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Oct. 15 is NOT filing extension Tax Day for some

Hurricane Ida is one reason why some taxpayers don't have to get their extended tax returns to the IRS on Oct. 15. (National Hurricane Center radar image of Ida making landfall) Millions of taxpayers are frantically filling out Internal Revenue Service forms right now. They are the folks who got an extension until today, Oct. 15, to submit their annual federal tax returns. Some, however, aren't in a hurry. The IRS has given them more time to complete their returns. Disaster related added...
Tags: Disaster, Filing, IRS, Military, Tax planning, Tax Tip, Taxes, Weather, Combat Zone, Delayed Deadlines, Filing Deadline, Filing Extension, Hurricane Ida, Major Disaster, October 15, Service Personnel


It's Oct. 15, Tax Day for procrastinating filers

Photo by Tima Miroshnichenko from Pexels It's Tax Day. For real. October 15. The absolutely final day to get your 1040 (and other forms, schedules, and attachments) to the Internal Revenue Service or face potential penalties for late filing. You also could be hit with late payment charges if you didn't pay enough when you got your extension to file, not extension to pay, months ago. I've been here. Not this year, thankfully, but in the past. It's nerve wracking. But you still have time. S...
Tags: Taxes, Sam, Irs, Internal Revenue Service, U S Postal Service, Tima Miroshnichenko


Social Security wage base is $147K in 2022, meaning more payroll taxes for higher earners

The Social Security Administration (SSA) gave retirees and other recipients of the program's payments good news this week. Next year, they'll bet the biggest benefits bump in decades. Some higher earners, however, aren't so happy. That government benefits announcement also noted that the amount of income subject to payroll taxes also is going up in 2022. This amount, known as the Social Security wage base, is the maximum earnings, by both salaried workers and the self-employed, that are subject...
Tags: Elderly, Finances, Healthcare Medical, Inflation, Payroll tax, Retirement, Tax planning, Tax Tip, Taxes, Withholding, Year-end money moves, COLA, Cost Of Living, Estimated Tax, Medicare, Paycheck Withholding


More potentially taxable Social Security benefits in 2022

Many Social Security recipients are celebrating the announcement that their benefits will increase in 2022. But if you get other income to help you enjoy your retirement, you could owe tax on your government benefits. More potentially taxable Social Security benefits in 2022 There's some good news for the around 72 million people who receive Social Security benefits, either as retirees or Supplemental Security Income (SSI) recipients (or both). The Social Security Administration announced...
Tags: Elderly, Estimated taxes, Filing, Forms, Inflation, Retirement, State/Local, Tax planning, Tax Tip, Taxes, Withholding, Work-job-career, COLA, Cost Of Living, Estimated Tax, Retirees


Webinar on Tax Initiatives in 2021

Holding webinars based on the "Liga-Zakon"  platform is always a day of pleasure for me.  This time I was talking about tax initiatives in 2021, namely: - tax amnesty; - Bill No  5600; and - the so-called tax "on Google". As for the tax amnesty, those sufficiently lucky to have accumulated enough assets not to be automatically considered amnestied are advised to take a wait-and-see approach. In particular, it will be expedient to wait for the Cabinet of Ministers of Ukraine to develop a B...
Tags: Google, Taxes, Ukraine, Bill, Cabinet, Others


Reasons why you need to adjust your tax withholding now

Did you discover when you filed your taxes, either earlier this year or this week to get in under the Oct. 15 extended deadline, that you were due a refund? Or, yikes, that you owed Uncle Sam? Either way, now is a good time to review your tax withholding. With 2021's third quarter just under way, you have plenty of time to deal with the differences either way. And there is enough time left in the year to spread the changes over several pay periods so they don't produce a major shock either way ...
Tags: Taxes, United States, Sam, Irs, U S Treasury, Internal Revenue Service, Goldilocks


We’re Disrupting People Instead of Industries Now

In 1997, when Clayton Christensen first published The Innovator’s Dilemma and introduced the term “disruptive innovation,” it was a clarion call. Business leaders were put on notice: It is no longer enough to simply get better at what you already … Continue reading →
Tags: Productivity, Taxes, Disruption, Depression, Anxiety, Innovation, Income Inequality, Clayton Christensen


