The House Ways And Means Committee wants answers from the Internal Revenue Service. In a series of recent letters, members of the tax oversight committee have chided the IRS about sending out incorrect tax notices, raised concerns about a slow start to the 2021 tax season and jammed customer service phone lines, and called for a new, later tax-day deadline for 2020 tax returns, given a backlog of 6.7 million 2019 tax returns.
* * *
Backlog of 6.7 million 2019 tax returns. The committee has also asked the IRS when the 6.7 million 2019 and prior year tax returns in its backlog will be processed. As of November 24, the IRS listed a backlog of 7.1 million returns. That was down to 6.9 million as of year-end 2020, and the most recent data shows a 6.7 million backlog as of January 24. At that rate of getting through 200,000 returns a month, it would take three years to work through last year's paper backlog.
Many things are taking place:
Still no stimulus check? What that means for your tax return this year
If you haven't received your $600 stimulus check, there's good news: You may still be able to claim the money when you file your taxes.
The second $600 stimulus checks authorized by Congress in December included $600 per individual, or $1,200 per married couple filing jointly, plus $600 per child under 17.
Last week, the IRS said it had sent all "legally permitted" stimulus checks and now plans to turn its attention to tax filing season that began on Feb. 12.
Harrison County residents experiencing issues with their taxes during their unemployment |
TUNNELTON, W.Va.- Some North Central West Virginia residents have explained that they are experiencing issues when it comes to their taxes.
One Harrison County resident said that while she was receiving unemployment payments during the COVID-19 pandemic, she did not realize that she would owe the state so much in April.
Karen Strahin of Tunnelton said that when she filed her taxes with H&R Block, she was not given the option to have both state and federal taxes withheld from her unemployment payments.
Supreme Court clears way for Manhattan prosecutors to subpoena Trump's taxes - Axios
Why it matters: It was the last legal hurdle in the former president's long-running battle to shield his tax returns from prosecutors — and the second time the Supreme Court has dealt Trump a defeat in the case.
The big picture: Vance first subpoenaed Trump's accounting firm Mazars USA in 2019 as part of a criminal investigation into the Trump Organization, which began as a probe into hush-money payments made by Trump's former fixer Michael Cohen during the 2016 election.
Were you following this:
Illinois Gov. J.B.
On February 17, 2021, Illinois Gov. J.B. Pritzker released his proposed budget (the Pritzker Budget) for the 2022 fiscal year.
During 2020, the governor backed an unsuccessful ballot measure to amend the state constitution and authorize a graduated income tax to generate revenue intended to address the state’s fiscal woes. Throughout the election season, he warned that the measure’s failure would force deep cuts or an across-the-board income tax increase. Nonetheless, the Pritzker Budget does neither.
UK Budget 2021: UK Taxes and Reform Options | Tax Foundation
Originally intended to be presented during the fall of 2020, and postponed due to the COVID-19 pandemic , a new United Kingdom budget will finally be published on March 3 . Although normally most tax rate changes come into effect on budget day or soon after, 2021’s tax reforms might need to wait. Consultations on policies that will define the UK’s tax strategy for the next 10 years will start on March 23, following the budget announcements.
In 2021 Chancellor Rishi Sunak is facing a double challenge. On one hand, the budget is expected to offer support to businesses that have been affected by the pandemic and set the foundations for economic growth. On the other hand, he needs to offer budgetary stability. And it will not be an easy task. According to the Institute of Fiscal Studies, the UK would need to raise taxes or cut spending by about 60 billion pounds (US $84 billion) in order to balance the budget.
How the IRS Taxes Cryptocurrency – and the Loophole That Can Lower Your Tax Bill
However, whether or not you earn money on the transaction determines whether you may have to pay capital gains tax or can declare a loss on your taxes, which could reduce your tax bill by offsetting other gains or up to $3,000 in your adjustable gross income. "Most people only think about reporting transactions when they make money," Polotsky says. "Reporting losses can help people save on their taxes, as well."
That's why it's a good idea to keep track of all your transactions, CoinFlip advises. "To make sure you are ready for tax season, always keep a careful record of your cryptocurrency activity," CoinFlip blogger Joey Prebys writes.
Bloomberg - Are you a robot?
Happening on Twitter
Here's what's in the House Democrats' relief plan: Stimulus checks Unemployment assistance Nutrition assistance Ho… https://t.co/ChPHN26Ypz kylegriffin1 (from Manhattan, NY) Sun Feb 21 21:30:00 +0000 2021
The House Budget Committee has cleared the $1.9 Trillion Covid relief package. It includes: *$1,400 direct checks t… https://t.co/077MwfTSOr ryanobles (from Washington, D.C.) Mon Feb 22 19:57:56 +0000 2021
US supreme court rejects Trump's request to keep tax returns from prosecutors – live https://t.co/N951Gge8I5 guardian (from London) Mon Feb 22 15:34:36 +0000 2021
No comments:
Post a Comment