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No itemizing needed to claim these 23 tax deductions

Even before 2017's Tax Cuts and Jobs Act (TCJA) greatly increased the standard deduction amounts, most people chose to use the standard deduction amount. But one thing that the latest tax reform law didn't change is the ability for many to get some added deductions without itemizing. These used to be called, at least by the tax community, above-the-line deductions. They got that moniker because pre-TCJA they appeared in the last section of the old long Form 1040, just above the last line of tha...
Tags: Business, Taxes, Education, Retirement, Tax, Military, Social Security, Ira, Agi, Irs, Armed Forces, Tax Reform, Tax Deductions, Don, National Guard, U S Armed Forces


United States: IRS Temporarily Permits E-signature Of 83(b) Elections - Perkins Coie LLP

On April 15, 2021, in response to the ongoing COVID-19 situation, the U.S. Internal Revenue Service (IRS) issued a temporary deviation from the handwritten signature requirement...
Tags: News, United States, Irs, U S Internal Revenue Service IRS, Elections Perkins Coie LLP


Stimulus Check Update: Is A Fourth Relief Payment In Your Future?

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Tags: Business, New York, News, Minnesota, Congress, Senate, Massachusetts, Elizabeth Warren, San Francisco, West Virginia, Bloomberg, Joe Biden, Cbs, Michigan, Republican, Biden


Child Tax Credit: Parents Will Soon Get A Monthly Check, But For How Much?

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Tags: Business, UK, News, Congress, Germany, Massachusetts, Canada, United States, Columbia University, Biden, Sam, Agi, Irs, Internal Revenue Service IRS, Child Tax Credit, The IRS


The IRS is seeking identities of taxpayers who used cryptocurrencies worth at least $20,000 in the past 4 years

Yuriko Nakao/Getty Images The US tax authority is seeking records of Americans who used cryptocurrencies on Kraken. Transactions worth at least $20,000 will be investigated under a court-approved summons. The IRS says taxpayers may be using hard-to-trace crypto transactions to hide taxable income. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. A federal court in California has authorized the Internal Revenue Service to serve a "John Doe Summons" on crypto exchan...
Tags: California, Boston, US, Trends, Justice Department, Irs, Kraken, Internal Revenue Service, John Doe summons, Chuck Rettig, Shalini Nagarajan, Yuriko Nakao Getty, Kraken Transactions, David Hubbert, Justice Department s Tax Division, Circle Internet Financial Kraken


United States: Form 1024-A Goes Electronic - Steptoe & Johnson LLP

Form 1024-A, Application for Recognition of Exemption Under Section 501(c)(4), can now be filed electronically with the IRS. Effective January 5, 2021, applications for recognition of exemption...
Tags: News, United States, Irs, Recognition of Exemption Under Section, Johnson LLP


More stimulus checks on the way: IRS distributes another 1.1M, including 'plus-up' payments

Another than 1.1 million economic stimulus checks worth more than $2 billion are on the way, the IRS said. The payments included "plus-up" checks.       [Author: USA TODAY]
Tags: Usa, News, Usa Today, Irs


United States: Recent IRS Ruling Raises Questions Among Impact Investors: What It Really Means - Adler & Colvin

If, like us, you spend significant time thinking about impact investing by 501(c)(3) organizations and parsing through non-binding IRS guidance trying to ascertain what works.
Tags: News, United States, Irs, Adler, Colvin


Thrifty Thinking: Questions to Consider When Creating a Financial Plan

For some people, submitting their tax return to the IRS is a relief as they put the paperwork out of sight, and out of mind, until next year. Others recognize that tax time is the perfect time to plan for the future while all the documents are readily available.Brought to you by: Frugal Focus
Tags: Frugality, Irs


10 overlooked medical expenses that could make it worth itemizing tax deductions

You need to follow your doctors' practice of keeping track of your medical records. Your documentation of your health care treatments and costs could pay off as valuable tax deductions. Most taxpayers used the standard deduction even before 2017's Tax Cuts and Jobs Act made it even more appealing by essentially doubling the amounts. Still, millions of filers every year find that claiming itemized deductions gives them a better tax result. And medical expenses tend to be a big reason why t...
Tags: Taxes, Medical, Joe Biden, Social Security, Medicare, Sam, Agi, Irs, Internal Revenue Service, LTC, COBRA, COVID


'My fellow American': Biden sends letter to stimulus check recipients, echoing mailer sent by Trump

Joe Biden's letter to stimulus check recipients is similar to a Donald Trump mailing that prompted accusations he was politicizing the IRS.       [Author: USA TODAY]
Tags: Usa, News, Joe Biden, Biden, Usa Today, Donald Trump, Irs, Trump


Treasury Secretary Janet Yellen says a 'shocking' $7 trillion in taxes is going uncollected

