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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
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.
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
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,
Covid-related growth rates are spiking. And it’s not just the virus. A few months ago, The Wall Street Journal reported that retail-investing volumes had climbed 30% on a year-over-year in the first half of 2020 to nearly 20% of all trades. One young client commented that “everyone and his uncle is trading their accounts constantly.”
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
Lawmakers are still divided along partisan lines about how — or whether — to proceed with another round of economic stimulus before the year’s end, but one issue has the backing of most Senators: tax cuts for beer, wine and liquor. A bipartisan group of 57 senators sent a letter to Senate leadership Tuesday asking
A bipartisan coalition of U.S. Senators has unveiled a $908 billion COVID-19 relief bill which includes, among other provisions, $160 billion in additional aid to state and local governments. It is worth briefly exploring what this would mean, and the amounts of aid each state might expect. While well short of amounts contemplated in the
Cigarette smokers in Indiana may be asked to pay a 200 percent higher state excise tax on their cigarettes if lawmakers move ahead with a recent proposal from legislative leaders. The current state tax rate is 99.5 cents per pack but the proposal would increase this rate to $3 per pack. That rate does not
A group of 25 Democrats in the House wrote to congressional leaders asking them to provide $12.1 billion in funding for the Internal Revenue Service, including $5.2 billion for enforcement, with an eye toward cracking down on high-income tax cheats. The letter, written by Rep. Judy Chu, D-California, a member of the House Ways and
CEO of Tesla Motors Elon Musk reacts following the company’s initial public offering at the NASDAQ market in New York June 29, 2010 Brendan McDermid | Reuters S&P’s action on Tesla showed the growing power of indexers and passive investing. S&P Dow Jones Indices has announced that Tesla will be added to the S&P 500
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
The 116th Congress has few legislative days remaining in the lame duck session to address a relatively long list of priorities, including additional pandemic relief, expiring tax provisions, and economic stimulus. Whether this Congress will accomplish the remaining tasks is highly uncertain, leaving the next Congress and President-elect Joe Biden to likely start the new
While festivities may be somewhat dampened this year due to the coronavirus, the holiday season seems to foster a spirit of giving. This year might be a good time to indulge the spirit, according to wealth planners. “It’s always a good idea to make gifts,” said Lawrence Mandelker, counsel in the tax and wealth planning
Key Findings At the end of 2020, 33 temporary tax provisions are scheduled to expire at the federal level. These provisions generally fall under four categories: cost recovery, energy, individual, and other business provisions. Temporary tax policy should be avoided in favor of certainty and stability within the tax code. Congress routinely violates this aspect
Island girls; five-year mission; nurse malpractitioner; and other highlights of recent tax cases. St. Croix, U.S. Virgin Islands: Patricia Henry has been found guilty of conspiracy to defraud the U.S. Patricia Henry, her daughter Phiona Henry, and others participated in a scheme to steal federal income tax refunds from 2010 to 2013. The scheme involved
Traders work on the floor of the New York Stock Exchange. NYSE For most of the eight months since the Covid crash culminated, the stock market’s recovery has fed off rampant doubt, disbelief and cognitive dissonance toward resurgent asset prices set against a severely damaged economy. No more. Wall Street’s rally has now entered the
SDI Productions | E+ | Getty Images Some taxpayers are just now receiving a scary letter from the IRS: a warning that the federal taxman will seize their state income tax refund. As recently as this fall, the IRS has issued a so-called “notice of intent to levy” to taxpayers with an outstanding balance. The
The outcomes of the two Senate runoff elections in Georgia that are scheduled for Jan. 5 are expected to determine the balance of power in the Senate and may also have an impact on the kind of tax planning that accountants should be advising their clients to do. President-elect Joe Biden’s ability to pass his
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