In good news for many taxpayers, the IRS said that, beginning in May and continuing through the summer, it will automatically issue refunds to eligible people who already filed a tax return reporting unemployment compensation before the recent changes made by the American Rescue Plan Act, P.L. 117-2 ( IR-2021-71 ). Under this process, eligible taxpayers will not have to file amended returns to receive a refund.
The American Rescue Plan Act, enacted on March 11, allows taxpayers with modified adjusted gross income of less than $150,000 on their tax return to exclude unemployment compensation up to $20,400 if married filing jointly and $10,200 for all others, but only for 2020 unemployment benefits.
Quite a lot has been happening:
How do taxes work for remote workers? It's complicated. - Vox
It can be a very complicated situation, and the internet abounds with people trying to figure out what's going on. Reddit, specifically, is full of questions about where remote workers should file their taxes this year: If you quarantined with family for a couple months in a different state than where you work but didn't update your tax withholdings, do you have to file two state tax returns?
The answers, unsatisfyingly, depend on a number of factors, including which states and how long you were there, according to tax experts we spoke with. Ahead of tax season, here's what to look out for when filing your taxes on remote work.
IMF says rich countries could use taxes to reduce inequalities | Reuters
WASHINGTON (Reuters) - The International Monetary Fund on Thursday said advanced economies could use more progressive income taxes, inheritance and property taxes, and taxes on "excess" corporate profits to help reduce inequalities exposed by the COVID-19 pandemic.
The IMF's Fiscal Monitor said the pandemic had exacerbated pre-existing inequalities in access to health care, education and digital infrastructure, which could cause income gaps to persist generation after generation.
Cryptocurrency Taxes: A Guide To Tax Rules For Bitcoin, Ethereum And More | Bankrate
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Bankrate's editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy.
Not to change the topic exactly:
Lawmakers push for $600M in cuts to unemployment taxes in Washington state | The Seattle Times
Employers in some pandemic-ravaged Washington state industries could see up to $600 million in new tax relief under legislative measures that also aim to improve jobless claims processing and prevent unemployment fraud.
But the measures have come under fire by business groups, who say the tax cuts are too small, and by labor advocates, who say the state has already cut employers’ taxes by more than a billion dollars this year.
No new gas taxes: White House rejects corporate ask on infrastructure funding | Reuters
WASHINGTON (Reuters) - The White House on Thursday rejected the idea of raising gas taxes as a way to pay for President Joe Biden's $2.3 trillion infrastructure plan, setting the stage for a fight with business groups that are calling for U.S. drivers to foot the bill instead of corporate tax hikes.
The tax proposal, announced Wednesday, was opposed by Republicans in Congress, trade groups including the National Association of Manufacturers, and business lobbies such as the U.S. Chamber of Commerce and Business Roundtable.
State Recreational Marijuana Taxes, 2021 | Tax Foundation
The legalization and taxation of recreational marijuana remains one of the hottest trends in state taxation. Currently, 16 states (Alaska, Arizona, California, Colorado, Illinois, Maine, Massachusetts, Michigan, Montana, Nevada, New Jersey, New York, Oregon, South Dakota, Vermont, and Washington) and the District of Columbia have passed bills or approved ballot measures that allow for the sale of recreational marijuana, and more states are poised to pass legislation this session.
The Virginia legislature now has passed a bill that would legalize sales starting in 2024; legislators are currently working with Gov. Ralph Northam (D) to amend and finalize legislation. New Mexico lawmakers are very likely to pass legislation during an ongoing special session.
An Accidental Disclosure Exposes a $1 Billion Tax Fight With Bristol Myers - The New York Times
Years later, the Internal Revenue Service got wind of the arrangement, which it condemned as an "abusive" tax shelter. The move by Bristol Myers, the I.R.S. concluded, would cheat the United States out of about $1.4 billion in taxes.
That is a lot of money, even for a large company like Bristol Myers. But the dispute remained secret. The company, which denies wrongdoing, didn't tell its investors that the U.S. government was claiming more than $1 billion in unpaid taxes. The I.R.S. didn't make any public filings about it.
Happening on Twitter
#IRS to recalculate taxes on unemployment benefits. Money will be automatically refunded this spring and summer to… https://t.co/9AcGfJCKCw IRSnews (from Washington, D.C.) Thu Apr 01 12:35:04 +0000 2021
Note that #IRS will automatically send the 3rd Economic Impact Payment to people who didn't file a but receive Soci… https://t.co/ZFzNupkTAo IRSnews (from Washington, D.C.) Wed Mar 31 20:30:25 +0000 2021
News: Today the IRS updated its guidance on the new tax break for $10,200 of unemployment-payments. The agency say… https://t.co/cZ8YscEchR Saunderswsj Wed Mar 31 21:45:06 +0000 2021
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