The Tax Cuts and Jobs Act of 2017 placed a $10,000 cap on the amount of state and local taxes that taxpayers could deduct from their federal taxable income. The SALT cap effectively raised the taxes of millions of Americans in states like New York, New Jersey, California and Illinois. The most recent census data for 2019 show population declines in these states.
In case you are keeping track:
Cayuga County waives penalties, interest on late taxes due to COVID – Fingerlakes1.com
The Cayuga County Legislature approved that measure at a recent meeting. The Citizen reports that both 5% penalty and 1% interest will be waived.
Officials cited NY on PAUSE, Governor Andrew Cuomo’s executive order, as well as the state of emergency, which remains active.
“Many residents of Cayuga County have been under additional financial strain due to the COVID-19 outbreak and corresponding policies to slow the spread,” the resolution said.
Coronavirus: Relying on income tax makes Ohio cities vulnerable to economic slowdown - News -
Ohio is a national oddity in how it allows cities to be overwhelmingly dependent on municipal income taxes to fund their operations. It’s a peculiarity that could hammer the state’s cities financially much more quickly than others around the nation.
Ohio’s city and village governments are among the worst-positioned in the nation to ride out the financial impact of the coronavirus downturn, due to the state’s unique system of funding them primarily with income taxes, some experts say.
Property taxes still due in April as Newsom and counties stand firm
Amid the COVID-19 pandemic and resulting economic downturn, the property tax deadline for Californians will remain April 10 as planned.
In a joint statement issued Sunday, the California State Association of Counties (CSAC) and the California Association of County Treasurers and Tax Collectors stressed that counties needed property tax revenue to remain afloat as the COVID-19 pandemic put unprecedented strain on the resources they provide, including healthcare, emergency response and homelessness relief.
This may worth something:
IRS clarifies that not everyone needs to file their taxes to get stimulus check - WRCBtv.com |
Channel 3 has received an overwhelming amount of calls from those wondering if they are eligible for the stimulus check.
The IRS initially announced that everyone had to file a tax return which prompted many individuals to have questions.
"We had some confusion," said Val Palmer, with the VITA Income Tax Program and the Urban League of Chattanooga.
Palmer says she too has received many calls, especially from social security recipients, wondering if they have to file taxes to receive the payment.
Put your trust in taxes during the coronavirus pandemic recovery
Assistant professor, Canada Research Chair in Taxation, Governance and Risk, University of Waterloo
Andrew Bauer does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
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Facing an unprecedented global crisis, it's natural to turn to taxes for comfort. As strange or unwanted a claim as this seems, our tax system reflects our societal wants and needs, and the behaviours we wish to encourage or discourage.
Why Americans should think twice before filing for a tax extension beyond July 15
The federal government has moved the tax filing deadline from April 15 to July 15 due to the novel coronavirus pandemic , and Americans can even file for an extension beyond that to Oct. 15. But they should do so with caution.
"You can extend, but the payment is always due," Paul Miller, founder of Miller & Company LLP, a New York City-based CPA firm, told Yahoo Finance's " On The Move " this week. "And when you extend, you extend with interest and penalties."
INSIGHT: Spanish Tax Measures in Response to COVID-19
Javier Blázquez, of Baker McKenzie, discusses the tax measures that the Spanish government has introduced to respond to COVID-19.
On March 14, 2020, the Spanish government declared a State of Emergency by limiting the free circulation of citizens, and prohibited the opening of all commercial sectors except for essential products and a few other exceptions. On March 22, 2020 the State of Emergency was extended for a further two weeks, so Spanish residents will be housebound until April 11 at least.
Happening on Twitter
Sure, lots of business leaders are sharing their views on possible economic recovery solutions. Why is it hard to… https://t.co/1i21F3u5RB SRuhle (from New York City) Sat Apr 04 23:38:09 +0000 2020
The stimulus bill happened to include a big tax break for real estate investors. Can anyone think of any of any we… https://t.co/zNCYhrhXBE StandUpAmerica Sun Apr 05 20:24:00 +0000 2020
Is there a tax break hiding in your home office? https://t.co/vOxWNoQsnf WSJ (from New York, NY) Sun Apr 05 03:00:12 +0000 2020
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