leader Sen. Chuck Schumer (D-NY) speaks to the … [+] press. (Photo by Tasos Katopodis/Getty Images) Getty Images According to a new analysis by the Tax Policy Center, the Senate version of the American Rescue Plan (ARP) would reduce federal taxes in 2021 by an average of

Mississippi Gov. Tate Reeves lifted the statewide mask mandate this week. (AP Photo/Rogelio V. … [+] Solis, Pool, File photo June 30, 2020) ASSOCIATED PRESS As Congress gets closer to approving a new round of Covid relief, the proposed $1,400 stimulus checks are likely to make the biggest difference in the pocketbooks of taxpayers in

United States Tax Court building in Washington DC Getty Luke Chiarelli is the only child of an only child. So when his mother passed not long after his father, he ended up with a lot of stuff, not only from his parents, but indirectly from his grandparents. Nice stuff – vintage clothing, furniture, antiques and the

The IRS Where’s My Refund tool is running behind. The average refund this tax season: $3,021. getty Given the number of days the Internal Revenue Service has been open for processing 2020 tax returns, the number of returns taxpayers have filed is up 14% compared to last year. That’s the rosy way to look at

The U.S. Senate passed an amended version of the American Rescue Plan Act of 2021 on Saturday, March 6, 2021, by a vote of 50 to 49 along political lines. One of the amendments adds tax-free student loan forgiveness to the House version of the bill. The House is expected to pass the Senate version

Damon Rowe, the Director of the Office of Fraud Enforcement at the Internal Revenue Service announced yesterday at a Federal Bar Association presentation on fraud enforcement priorities that the office has “added some crown jewels,” including a dedicated team of IRS Criminal Investigation professionals who are working on “Operation Hidden Treasure.” Operation Hidden Treasure is