Legal holiday debates, designations, and how they can affect federal taxes

Welcome to another Monday federal holiday. Today is Columbus Day. It's not necessarily manic, unless you're spending it finally finishing your 2020 tax return that you got extended until Oct. 15. In that case, this post for tax procrastinators might help. As with many — OK, all — retailers use these three-day federal holidays as reasons for sales. And usually tacky TV commercials. Got your mattress bargain yet? Then there are the associated celebrations. Parades. The coronavirus-delayed Boston M...
Tags: Taxes, Congress, Washington, Boston, Massachusetts, Joe Biden, United States, Maine, Usps, Boston Marathon, North America, District Of Columbia, Martin Luther King, Sam, Franklin Delano Roosevelt, Irs


Let's Avoid Unnecessary Costs and Complexities

Let's skip a tax credit subsidy for electric bikes; buy a less expensive one instead; don't make the tax law any more complex. The House Ways and Means markup of the Build Back Better Act ( H.R. 5376 ) has over 120 tax changes included. This includes a lot of energy credits. Subtitle G on Green Energy is laid out in 257 or the 2466 pages of legislative text. The cost estimate over ten years from the Joint Committee on Taxation is $235 billion. In comparison, the social safety net provisi...
Tags: Google, Taxes, US, Simplicity, Irs, Green Energy, Magi, House Ways and Means, Vin, Joint Committee on Taxation, Professor Nellen, Nellen, Build Back Better, Letsfixthis, Bicycle Tax Credit, HR 5376


Proposed $600 bank account reporting rule won't change current cash app tracking

Fans of peer-to-peer payment apps are worried that a proposed $600 bank account reporting threshold will affect their transactions. It won't. The U.S. tax system is based on voluntary compliance by taxpayers. But the Internal Revenue Service wasn't born yesterday. It knows full disclosure by all taxpayers is a pipe dream. That's why the agency relies on, and pushes for, increased third-party notifications. That's where taxable transactions are reported not only to the taxpayers, but also ...
Tags: Taxes, Senate, Joe Biden, Janet Yellen, Biden, Irs, GAO, Internal Revenue Service, Center on Budget and Policy Priorities CBPP, Tax Gap, Zelle, Biden Administration


U.S. tax haven states finally get global attention

The tax voyeur in all of us enjoyed the latest unsurprising revelations of how rich people hide money around the world, including a dozen U.S. states and D.C., to avoid paying taxes. The attention to this not really news item also is a good time to note the difference between illegal tax evasion and legal tax avoidance. The South Dakota capitol building is in the state's capital city of Pierre. The state itself is the U.S. capital as far as the most trusts identified in the Pandora Papers....
Tags: Taxes, Washington Post, Washington, Eu, United States, South Dakota, New York Times, Las Vegas, Nevada, Oklahoma, Columbia Law School, Panama, Irs, Cnbc, Reuters, Don


6 tax filing Q&A for procrastinators staring down Oct. 15

Photo by Nataliya Vaitkevich from Pexels Hello, ultimate tax procrastinators. You now have just a week to finish your Form 1040 and get it to the Internal Revenue Service. A piece of cake for all y'all who push thing to the last minute, right? Ooooh-kaaaay. It's your tax life … and possible tax costs if you mess up anything or, yikes, miss this due date. But just in case you're open to a little at-the-wire tax filing advice, here are six questions, and some answers from me, to ask yoursel...
Tags: Taxes, Mississippi, California, Washington, Pennsylvania, Wyoming, New Hampshire, Tennessee, Michigan, North Carolina, District Of Columbia, Sam, Irs, Internal Revenue Service, Hurricane Ida, Recovery Rebate Credit