Treasury Secretary Janet Yellen. Manuel Balce Ceneta/AP Yellen told The Atlantic that the tax gap was a "shocking" $7 trillion over a decade. Her remarks reflect the White House's resolve to collect taxes from high earners and big firms. The Treasury has said the tax gap could worsen if no additional action is taken. Sign up for our daily newsletter 10 Things in Politics You Need to Know Today. Treasury Secretary Janet Yellen said a "shocking" amount of taxes was going uncollected by t...
Tags: Congress, White House, Trends, Joe Biden, Atlantic, New York Times, Treasury, Janet Yellen, Federal Reserve, Biden, Wall Street Journal, Irs, Yellen, Fed, Treasury Department, Charles Rettig


Treasury Secretary Janet Yellen says a 'shocking' $7 trillion in taxes are going uncollected

Treasury Secretary Janet Yellen. Manuel Balce Ceneta/AP Yellen told The Atlantic that the tax gap is a "shocking" $7 trillion over a decade. Her remarks reflect the White House's resolve to collect taxes from high earners and big firms to cover their spending. Treasury has said the tax gap could worsen if no additional action is taken. See more stories on Insider's business page. Treasury Secretary Janet Yellen said a "shocking" amount of taxes are going uncollected by the federal ...
Tags: Congress, White House, Trends, Joe Biden, Atlantic, Treasury, Janet Yellen, Federal Reserve, Biden, Irs, Yellen, Fed, Charles Rettig, Treasury the IRS, Treasury Department Treasury, Ayelet Sheffey


Stimulus Check Update: Is A Fourth Relief Payment Coming Your Way?

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Tags: Business, New York, News, Minnesota, Congress, Senate, Massachusetts, Elizabeth Warren, San Francisco, West Virginia, Bloomberg, Joe Biden, Cbs, Michigan, Republican, Biden


You May Want to Opt Out of Monthly Child Tax Credit Payments

The IRS announced last month that the enhanced Child Tax Credit will take the form of monthly payments to parents, which will start in...
Tags: Irs, Child Tax Credit


United States: IRS Issues Taxpayer-Favorable Debt Workout Ruling - Cadwalader, Wickersham & Taft LLP

In PLR 202050014, the IRS ruled that a parent would not recognize taxable gain when its disregarded entity transferred a newly formed corporation's stock to creditors in satisfaction of its debt...
Tags: News, United States, Irs, PLR, Taft LLP


"Tip of the Iceberg: How Much Criminal Justice Debt Does the U.S. Really Have?"

The title of this post is the title of from The Fines and Fees Justice Center.  Here are some excerpts from the report's "Introduction and Executive Summary": Over the past two decades, advocates, researchers, government agencies and the media have drawn increasing attention to the dangerous effects of fines and fees, particularly on communities of color and low-income people.  While those moving through the criminal justice system often experience fines and fees as a single, ongoing burden, ...
Tags: Texas, Law, California, New Mexico, District Of Columbia, Irs, Brennan Center for Justice, Bernalillo, Douglas A Berman, Fees Justice Center


Michael Jackson’s Image Was Worth Just $4 Million at His Death, Tax Court Rules

Michael Jackson’s image was worth just $4 million at the time of his death in 2009, a U.S. tax court judge ruled on Monday, far below the $161 million valuation sought by the IRS. The ruling will dramatically reduce the estate tax bill incurred by Jackson’s heirs — his mother and children. In a ruling […]
Tags: News, Jackson, Michael Jackson, Irs, Tax Court


7 tax moves to make this May

Feeling adrift as the May 17 tax filing deadline approaches? Here are some tax moves to make this month that could serve as lifelines. May Day arrived over the weekend, but millions of taxpayers today are sending out filing mayday distress signals. The delayed May 17 Tax Day is just two weeks away. Two weeks, however, is plenty of time to get your taxes done. Or postpone them — at least the form filing part — for five more months. Those are the top two tasks on the following list of seven...
Tags: Taxes, Kentucky, Alabama, Ira, Louisiana, Sam, Irs, Puerto Rico, Don, U S Treasury, Internal Revenue Service, Uncle Sam, Roth, HSA, Texas Oklahoma, Archer Medical Savings Account MSA


Identifying the Person Behind Bitcoin Fog

The person behind the Bitcoin Fog was identified and arrested. Bitcoin Fog was an anonymization service: for a fee, it mixed a bunch of people’s bitcoins up so that it was hard to figure out where any individual coins came from. It ran for ten years. Identifying the person behind Bitcoin Fog serves as an illustrative example of how hard it is to be anonymous online in the face of a competent police investigation: Most remarkable, however, is the IRS’s account of tracking down Sterlingov using th...
Tags: Google, Google Drive, Crime, Uncategorized, Fbi, Bitcoin, Anonymity, Tracking, Dark Web, Irs, Cryptocurrency, Identification, Bruce Schneier, Liberty Reserve, De-anonymization, Sterlingov


Michael Jackson’s Likeness Valued at $4.1 Million in Big Tax Court Win for Estate

Michael Jackson's estate has emerged largely victorious in its dispute with the IRS, as a federal judge declines to issue any penalties.
Tags: Michael Jackson, Irs, Big Tax Court Win for Estate


Tax Tips for Startups, Get Paid Faster, Programs for Women, and 60-Second Payroll

