Friday, December 25, 2020

Here is what's new in paid family leave and property taxes | abc10.com

CALIFORNIA, USA — As most people are waiting for 2020 to come to an end, 2021 will bring new changes to family leave in California and property taxes related to inheritance. 

The state is also increasing the minimum wage at the start of the new year. Businesses with 25 workers or less will be paying employees $13 an hour, while businesses with 26 workers or more will be paying $14 an hour.

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Summary:   Expands family leave so that workers could care for a domestic partner, grandparent, grandchild, sibling or parent-in-law who has a serious health condition.

Publisher: abc10.com
Date: 12/25/2020 12:58:25 AM
Twitter: @ABC10
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And here's another article:

Lafayette forfeits $1.4 million in property taxes on old federal courthouse | Business |
Publisher: The Advocate
Date: B0FEFE08B944F4A263E8A8E4DBC60379
Author: CLAIRE TAYLOR Staff writer
Twitter: @theadvocateaca
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Give Yourself a Last-Minute Tax Refund Boost Using This Strategy | Personal Finance | roanoke.com

There are only a few trading days left in the year. With the clock winding down on 2020, you may be limited in how much you can reposition your investments to get an increase in your overall rate of return.

But there are other actions that you can still take, like tax-loss harvesting, that can help you put more money in your pocket. When you use this strategy you can offset tax liabilities created from your investments by selling some of your holdings at a loss. Here's how.

Publisher: Roanoke Times
Date: Roanoke Times
Author: _____
Twitter: @roanoketimes
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Bloom: Donations to charity deductible even if you don't itemize taxes

Yes, you can make a charitable deduction even though you do not itemize your deductions. Under the CARE's Act which was passed earlier this year, individuals who do not itemize their deductions are allowed to deduct up to $300 of charitable contributions.

Whether you're taking the standard deduction or itemizing your deductions, it is important to remember the documentation you need when it comes to charitable contributions. In the old days, your canceled check was sufficient documentation in case the IRS came calling. However, that is no longer the rule.

Publisher: Observer and Eccentric Newspapers and Hometown Weeklies
Author: Rick Bloom
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In case you are keeping track:

Proposed Regulations Provide New Rules for Allocating and Apportioning Foreign Income Taxes

The rules provided in the 2020 Proposed Regulations would apply for purposes of assigning foreign taxes paid on disregarded payments to or from a foreign branch of a domestic corporation to a section 904 category ( i.e. , foreign branch category, section 951A category, passive category or general category).

As a result, the 2020 Proposed Regulations may provide for significantly different availability of foreign tax credits than under the 2019 Final Regulations or the 2019 Proposed Regulations.

Publisher: JD Supra
Twitter: @jdsupra
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Illinois' sobering 'sin taxes' are among the nation's highest this New Year's

Excise taxes have failed to improve Illinoisans' health while creating an undue burden for those with the least. But lawmakers have yet to kick the habit.

If Illinoisans' celebratory excess this holiday season is to be followed by resolution to be better next year, maybe politicians, too, need to end the bender and cut back their penchant for excise taxes.

Publisher: Illinois Policy
Date: 2020-12-23T21:03:44 00:00
Twitter: @illinoispolicy
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'Trickle-down' economics doesn't work, according to comprehensive new research - The Washington

President Trump sold his 2017 tax cuts as " rocket fuel " for the economy, arguing that freeing up money for the wealthy would allow them to hire more workers, pay better wages and invest more. The tax savings, in other words, would trickle down from the rich to everyone else.

According to one of the most comprehensive studies to date on tax cuts for the rich, this should come as no surprise. A London School of Economics report by David Hope and Julian Limberg examined five decades of tax cuts in 18 wealthy nations and found they consistently benefited the wealthy but had no meaningful effect on unemployment or economic growth.

Publisher: Washington Post
Date: 2020-12-23T17:42:49.974Z
Twitter: @WashingtonPost
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Elanco resolution vows not to raise taxes above Act 1 index cap | Regional | lancasteronline.com

The Eastern Lancaster County School District administrative offices are housed in Garden Spot High School.

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n What happened : During a meeting held virtually, the board adopted a resolution limiting the district from raising real estate taxes above 3% for the 2021-22 school year. That amount represents the state tax cap, or adjusted Act 1 index, assigned to the district.

Why it matters : The district's tax rate is currently 12.5711 mills. For taxpayers who own a property assessed at $191,000, the district average, a 3% increase translates to an additional $72 per year. However, the district does not have to raise taxes by the full allowable amount.

Publisher: LancasterOnline
Date: 2B99F54CA617112F75CE495FAAFCA280
Author: Kyle Kutz For LNP LancasterOnline
Twitter: @lancasteronline
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