ABLE accounts offer tax-favored savings help to disabled individuals

Saving is a key component to reaching financial independence. However, for individuals facing added challenges, putting aside money for the future can be difficult. Achieving a Better Life Experience, or ABLE, accounts were created in 2014 to help in these cases. They are tax-advantaged savings accounts for individuals with disabilities (and their families) to help them maintain their health, independence, and quality of life. While money put into ABLE accounts isn't tax-deductible, the distrib...
Tags: Taxes, Alaska, Hawaii, NRC, Irs, Internal Revenue Service, EITC, FINRA, Financial Industry Regulatory Authority, Social Security Disability Insurance SSDI, ABLE National Resource Center, National Disability Institute, ABLE National Resource Center ABLE NRC


Farmers and ranchers in most of U.S. get drought tax relief

These cattle out in the West Texas Big Bend area don't appear worried about much. Their owners, however, have a lot of concerns, including severe weather that could hurt their ranches' profitability. The IRS is once offering some ranchers and farmers special drought-related tax relief. (Photo by Kay Bell) I grocery shop every week and there are a few items that I always purchase. Beef is one of them. You're not surprised, are you? I am a Texan. That consistent shopping list means I get we...
Tags: Business, Environment, Investing Capital Gains, IRS, Nature, State/Local, Taxes, Weather, West Texas, Capital Gains, Cattle, Disaster, Drought, Farmers, Ranchers, Tax


Property tax proposals — one real, the other fake — under scrutiny

As the fight continues on Capitol Hill over how to pay for President Joe Biden's economic and infrastructure plans, property taxes are getting a lot of attention. In one case, it's the real and continuing battle by some lawmakers to repeal or at least revise the itemized deduction limit on state and local taxes, including income and real estate levies collected at those governmental levels. In the other, it's a false claim about a new, nationwide real estate tax. SALT deduction change: First,...
Tags: Facebook, Taxes, Congress, Joe Biden, Gop, New Jersey, Capitol Hill, Biden, Democratic, California New York, Poynter Institute, Biden White House, Biden Administration


Oct. 15 also the deadline for foreign account FBAR filings

The big deadline change for 2021 was when the Internal Revenue Service extended the regular income tax filing deadline from April 15 to May 17. But it also made a few more calendar moves, including one that this month affects folks with foreign financial accounts. The IRS left in place the due date for filing Form 114, Report of Foreign Bank and Financial Accounts, usually referred to as FBAR. Sort of. Although the tax agency didn't move the April deadline, it did grant FBAR filers an automatic...
Tags: Taxes, United States, Irs, Internal Revenue Service, Uncle Sam, FinCEN, The IRS, Financial Crimes Enforcement Network, FBAR, Foreign Bank, FinCEN FBAR, International Taxpayers IRS


Recipe for Sales Tax on Food in Minnesota - Too Complex!

  Our tax laws are generally more complex than necessary. Most of this complexity is due to special rules where we try to give some types of taxpayer or activities special treatment. While there might be good reasons for the tax exception, there usually are simpler alternatives. A recent news update from the Department of Minnesota included a Prepared Food Flow Chart. The first question is whether the seller heated the food or mixed or combined two or more food ingredients into a single item....
Tags: Food, Taxes, Minnesota, Nice, EITC, DOR, Professor Nellen, Nellen, Food Exemption, Consumption Tax, Legsfixthis


Some wealth managers are helping clients take advantage of a loophole to use crypto losses to offset taxes on other assets

Bitcoin and USD. NurPhoto NurPhoto About 14% of financial advisors are recommending their clients invest in cryptocurrencies. Cryptocurrency investments can take advantage of a tax loophole legislators are working to close. Even more wealth managers are planning to recommend investing in crypto, a report found. See more stories on Insider's business page. Wealth managers are helping ease their clients into the cryptocurrency market by helping them tap into a loophole that uses losse...
Tags: Taxes, Trends, Regulations, Markets, Bloomberg, Bitcoin, Cryptocurrencies, Wall Street Journal, Journal, Financial Planning Association, Natasha Dailey, Tax loophole


Just 1.1% of family farms face estate tax under Biden plan

Young boy feeding the chickens. (Photo by ArtHouse Studio from Pexels) As we wind down the first weekend in October, Democrats are continuing to fight amongst themselves and with Republicans over how big President Joe Biden's economic plan should be and how to pay for however much it ultimately is. But one group of taxpayers is happy about what isn't in the mix. Potential changes to the tax treatment of inherited property are off the table, at least for now. There had been talk that the s...
Tags: Taxes, Usda, Joe Biden, United States, Treasury, James Gandolfini, Biden, Sam, Trump, ArtHouse Studio


