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July 23, 2021

Taxes

These summer activities can impact next year’s tax situation

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CNBC – For more and to sign up click here kali9 | E+ | Getty Images Ah, summertime. It’s the perfect time to think about taxes. No, seriously. Some activities and pursuits that are more common during this season also may be things that impact your taxes, the IRS noted......

Some states now offer certain business owners a workaround for cap on state and local tax deduction

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CNBC – For more and to sign up click here Cecilie Arcurs | Getty Images A growing number of states are offering pass-through business owners a workaround for the $10,000 federal deduction limit for state and local taxes, known as SALT. A controversial part of Republicans’ 2017 tax overhaul, the......

IRS estimates of unpaid taxes are ‘unfounded,’ says Rep. Kevin Brady

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CNBC – For more and to sign up click here Chairman of the House Ways and Means Kevin Brady Joshua Roberts | Reuters Rep. Kevin Brady said the IRS shouldn’t receive more enforcement funding because estimates of unpaid taxes are “unfounded.” President Biden has proposed investing $80 billion in new......

Oregon Democrat proposes Senate bill to overhaul tax break for pass-through businesses

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CNBC – For more and to sign up click here Sen. Ron Wyden, D-Ore., speaks during a Senate Finance Committee nomination hearing for Deputy Treasury Secretary nominee Adewale Adeyemo on Feb. 23, 2021. Greg Nash | Pool | Reuters Senate Finance Committee Chairman Ron Wyden, D-Ore., on Tuesday released a......

Still working remotely? Your 2021 taxes may be more complicated than your 2020 return

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CNBC – For more and to sign up click here Alistair Berg | DigitalVision | Getty Images If you’re among the workers who plan to continue working remotely, you may want to evaluate your 2021 tax situation. While many states offered a pandemic-related reprieve that generally resulted in no tax......

Millions of families are receiving new monthly child tax credit checks. Some hope that income becomes permanent

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CNBC – For more and to sign up click here Alexi Rosenfeld | Getty Images Sasha Demskie received a welcome deposit in her bank account this week: a $250 payment from the government as part of the new monthly child tax credit payments. The money will go to pay basic......

Intuit will no longer be a part of an IRS program that helps millions of Americans file taxes for free

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CNBC – For more and to sign up click here bymuratdeniz | iStock | Getty Images Intuit, the company behind popular tax filing software TurboTax, announced that it will no longer participate in the IRS Free File program, which helps millions of Americans submit tax returns at no cost. “With......

The G-20’s global crackdown could create a new kind of tax haven

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CNBC – For more and to sign up click here U.S. Treasury Secretary Janet Yellen looks on during a press conference during the G20 finance ministers and central bankers meeting in Venice, on July 11 2021. ANDREAS SOLARO | AFP | Getty Images LONDON — A landmark deal to close......

The IRS is refunding 4 million people who overpaid taxes on 2020 unemployment income—here’s the average amount of money they’ll get

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CNBC – For more and to sign up click here The IRS announced Tuesday it is refunding about 4 million people who overpaid their 2020 unemployment insurance (UI) taxes in 2020. Taxpayers can expect refunds in the coming days: They will be direct deposited to some recipients’ bank accounts on......

The first child tax credit payments go out to 65 million kids this week. How to navigate the process

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CNBC – For more and to sign up click here Oliver Rossi | Stone | Getty Images It’s an exciting week for millions of children and their families across the U.S. On July 15, the first payment from the new expanded child tax credit will be sent to some 39......

Some families should opt out of advance child tax credit payments starting July 15. Here’s why

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CNBC – For more and to sign up click here lisegagne | E+ | Getty Images Some 39 million American families on July 15 will get the first of six advance monthly payments of the enhanced federal child tax credit. However, some of those families should elect to not receive......

California and Florida battle for the soul of a nation

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Kyle Smith Thanks to the blessings of decentralization, life can vary greatly depending on where you sit. Those differences are growing into a chasm of philosophical and practical contrasts between two basic models for the American future. Call them the California way and the Florida way. Source – For more......

The Billionaire Playbook: How Sports Owners Like Dan Gilbert Use Their Teams to Avoid Paying Millions in Taxes

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click to enlarge Erik Drost/FlickrCC Dan Gilbert ProPublica is a Pulitzer Prize-winning investigative newsroom. Sign up for The Big Story newsletter to receive stories like this one in your inbox. At a concession stand at Staples Center in Los Angeles, Adelaide Avila was pingponging between pouring beers, wiping down counters......

Biden’s plans to raise taxes on corporations and the wealthy are losing momentum

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CNBC – For more and to sign up click here US President Joe Biden speaks about the Covid-19 response and the US vaccination program in the Eisenhower Executive Office Building in Washington, DC, July 6, 2021. Saul Loeb | AFP | Getty Images Nearly six months into President Joe Biden’s......

Congress may curb abuses of this charitable deduction used by the wealthy

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CNBC – For more and to sign up click here An IRS office building in the East Harlem neighborhood of New York. Timothy Fadek/Bloomberg via Getty Images Last December, two Atlanta tax professionals pled guilty to a scheme that defrauded the IRS of more than $250 million in taxes. The......

How some companies play ‘fast and loose’ with executive benefits: Trump’s charges, explained

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CNBC – For more and to sign up click here Allen Weisselberg, center, chief financial officer of Trump Organization, exits from criminal court in New York on July 1, 2021. David Dee Delgado | Bloomberg | Getty Images The Trump Organization and its chief financial officer, Allen Weisselberg, pleaded not......

How businesses are getting billions in cash back from government to offset hiring costs

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CNBC – For more and to sign up click here A store advertises for employees, after coronavirus disease (COVID-19) restrictions were lifted, in Santa Monica, California, June 22, 2021. Lucy Nicholson | Reuters Small businesses across the country are struggling to keep employees and attract new staff in a tight......

IRS data shows just who got $1,400 stimulus payments. Some people with higher incomes received checks

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CNBC – For more and to sign up click here CHUYN | iStock | Getty Images Figures from the IRS show who has received money from the third stimulus checks for up to $1,400 per person — and there are some surprises. In fact, some people with adjusted gross incomes......

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