tax Archive
Who Gets, And Needs, A Tax Cut This Year?
April 26, 2021
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TweetShareSharePin0 Shares The American Family Plan is on its way. Source link TweetShareSharePin0 Shares
Taxpayer Cannot Avoid Penalties Even When Using Longtime Preparer
April 23, 2021
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TweetShareSharePin0 Shares I do not prepare tax returns. But I feel for the long-suffering preparers who try their best to get the information from clients to prepare an accurate tax return. For people with a variety of sources of income, like self-employed consultants with multiple clients, the process is burdensome—at least when compared to employees who
Expenses paid with 2020 PPP loans can be deducted on 2021 tax returns
April 23, 2021
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TweetShareSharePin0 Shares The IRS announced a safe harbor for certain businesses that received first-round Paycheck Protection Program (PPP) loans but did not deduct any of the original eligible expenses because they relied on guidance issued before the enactment of the Consolidated Appropriations Act, 2021 (CAA), P.L. 116-260, in December 2020. In Notice 2020-32 and Rev.
Late Submitted Erroneous Reimbursement Match
April 22, 2021
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TweetShareSharePin0 Shares In United States v. Page, No. 3:20-cv-08072 (D. Ariz. April 16, 2021) the court holds that a big wrong reimbursement the Internal Revenue Service sent out to the taxpayer can not be recouped due to the fact that the Division of Justice submitted the wrong reimbursement fit far too late. The concern of
2021 Capital Gains Tax Rates in Europe
April 22, 2021
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TweetShareSharePin0 Shares In many countries, investment income, such as dividends and capital gains, is taxed at a different rate than wage income. Today’s map focuses on how capital gains are taxed, showing how capital gains tax rates differ across European OECD countries. When a person realizes a capital gain—that is, sells an asset for a
Controversy Erupts as Florida Follows Forty-Three States in Adopting Uncontroversial Tax Provision
April 21, 2021
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TweetShareSharePin0 Shares “Just before midnight, DeSantis reveals he’s signed $1 billion tax on consumers,” the Orlando Sentinel headline read. “Governor just signed a bill into law to increase your taxes and give the new revenue of $1 billion to businesses,” one lawmaker tweeted (and got quoted in media coverage). What did Florida do now? Nothing
Approving Presents from the Internal Revenue Service: Moral Factors To Consider (Sequel)
April 21, 2021
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TweetShareSharePin0 SharesFormerly, we reviewed both groups of Internal Revenue Service “presents” that taxpayers can decline: clerical presents and also totally computational presents. We left, nonetheless, with the cliffhanger that computational presents might end up being “theoretical” presents, which lawyers frequently can approve. Today, we’ll look better at what a theoretical present is and also whether
Internal Revenue Service expands e-signature permission for 6 months
April 21, 2021
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TweetShareSharePin0 Shares Information Treatment & & Management By Sally P. Schreiber, J.D. In a memorandum dated April 15, 2021, the Internal Revenue Service introduced it was prolonging the permission to digitally authorize a a great deal of Internal Revenue Service kinds till Dec. 31, 2021, and also including a variety of brand-new kinds. The initial
Approving Presents from the Internal Revenue Service: Honest Factors To Consider (Component One)
April 20, 2021
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TweetShareSharePin0 SharesFor questions on this and other tax issues please visit ETS @ Executive Tax Solution Formerly, I blogged about the unusual instance of Owner v. C.I.R (here). As a refresher course, the Householders attempted to take around half-a-million bucks in rubbish reductions for their steed breeding/leasing “company,” as well as the Tax obligation Court
Pass-through Deduction: New Research | Tax Foundation
April 19, 2021
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TweetShareSharePin0 Shares While proponents of the Section 199A pass-through deduction claimed it would boost investment and critics claimed it would encourage tax avoidance and income shifting, new research casts doubt on both claims. The Tax Cuts and Jobs Act of 2017 (TCJA) enacted the new provision that allows taxpayers with income from pass-through businesses (S