Speaking at the meeting of the Ukrainian Bar Association on tax litigation

It was my pleasure to speak at the meeting of the Committee on Tax and Customs Law of the Bar Association of Ukraine on the topic of court jurisprudence in tax litigation. My speech was dedicated to: 1) The court jurisprudence in cases related to challenging the tax authorities' orders on appointing tax inspections in accordance with the Resolution of the Cabinet of Ministers of Ukraine (CMU) of 3 February 2021 No 89. This Resolution narrowed the scope of the moratorium on tax inspections ...
Tags: Taxes, Supreme Court, Ukraine, CMU, Tax Disputes, Ukrainian Bar Association, Administrative Court of Cassation, Customs Law of the Bar Association, Cabinet of Ministers of Ukraine CMU, Sixth Administrative Court of Appeal Kyiv, Fifth Odessa


South Dakota now rivals offshore tax havens for financial secrecy, Pandora Papers say

Sioux Falls, South Dakota. Jacob Boomsma/Shutterstock South Dakota is sheltering assets from individuals previously accused of financial crimes, the new Pandora Papers say. "South Dakota now rivals notoriously opaque jurisdictions in Europe and the Caribbean in financial secrecy," the Washington Post reported. The documents reveal that $360 billion in customer assets are sitting in trusts in South Dakota. See more stories on Insider's business page. Financial secrecy laws in South Dak...
Tags: Europe, Post, Taxes, Washington Post, Finance, US, Trends, Economy, South Dakota, The Guardian, Guardian, Tax Fraud, Bank Account, Caribbean, Dominican Republic, Sioux Falls South Dakota


GOP senators wrote Schumer a letter claiming reconciliation bill will 'effectively discourage marriage' by raising taxes on couples

Katleho Seisa/Getty Images Sens. Mitt Romney, Susan Collins, and Marco Rubio were part of the group who signed the letter. The Earned Income Tax Credit helps low- to moderate-income families get a tax break. Spouses without children filing taxes together must earn less than $27,380 to qualify for the credit. See more stories on Insider's business page. A cohort of Congressional Republicans led by Arkansas Sen. John Boozman wrote a letter Thursday to Majority Leader Chuck Schumer and S...
Tags: Politics, Marriage, Taxes, Republicans, Congress, Trends, Joe Biden, Economy, Gop, United States, House Of Representatives, Marco Rubio, Biden, Spending Bill, Susan Collins, Irs


Where in the U.S. families are likely missing out on advance child tax credit checks

Photo via Pexels There have been some stumbles with the delivery of Advance Child Tax Credit (AdvCTC) payments this summer, the most recent happening last month when some were delayed. That's understandable. The AdvCTC distribution is yet another new job for the Internal Revenue Service, which already is struggling to handle its regular jobs during a persistent pandemic. Still, it's frustrating for folks depending on the money, which has been increased for the 2021 tax year to $3,600 for ...
Tags: Taxes, East Coast, Brookings Institution, Irs, Brooklyn New York, Internal Revenue Service, Urban Institute, Los Angeles California, CTC, U S Treasury Department, Lakewood New Jersey, TPC, Spring Valley New York, Monsey New York, Monroe New York, Advance Child Tax Credit AdvCTC


4 tax moves to make & deadlines to note in October 2021

In addition to visiting your local pumpkin patch this month, make time for these October tax moves. (Photo by James Wheeler via Pexels) It's October. I know I say this every month, but wow, this day got here quickly. And it's just the start of a busy month. This first full month of fall means it's time to winterize your house if you live in a place with changing seasons. You've got candy to buy so trick-or-treaters won't be disappointed. But take it from me, don't buy the sweets too soon ...
Tags: Coronavirus COVID-19, Credits, Family, Filing, Forms, Military, Penalties, Politics, Tax help, Tax Planning, Tax Tip, Taxes, Advance Child Tax Credit, Child Tax Credit, IRS online child tax credit portal, Oct. 15


States forgo federal help to replenish unemployment funds. Why?

