On March 13th, President Trump issued an Emergency Declaration that instructed the Secretary of the Treasury to provide tax relief to Americans who have been affected by the COVID-19 emergency.
Since this date, the IRS has dealt with decreased manning as many of their employees have been at home under social distancing guidelines.
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The COVID-19 response has been unprecedented and has put a tremendous amount of strain on many taxpayers and businesses.
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What happens to SALT deductions if a married couple files taxes separately? - nj.com
Q. If a couple is married filing separately and the home is in the wife's name and all expenses are paid from an account that is only in the wife's name, can she take the entire $10,000 limit for the real estate tax deduction on Schedule A? I understand that the other spouse will then have to itemize and will have no real estate tax deduction. Is this correct?
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A. When a married couple decides to file separate federal tax returns, there are several items to consider.
Taxpayers have until July 15 to file and pay their taxes - TAPinto
The federal income tax filing deadline has been extended to July 15. Taxpayers also have until July 15 to make any federal income tax payments that were originally due on April 15, without penalties and interest, regardless of the amount they owe. This extension applies to all taxpayers.
There’s no need to file any additional forms to qualify for this automatic federal tax filing and payment relief.
Taxpayers who owe, should file by the due date, and pay as soon as possible. They can schedule their payment electronically online, by phone or using their mobile device and the IRS2Go app . It's always good to pay as much as possible to minimize interest and penalties. The IRS offers a variety of electronic payment options to help taxpayers schedule electronic payments.
Princeton residents have until June 1 to pay property taxes - Planet Princeton
The grace period to pay property taxes in Princeton has been extended to June 1. Residents have until that date to pay taxes that were due May 1.
If you pay on June 2, you will have to pay interest charges, and the interest reverts to May 1, officials said.
Gov. Phil Murphy issued an executive order last week giving municipalities the ability to extend the grace period to pay property taxes by another month. Municipalities still must pay school districts and counties the portion of tax payments that are due to them before June 1.
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AICPA proposes broad range of tax relief to aid economic recovery - Journal of Accountancy
The AICPA on Thursday made a broad range of legislative recommendations to encourage economic recovery in the wake of the COVID-19 pandemic.
The letter identifies barriers the tax system creates when small businesses encounter a global risk, as well as recommending technical corrections to the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. 116-136, and identifying other legislative fixes to the Code.
Among the general small business recommendations are a repeal of the alternative minimum tax (AMT) for individuals, trusts, and estates; allowing the deduction of all state and local taxes (SALT) associated with business income when computing businesses' adjusted gross income, to remove the disparate effect of the $10,000 SALT deduction cap on small businesses; repealing the syndicate rules; removing the strict business-use requirement for the home office deduction; and repealing the
Bitcoin Vs. Gold: Which Is More Tax Efficient Investment?
This is not the case with gold. Precious metals like gold are treated as "collectibles" under the IRS guidance. Collectibles are subject to a maximum capital gain tax rate of 28% . This means, if you have the same long term capital gain on a bitcoin investment and a gold investment, your post-tax return on investment (ROI) will be 8% higher on the bitcoin investment because you pay less taxes.
Shrewd investors looking for long term growth and hedges against the macroeconomic climate have one more reason to consider bitcoin as part of their portfolio. In the Bitcoin vs. Gold battle, bitcoin clearly wins when it comes to tax treatment.
Pelosi dismisses Trump call on payroll, capital gains taxes
House Speaker Nancy Pelosi dismissed President Donald Trump's call for a payroll tax cut and changes in the capital gains tax, saying it wouldn't help millions of unemployed workers and others struggling in an economy shut down by the pandemic.
Speaking Thursday in a Bloomberg Television interview, Pelosi also said the House may vote on its version of a new coronavirus rescue bill next week, which she said won't cover new territory but will "dig deeper" in terms of addressing the country's needs.
Ask SAM: Will I be billed interest on late taxes? | Ask SAM | journalnow.com
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