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The Internal Revenue Service has released a draft version of the Form 1040 for tax year 2020 with several significant changes probably in store for next tax season. They include moving the question about virtual currency from the attached Schedule 1 to near the top of the main form, right under the name and address,
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The House of Representatives approved legislation that could ultimately lead to Chinese companies — including behemoths like Alibaba Group Holding Ltd. and Baidu Inc. — getting kicked off American stock exchanges if U.S. regulators aren’t allowed to review their financial audits. The legislation won bipartisan support in the House after easily clearing the Senate back
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Walter Williams, who taught millions of people economics throughout his long career, has died. He was the author of over 150 publications and a syndicated columnist, writing on many topics including tax, and often cited our research. He was a professor of economics at George Mason University, and I attended his microeconomics class nearly 20
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If you buy something through our links, we may earn money from our affiliate partners. Learn more. It is important to keep your businesses clean and tidy. As a business owner, you will need to make sure your office or shop is cleaned regularly and maintained to ensure your employees are happy, healthy, and productive.
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The Internal Revenue Service estimates that an additional 6.5 million individual tax returns were filed for 2020, a major increase it attributes to large numbers of taxpayers filing returns to be able to claim coronavirus-related stimulus payments. The projections were recently released in Publications 6186 and 6187, which also predict that four-fifths of all tax
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The U.S. Capitol in Washington, D.C. Stefani Reynolds/Bloomberg via Getty Images Senate Majority Leader Mitch McConnell, R-KY, talks with reporters following the weekly Republican Senate conference meeting at the U.S. Capitol Dec. 1. The Senate GOP leaders were asked about the chances of Congress passing another coronavirus relief bill along with must-pass government funding legislation.
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Most small businesses and CPAs are talking about innovation as the COVID-19 pandemic has driven the accounting profession forward. Firms went from having the majority of their employees in physical offices to having most of their workforce working remotely, all within a 48-hour timeframe. Is this innovation or optimization? I am confident there are those
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Scams of the season; the size of the IRC; how to market next year; and other highlights from our favorite tax bloggers. Warm and fuzzy Tax Vox (https://www.taxpolicycenter.org/taxvox): Supreme Court verbal arguments begin in CIC Services v. IRS, a little-known case that threatens to gut the ability of the IRS to limit abusive tax shelters,
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A display is seen as bipartisan members of the Senate and House gather to announce a framework for fresh coronavirus disease (COVID-19) relief legislation at a news conference on Capitol Hill in Washington, U.S., December 1, 2020. Kevin Lemarque | Reuters Washington lawmakers introduced a new $908 billion coronavirus stimulus package on Tuesday that aims
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Many charities have seen a surge in donations since the coronavirus crisis began. Now, on Giving Tuesday, pandemic-related nonprofits could get an unprecedented extra bump. Charitable donations generally get a big boost on “Giving Tuesday,” a single day specifically focused on charity in the shopping-heavy week after Thanksgiving. Last year, the #GivingTuesday effort raised nearly $2
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