Despite companies reopening as we've moved into a new phase of the COVID-19 pandemic, the number of folks filing for unemployment is raising some concerns. Yes, unemployment applications still are trending near the lowest levels of the pandemic. But first-time applicants for the benefits have edged higher the past three weeks. Today's numbers from the Department of Labor (DoL) for the week ending Sept. 25 showed seasonally adjusted initial claims of 362,000. That's an increase of 11,000 from th...
Tags: Taxes, Washington, Gop, Uncle Sam, Department of Labor, Tax Foundation, Walczak, ARPA, Funkhouser, Jared Walczak, State Projects, Tax Foundation The, COVID, Savanna Funkhouser, American Rescue Plan ARPA


Most Americans OK with higher taxes for the rich

Congress currently is debating who to tax and how much to pay for the Biden Administration's Build Back Better plan. The public, however, seems to have decided. A recent Pew Research Center poll found that a majority of Americans are for raising taxes on households that make more than $400,000 a year. Overall, the survey says that 61 percent of respondents approve of raising ordinary income tax rates on their wealthier neighbors. The current top rate is 37 percent, which was lowered from 39.6 pe...
Tags: Taxes, Congress, Gop, Pew, Pew Research Center, Pew Research, Biden Administration, New York City San Jose, Biden Administration s Build Back Better


Swiss banker wanted in U.S. tax evasion cases escapes IRS clutches

Looking to hide money from the Internal Revenue Service in another country? The tax agency makes finding such funds a priority, but one man accused of helping set up tax shelters has managed to slip through U.S. tax officials' hands. (Photo from Pixabay via Pexels)  More than five years ago, 11.5 million leaked documents detailing information for more than 214,000 offshore companies were made public. The world was fascinated with the tale of how wealthy individuals, with the help of money...
Tags: Europe, Texas, Taxes, Oregon, Eu, Spain, European Union, United States, Netherlands, Switzerland, Ubs, Vatican, Steve Martin, Sam, Panama, David Mamet


Almost 20% of CA restaurants used zappers to evade taxes

The loss of tax revenue is substantial, since most states collect tax (or are supposed to) on all their meals, from eat-in to pick up to delivery. Tasty and taxable. (Photo by Adrienn via Pexels) Running a restaurant poses many challenges. Dealing with increased food costs. Hiring and training staff. Finding an accessible and affordable location. Complying with health and other regulatory rules. Paying taxes. The tax consideration is getting special attention in California, where an ex...
Tags: Taxes, California, Bloomberg, United States, Ohio, TaxJar, Bloomberg Tax, Adrienn, California Department of Tax Fee Administration


Build Back Better Plan and Observations on Small Business Provisions

Tax items in President Biden's Build Back Better plan  were modified a bit by the markup that passed in the House Ways and Means Committee on 9/15/21 (24-19 with one Democrat voting no ). I just want to comment now on a few relevant to "small business" including a reminder of the need to apply critical thinking to understand changes and commentary on them including from elected officials. 1. Corporate Rate Change: President Biden proposed to increase the TCJA rate of a flat 21% to 28%. Th...
Tags: Taxes, Biden, Agi, Irs, House Ways and Means Committee, Ways and Means, MFJ, Professor Nellen, Nellen, House Ways and Means Republicans, 199A, TCJA, Corporate Tax Reform, Build Back Better, Legsfixthis


Child tax credit portal glitch delayed some September payments

But despite the technical problem, IRS says still use online tool to make changes, including stopping Advance Child Tax Credit payments for the rest of the year. You'd think that by the time the Internal Revenue Service issued the third Advance Child Tax Credit (AdvCTC) payment, things would be automatic. Well, you've got another think coming. The IRS did deliver in mid-September around 35 million AdvCTC payments totaling $15 billion. But unfortunately for some eligible families, their money ...
Tags: Taxes, Irs, Internal Revenue Service, Child Tax Credit, Advance Child Tax Credit, Advance Child Tax Credit AdvCTC, IRS Child Tax Credit Update Portal