WASHINGTON – Facing stiff criticism, the Treasury Department abruptly changed course late Wednesday and announced that Social Security beneficiaries and other Americans who haven't filed income taxes for the past two years won't have to take any extra steps to receive one-time checks of up to $1,200 under a new economic recovery program.
"Social Security recipients who are not typically required to file a tax return need to take no action and will receive their payment directly to their bank account," Treasury Secretary Steven Mnuchin said in a statement.
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Taxes 2020: When are my state taxes due?
Uncle Sam is offering tax payers some relief by delaying the federal tax deadline to this summer, but you still need to double check when your state taxes are due.
The federal income tax filing deadline has been pushed to July 15 from April 15 to give Americans more breathing room in the wake of the coronavirus pandemic. More states are starting to push back their filing dates as well following massive layoffs and business closures. But some states still might require tax payers to file by different dates.
A coronavirus property tax delay? Californians shouldn't count on it
The global pandemic notwithstanding, most California owners are still on the hook to pay their property taxes next week — thus far, the state isn't granting any reprieves.
Though both federal and state lawmakers postponed the deadline for income taxes through July 15, the statewide due date for homeowners and commercial real estate owners to cough up their property tax payments is still April 10.
New Yorkers complain of delayed state tax refunds amid coronavirus
Not to change the topic here:
Stefanik: IRS shouldn't make people file taxes to get stimulus | News, Sports, Jobs -
North Country Congresswoman Elise Stefanik and Sen. Kirsten Gillibrand don’t like that the IRS is requiring people to file tax returns — even senior citizens and others who don’t normally have to file — before they receive stimulus checks Congress approved amid the COVID-19 crisis.
This week the IRS issued a press release that said, “People who typically do not file a tax return will need to file a simple tax return to receive an economic impact payment.” But many members of Congress say the $2.2 trillion CARES Act they approved last week ensures that these people don’t have to file tax returns, and that the Social Security Administration would ensure their eligibility instead.
FAQ: Federal Coronavirus Relief Bill (CARES Act) | Tax Foundation
Congress’s latest coronavirus relief package, the Coronavirus Aid, Relief, and Economic Security (CARES) Act , is the largest economic relief bill in U.S. history and will allocate $2.2 trillion in support to individuals and businesses affected by the pandemic and economic downturn. Many people have questions about how the new law impacts their families and businesses.
Individuals with a Social Security Number (SSN) and who are not dependents may receive $1,200 (single filers and heads of household) or $2,400 (joint filers), with an additional rebate of $500 per qualifying child, if they have adjusted gross income (AGI) under $75,000 (single), $150,000 (joint), or $112,500 (heads of household) using 2019 tax return information. (The IRS will use 2018 tax return information if the taxpayer has not yet filed for 2019.
The Political Promise of Carbon Taxes | WIRED
For decades, the idea of a carbon tax has been stuck in the waiting room of American politics: Familiar to everyone who comes and goes, it has sat there long enough to grow cobwebs from its ears. For the vast majority of Republicans, the idea is anathema, and for Democrats it's one among several policies that compete for the love of lawmakers and climate wonks.
But politics, like the climate, is volatile these days. In the past couple of years, some Republicans have broken ranks with their party to support a tax on carbon emissions —perhaps because the climate is becoming more salient with voters, perhaps as a foil to the more radical Green New Deal, or perhaps to, you know, do something to stop global warming . Given that tiny bump in bipartisan momentum, it's worth revisiting the case for a carbon tax.
Tax break may resurface in next coronavirus bill – and CPAs dread it
The next coronavirus relief bill might resurrect the state and local tax deduction – and overburdened accountants are less than thrilled.
In an interview with The New York Times , House Speaker Nancy Pelosi, D-Calif., raised the prospect of retroactively reinstating the so-called SALT itemized deduction in a fourth coronavirus relief bill to put more cash in the pockets of Americans.
The Tax Cuts and Jobs Act capped the amount of state and local tax deductions itemizers could claim on their tax returns to $10,000 starting in 2018 – a change that hit high earners in high-tax states in the wallet.
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