Whether due to pandemic-related relief, remote work or no work, individuals may find that preparing their 2020 taxes is a bigger challenge than usual.
"I think it's going to be much more complicated," said Julio Gonzalez, CEO of Engineered Tax Services.
This year, the IRS will handle an estimated 150 million returns, with the filing deadline set for the usual April 15. The agency began accepting returns on Feb. 12.
Many things are taking place:
Wealthy should pay more but in federal taxes, not Connecticut taxes | Chris Powell |
Chris Powell has worked for the Journal Inquirer since 1967, first as a reporter, then as an editor, and now as a columnist. He was managing editor from 1974 until retiring from that position in 2018.
Lease Dispute Series: Real Estate Taxes | Womble Bond Dickinson - JDSupra
COVID-19 took many, many things, changed many other things, and brought a lot of new things. One of the new things COVID-19 brought was a whole host of lease disputes. Lease disputes – usually, but not always, tenants looking for a way out of a lease – are always a part of the legal landscape, but the frequency and creativity of lease disputes have been accelerating as of late. As such, we’ll spend a little time in our next few posts on lease matters.
It’s a common feature of commercial leases – and is a necessary ingredient of a “triple net” lease – for the tenant to pay all real estate taxes associated with the leased premises. In RME Management, LLC v. Chapel H.O.M. Assocs. , 251 N.C. App.
Beware of taxes on unemployment benefits amid coronavirus pandemic, group says
As of Feb. 13, states spent about $153 billion in regular unemployment compensation payments, nearly all of it since the pandemic began last year, while the federal government spent $441 billion to supplement those payments and expand and extend eligibility, said Jared Walczak, vice president of state projects for the Tax Foundation. That could generate $65 billion in federal income revenue and nearly $13 billion in state income taxes, Walczak said.
Many things are taking place:
New Washington transportation plan includes taxes on gas and bikes, fees on transit | The Seattle
In addition, sales taxes on bicycles and bike parts would rise 2 cents on the dollar, transit riders would pay a 20-cents-per-trip surcharge and ferry passengers would pay an extra 25 cents per crossing. People taking Uber and Lyft would pay an additional 50 cents per ride.
“It’s time we made everybody contribute and pay for what they use,” said King, of Yakima, the ranking Republican on the state Senate Transportation Committee who represents the 14th Legislative District.
Exclusive: New York City tax agency subpoenaed in Trump criminal probe | Reuters
(Reuters) - The Manhattan District Attorney's Office has subpoenaed a New York City property tax agency as part of a criminal investigation into Donald Trump's company, the agency confirmed on Friday, suggesting prosecutors are examining the former president's efforts to reduce his commercial real-estate taxes for possible evidence of fraud.
New York City Tax Commission President Frances Henn confirmed the subpoena in response to an inquiry from Reuters.
Maryland moving to add lump-sum cash benefit for immigrant noncitizens - The Washington Post
The Maryland General Assembly is mired in a partisan fight over whether to use one of the nation's most effective anti-poverty tools to help immigrants who are not citizens.
Democrats are advancing a bill to extend cash payments for the working poor to include taxpayers without Social Security numbers, citing a moral obligation to help all needy households amid a pandemic that has disproportionately harmed the poor and people of color. Their efforts put the state near the forefront of a national debate over expanding the social safety net for immigrants in the absence of federal immigration reform.
Your Money: Have a little fun at tax time – Twin Cities
You might be wondering whether Bruce and Peg have gone off the rails. When you hear about having fun or "getting creative" with our taxes, you think of billionaires writing off property that doesn't exist or hiding their money in a Caribbean island, so the IRS won't find it.
That's not fun; that's tax fraud. But let's face it, if we can find perfectly legal and ethical ways to pay a little less in taxes, it's pretty fun, at least for us financial advisers.
Happening on Twitter
Tax season is upon us. Here's what's new for your 2020 return https://t.co/Yd2Oc1Do3K CNBC (from Englewood Cliffs, NJ) Sat Feb 20 15:18:27 +0000 2021
Tax season is upon us. We're happy to answer general tax questions here on Twitter, but unfortunately we can't addr… https://t.co/zx2TGezC3X CanRevAgency (from Canada) Tue Feb 16 20:45:06 +0000 2021
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