Saturday, March 14, 2020

Tax Procrastinators: The White House Just Made You Happy -- Maybe | The Motley

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.

Publisher: _____
Date: 2020-03-13T12:01:00-04:00
Author: Dan Caplinger
Twitter: @themotleyfool
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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.

Publisher: Forbes
Date: 2020-03-12
Author: Robert Green
Twitter: @forbes
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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.

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Publisher: Crain's Chicago Business
Date: 2020-03-13T15:12:49-0500
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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).

Publisher: Fox Business
Date: 2020-03-02
Twitter: @FoxBusiness
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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." 

Publisher: Forbes
Date: 2020-03-12
Author: Kelly Phillips Erb
Twitter: @forbes
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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.

Publisher: CNBC
Date: 2020-03-13T19:09:53 0000
Author: https www facebook com CNBC
Twitter: @CNBC
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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.

Publisher: ProPublica
Date: 2020-03-11
Author: Heather Vogell Katherine Sullivan
Twitter: @propublica
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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.

Publisher: Vox
Date: 2020-03-13T06:30:00-04:00
Author: Luke Winkie
Twitter: @voxdotcom
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