Plenty of taxpayers wait until the last possible minute before they start to prepare their taxes. With April 15 just over a month away, though, many of those tax procrastinators were starting to get antsy about whether they should get started in order to make the deadline.
Now, though, it looks like at least some taxpayers could get an extension. Because of the COVID-19 outbreak, President Trump announced that those affected adversely can expect to get some relief.
Were you following this:
April 15 Tax Deadline Might Get Coronavirus Relief
The Administration and Congressional leaders are negotiating fiscal-stimulus measures to provide relief for the coronavirus pandemic, which might include loosening rules for the April 15th tax deadline.
In his Oval Office speech on March 11, the president proposed tax-payment relief for "certain individuals and businesses." That might be too narrow, and hopefully, this relief will apply to all taxpayers since the virus is spreading fast around the county and causing wide-spread economic harm. It would be challenging to identify "federally declared disaster areas" eligible for tax relief. Blanket across the board tax relief is warranted.
White House Discussing Allowing Airlines to Keep Ticket Taxes
(Bloomberg) — White House officials are discussing allowing cash-strapped airlines to keep some taxes and fees they collect from passengers as a way to help them as travel plummets due to the spread of coronavirus.
The option is being discussed for the 7.5% tax on airline tickets, which provides a substantial part of the $16 billion a year collected for a trust fund used to fund the U.S. aviation system, according to two people familiar with the issue who asked not to be named.
Tax preparation checklist: What to know before filing | Fox Business
As you dream of warmer temperatures, don't forget to mark Tax Day on your spring calendar. Tax season is underway, and it's an excellent time to make sure you have all your paperwork in order.
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The official tax season began on January 28 and it runs through April 15 each year. The two and a half months leading up to the tax deadline provides ample time to collect and prep financial documents for tax returns.
Taking the time to prepare for the tax deadline properly can save you money and help you avoid potential problems with the Internal Revenue Service (IRS).
Many things are taking place:
Here's What We Know About Closings, Extensions, Other Tax Relief Due To Coronavirus Concerns
Will tax season close on time? Increasingly, taxpayers and tax professionals believe that there may be an extension of the tax filing season due to concerns about COVID-19.
Despite suggestions that the Internal Revenue Service (IRS) could extend the filing season, there's been no official or specific announcement. Last week, the IRS noted that it was monitoring the coronavirus and will "promptly respond to any emerging situations to protect our employees and taxpayers interacting with the agency." The IRS advises that "Taxpayers should continue to file and submit tax returns as they normally would."
This is how Joe Biden will tax generational wealth transfer
Biden has also set his sights on estates, but is taking a different tack from merely raising rates on wealth transfer.
The move does away with a tax-planning tactic known as the "step-up in basis," which allows heirs to minimize taxes when they sell holdings they've inherited.
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The Tax Cuts and Jobs Act roughly doubled the amount that you can give away to others without being subject to the 40% estate and gift tax.
Trump's Company Paid Bribes to Reduce Property Taxes, Assessors Say — ProPublica
The Trump Organization paid bribes, through middlemen, to New York City tax assessors to lower its property tax bills for several Manhattan buildings in the 1980s and 1990s, according to five former tax assessors and city employees as well as a former Trump Organization employee.
Two of the five city employees said they personally took bribes to lower the assessment on a Trump property; the other three said they had indirect knowledge of the payments.
Odd Job: How do basketball players pay their taxes? - Vox
Playing all over the country means that basketball players and other sports stars need to file in multiple states. Enter: ProSport CPA.
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Doing your taxes is frustrating, but doing your taxes when you're accumulating paystubs in a variety of states, precincts, and countries can make an annoying process downright draconian. Uncle Sam might not ask for anything more than a W-2 from Americans who only work for one company, but pro athletes rarely have that luxury. John Karaffa saw this firsthand when he played professional basketball overseas for 12 seasons.
Happening on Twitter
If you want to get money into the hands of people quickly & efficiently, let them have the full money that they ear… https://t.co/JxLmmEYX1Q realDonaldTrump (from Washington, DC) Fri Mar 13 12:30:48 +0000 2020
to all those R's who have made excuses and turned themselves inside out to defend this president because of the sto… https://t.co/Spy3uoXHt9 JRubinBlogger (from Washington DC) Thu Mar 12 20:39:18 +0000 2020
Today I met Hardip Puri the MoCA to urge him in view of Coronavirus to cut Airline Turbine Fuel taxes, which is pre… https://t.co/YiHSU9dM0O Swamy39 Fri Mar 13 05:49:36 +0000 2020
So let me get this straight. Mitch McConnell and Donald Trump are ok ballooning our debt for tax cuts to line the p… https://t.co/FJCg8nou7u SenJeffMerkley (from Oregon) Fri Mar 13 01:02:01 +0000 2020
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