Tag: tax

May 5, 2021

President Joe Biden’s American Families Plan would cost far more than the White House estimates, and it would increase government debt while decreasing GDP, according to a study released Wednesday. The administration’s latest stimulus plan, which officials priced at $1.8 […]

April 20, 2021

President Joe Biden’s next economic recovery package will cost at least $1 trillion and extend the beefed-up child tax credit, a source familiar with the proposal confirmed Tuesday. Biden is set to follow the first phase of his infrastructure plan, […]

April 19, 2021

Whether you are an independent tax professional or a CPA working in a large firm, you want to make sure you are using the best professional tax software available. You want software that meets your needs and, above all else, […]

March 30, 2021

More than a dozen states aren’t offering a new tax break on unemployment benefits. That means taxpayers will need to pay state tax on benefits they received last year, absent any forthcoming changes to state law. The American Rescue Plan […]

March 18, 2021

Now that he’s signed the Democrats’ $1.9 trillion Covid relief package, President Joe Biden is turning to the next items on his legislative agenda — and laying the groundwork for raising taxes on wealthier Americans to pay for them. Biden […]

March 8, 2021

A significant provision making any student loan forgiveness tax-free has been included in the $1.9 trillion federal coronavirus stimulus package that’s working its way through Congress and will likely soon be signed into law. Currently, any student loan debt canceled […]

March 3, 2021

The timing of filing a 2020 tax return is extra important this year – if you get it right, it could lead to a bigger stimulus check. The Senate this week is expected to take up President Joe Biden’s $1.9 […]

February 25, 2021

Former President Donald Trump’s tax records have been turned over to Manhattan District Attorney Cyrus Vance Jr. following the Supreme Court’s rejection of the ex-president’s last-ditch effort to keep the documents shielded. A spokesperson for Vance, Danny Frost, confirmed that […]

February 19, 2021

Great and terrible things happened in the year that COVID-19 struck, and for those people filing taxes as the owner of a business, or a freelancer working as a contractor, the unprecedented circumstances make for an unprecedented tax season. Perhaps […]

February 15, 2021

The 2020 tax season is officially underway, and the millions of Americans who collected unemployment benefits last year due to the coronavirus pandemic may be in for a surprise. That unemployment income is taxable, and if you didn’t have money […]

February 9, 2021

Millions of Americans will get tax forms for unemployment benefits this filing season. However, many will get them in error due to fraud, creating a potential headache for recipients. At least $36 billion has been lost to improper unemployment payments, […]

February 8, 2021

The tax competition between states to attract and keep businesses and residents has been ongoing for decades. The national migration pattern has generally trended from cold, high-tax northern states to warm, low-tax southern and south western states. Retirees, no longer […]

January 21, 2021

If you pulled money from your 401(k) plan or individual retirement account last year to get through tough times, now is the time to consider next steps. The federal CARES Act that was passed in March 2020 put in place […]

January 19, 2021

Janet Yellen, President-elect Joe Biden’s choice for Treasury secretary, testified Tuesday that the U.S. could afford a higher corporate tax rate if it coordinates with other economies around the globe. “We look forward to actively working with other countries through […]

December 10, 2020

President-elect Joe Biden is set to take office with his son under federal criminal investigation, creating immediate practical and ethical challenges for his nascent administration while giving ammunition to his political enemies. Biden’s transition team attempted to control the narrative […]

October 6, 2020

Noted cybersecurity eccentric John McAfee is under arrest in Spain awaiting extradition to the United States after being indicted on federal tax evasion charges. The Department of Justice unsealed the indictment (PDF) yesterday following McAfee’s arrest by Spanish authorities at […]

September 14, 2020

It’s been nearly two weeks since President Donald Trump’s payroll tax deferral took effect – and large employers so far seem to have little appetite for the holiday. Starting on Sept. 1, employers could defer collection of the 6.2% tax […]

August 31, 2020

Workers who participate in President Donald Trump’s payroll tax deferral will see a temporary increase in their take-home pay, but they’ll likely see smaller paychecks in early 2021. Sept. 1 marks the first day of Trump’s payroll tax deferral for […]

August 11, 2020

Amid a standstill in Congress over a fresh round of stimulus, President Trump issued several executive orders over the weekend to fast-track some economic aid initiatives to deal with the continued fallout from the coronavirus pandemic. One key order is […]

June 24, 2020

This tax season may look more like a tax year, as Treasury Secretary Steven Mnuchin weighs delaying the July 15 deadline once again. “As of now, we’re not intending on doing that, but it is something that we may consider,” […]