New York State Capitol. (Photo by Hans Pennink / POOL / AFP) (Photo by HANS PENNINK/POOL/AFP via … [+] Getty Images) POOL/AFP via Getty Images Hurt severely by Covid in many ways, states and cities have nonetheless enjoyed a financial boon in the pandemic. To be sure, fighting the pandemic has cost them a lot,
Taxes
The federal tax rate on cryptocurrency capital gains ranges from 0% to 37%. Your specific tax rate primarily depends on three factors: 1 / The accounting method used for calculating gains. 2/ How long you held the coins before selling (Holding period). 3/ Your overall annual income (including non-crypto sources such as W-2) and tax
1st June 1928: American statesman Franklin Delano Roosevelt (1882 – 1945) smiling when he heard … [+] that he was leading the contest for Governor of New York State. He later became the 32nd President of the USA. (Photo by Hulton Archive/Getty Images) Getty Images Presidents sometimes play an outsize role in shaping tax policy
NETHERLANDS, Rotterdam : Dutch party leaders Paul Tang (PvdA), Hans van Baalen (VVD), Dennis de Jong … [+] (SP), Esther de Lange (CDA) , Sophie In ‘t Veld (D66) and Marcel de Graaff (PVV) attend a debate at the Erasmus University in Rotterdam on May 19, 2014 in preparation for the upcoming European elections. Elections
Gift tax written on piece of paper. getty The Biden administration has promised to lower the Unified Credit for Estate taxes from $11.7 million to $3.5 million, and the credit for gift taxes to $1 million. The question on many planner’s minds is whether Congress has the political will to make those changes retroactive: that is
Tax day concept. The USA tax due date marked on the calendar. getty Despite increasing pressure from Congressional Democrats and requests from professional organizations including the American Institute of Certified Public Accountants (AICPA) IRS Commissioner Charles Rettig remains adamant about keeping the April 15 filing deadline exactly where it is. And that’s all we know.
WEEHAWKEN, NJ – View of New York City from Weehawken. New Jersey could gain big if a Supreme Court … [+] case on income taxes goes its way. (Photo by Gary Hershorn/Getty Images) Getty Images The pandemic and subsequent downturn has left its mark on state and local budgets over the past year, but it
The Employee Retention Credit (ERC) is a tax credit first put in place last year as a temporary coronavirus-relief provision to assist businesses in keeping employees on payroll. Since then, the ERC has been significantly expanded – and in the most recent relief bill that will be sent to President Biden for signature – the ERC
The Senate approved a COVID relief bill on Saturday, with the House expected to approve the bill Tuesday this week. While the original House bill looked to extend additional unemployment aid of $400 per week until September, a last-minute change in order to secure West Virginia Senator Joe Manchin’s support decreased the benefit to $300 per
WASHINGTON, DC – MARCH 06: U.S. Senate Majority Leader Sen. Chuck Schumer (D-NY) speaks to the … [+] press. (Photo by Tasos Katopodis/Getty Images) Getty Images According to a new analysis by the Tax Policy Center, the Senate version of the American Rescue Plan (ARP) would reduce federal taxes in 2021 by an average of
The IRS Where’s My Refund tool is running behind. The average refund this tax season: $3,021. getty Given the number of days the Internal Revenue Service has been open for processing 2020 tax returns, the number of returns taxpayers have filed is up 14% compared to last year. That’s the rosy way to look at
United States Tax Court building in Washington DC Getty Luke Chiarelli is the only child of an only child. So when his mother passed not long after his father, he ended up with a lot of stuff, not only from his parents, but indirectly from his grandparents. Nice stuff – vintage clothing, furniture, antiques and the
Ask Larry Economic Security Planning, Inc. Today’s column addresses questions about whether the 2015 changes in the Social Security law actually ended spousal benefits for everyone, suspending a retirement benefit after it converts from a disability benefit and whether delaying makes sense with significant assets. Larry Kotlikoff is a Professor of Economics at Boston University
The U.S. Senate passed an amended version of the American Rescue Plan Act of 2021 on Saturday, March 6, 2021, by a vote of 50 to 49 along political lines. One of the amendments adds tax-free student loan forgiveness to the House version of the bill. The House is expected to pass the Senate version
Damon Rowe, the Director of the Office of Fraud Enforcement at the Internal Revenue Service announced yesterday at a Federal Bar Association presentation on fraud enforcement priorities that the office has “added some crown jewels,” including a dedicated team of IRS Criminal Investigation professionals who are working on “Operation Hidden Treasure.” Operation Hidden Treasure is
American flag pair and 2020 on a chess board. Horizontal composition with copy space and selective … [+] focus. 2020 presidential elections concept. getty During the 2020 election campaign, President Biden made a number of promises involving changes to the tax code, including expanding the 12.4% Social Security Tax; increasing the top marginal income tax
New Tax Things To Know This Year by Nicole Lapin getty There have been a lot of personal changes the past year because of the pandemic. Some of us have moved states and taken on more freelance work. People have had gaps in employment. This all affects what happens with how you file your taxes.
The latest Covid relief bill just blew some minds. getty Congress just put another twist in the never-ending saga that is the 2021 filing season. Democrats are considering a deal to reduce the federal supplemental unemployment benefits in the next Covid relief bill from $400 to $300 per week in return for a slightly longer
KATWIJK, NETHERLANDS – FEBRUARY 20: Cryptocurrency and other currency and capital assets Getty Images The IRS really wants to know about your cryptocurrency. For tax year 2020 the IRS moved the cryptocurrency question from Schedule 1 of the Form 1040, where it was in 2019, to the much more prominent position of Page 1 of
Connecticut passed a Covid-19-relief tax law to help commuters working from home during the … [+] pandemic, just in time for them to file their 2020 tax returns. getty Some 110,000 Connecticut telecommuters will be spared from double taxation on their wage income for 2020, thanks to a Covid-19-relief tax bill that Governor Ned Lamont