Things Small Business Owners Need to Know Money Bank of America Add Features for Small Businesses Bank of America recently launched new offerings for small businesses. Here’s a rundown: Business Credit Score: Bank of America partnered with Dun & Bradstreet to become the first major financial institution to provide small business clients with free, ongoing access to their  . This new offering creates an even more comprehensive snapshot of a business owner’s finances while providing visibi...
Tags: Amazon, Business, Microsoft, California, US, Bank Of America, Ap, HR, Alaska, Hawaii, Iowa, Wisconsin, Ohio, Michigan, Nevada, North America


Biden Administration seeks IRS oversight of some tax pros

The Biden Administration's proposal to up the Internal Revenue Service budget so it could go after more rich tax cheats got a lot of attention. But the White House also wants to cut down on some audits. That, according to the president's American Families Plan, can be accomplished by giving the IRS more oversight of unregulated tax preparers. The audit/tax pro regulation connection is noted in a White House fact sheet hyping the proposal: These Tax returns prepared by certain types of preparers...
Tags: Taxes, Congress, White House, Capitol Hill, Biden, Sam, Irs, Marketwatch, U S Treasury, Internal Revenue Service, The Treasury Department, Biden White House, Biden Administration, American Families Plan, Andrew Keshner, Keshner


Treasury Secretary Janet Yellen says Americans can expect a 'big return' from Biden's $4.1 trillion spending proposal

Treasury secretary Janet Yellen pushed for stimulus checks Andrew Harnik/AP President Biden's spending plans can offer a "big return," Tres. Sec. Janet Yellen said Sunday. The measures should be paid for while interest rates sit at historic lows, she added. If inflation rises more than expected, the government "has the tools to address it," Yellen said. See more stories on Insider's business page. Treasury Secretary Janet Yellen reiterated her support for President Joe Biden's ...
Tags: Trends, Joe Biden, Gop, Treasury, Janet Yellen, Federal Reserve, Biden, Irs, Administration, Yellen, NBC s Meet the Press, Andrew Harnik AP, Ben Winck, Tres Sec


America's wealthiest added $195 billion to their fortunes in Biden's first 100 days

President Joe Biden. Andrew Harnik/AP Photo Since Biden's presidency started, the richest 100 Americans saw their fortunes grow by $195 billion. An analysis from Bloomberg tracked the gains and attribute them to a strong market, stimulus, and vaccines. But Biden has set out to tax the wealthiest Americans to offset infrastructure investments. See more stories on Insider's business page. President Joe Biden's policies have been targeted at Americans who need an economic uplift, ...
Tags: Congress, America, Trends, Bloomberg, Joe Biden, Biden, Irs, Department of Treasury, Institute on Taxation and Economic Policy ITEP, Institute for Policy Studies IPS, Juliana Kaplan, Joe Biden Andrew Harnik, IRS Biden


Stimulus Check Latest: Will You Get A Fourth Relief Payment?

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Tags: Business, New York, News, Minnesota, Congress, Senate, Massachusetts, Elizabeth Warren, San Francisco, West Virginia, Bloomberg, Joe Biden, Cbs, Michigan, Republican, Biden


New tax deadlines for disaster victims in Kentucky (June 30) and Alabama (Aug. 2)

Severe storms in late February produced flooding in Franklin County, Kentucky, shown here, as well as other parts of the Blue Grass State. That led to a major disaster declaration and associated tax relief. (Photo by National Weather Service) We Texans, especially here in the usually more temperate central-to-southern part of the state, learned a hard lesson in February from Mother Nature. She can be as bad as she wants, whenever and wherever she wants. We Lone Star Staters are not alone ...
Tags: Florida, National Weather Service, Texas, Taxes, Kentucky, Alabama, Fema, Ira, Louisiana, Oklahoma, Irs, Federal Emergency Management Agency FEMA, Internal Revenue Service, Shelby, Wolfe, Yellowhammer


Child Tax Credit: How Much Money Will Parents Receive Each Month?

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Tags: Business, UK, News, Congress, Germany, Massachusetts, Canada, United States, Columbia University, Biden, Sam, Agi, Irs, Internal Revenue Service IRS, Child Tax Credit, The IRS


Stimulus Check Latest: Is A Fourth Relief Payment On The Way?

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Tags: Business, New York, News, Minnesota, Congress, Senate, Massachusetts, Elizabeth Warren, San Francisco, West Virginia, Bloomberg, Joe Biden, Cbs, Michigan, Republican, Biden


Insider Cannabis: Weed on Capitol Hill - Ultimate guide to New York legalization - How to invest in cannabis

Welcome to another edition of Insider Cannabis. Reuters Welcome to Insider Cannabis, our weekly newsletter where we're bringing you an inside look at the deals, trends, and personalities driving the multibillion-dollar global cannabis boom.Sign up here to get it in your inbox every week.Welcome to another edition of Insider Cannabis.If you missed it, Yeji and I hosted a panel yesterday afternoon with Mitch Baruchowitz of Merida Capital Holdings and Emily Paxhia of Poseidon Asset Managem...
Tags: Utah, New York, Senate, White House, Ipo, US, Trends, New York Times, Capitol Hill, Johnson, Biden, Nasdaq, Mike Lee, Irs, Mitch, Hill