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Tax News
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DEDUCTING 2021 FREEZE DAMAGE ON YOUR 2020 TAX RETURN
The February 13–17, 2021 North American winter storm, unofficially referred to as Winter Storm Uri, was a major winter and ice storm that had widespread impacts across the United States, Northern Mexico, and parts of Canada. Over 9.9 million people in Texas alone suffered blackouts, little or no water, and burst pipes due to Winter […]
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IRS CHANGES HOW UNEMPLOYMENT INCOME IS TAXED
The IRS has changed the tax treatment of the New Exclusion of up to $10,200 of Unemployment Compensation guidance. Its original guidance included unemployment income in adjusted gross income when calculating the $150,000 modified adjusted gross income (MAGI) limitation. On March 23, 2021, the IRS updated its instructions for the unemployment compensation exclusion worksheet and […]
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AMERICAN RESCUE PLAN ACT OF 2021
President Biden has just signed the $1.9 trillion American Rescue Plan Act (ARP) of 2021, which includes a few COVID-related tax provisions you should know about. Most interestingly, it contains no provision to pay for the spending, including any income or estate and gift tax increases. 2020 tax-free unemployment benefits The bill continues the $300 […]
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NEW IRS CAMPAIGN TARGETS HIGH-INCOME TAXPAYERS
While the IRS audit coverage has declined for most people, primarily due to budget cutbacks, the IRS will soon be back with a vengeance ‒ targeting high-income individuals. The overall individual audit rate is only about one in 250 returns, but the odds increase as your income goes up (especially if you have business income). […]
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