News

'Can I write off my internet bill?': 2020 tax season poses pandemic-related questions

Source: kgw.com - Jan 19, 2021

PORTLAND, Ore. — If filing your 2020 tax return is giving you anxiety, you're not alone. Many people have questions about pandemic-related expenses and how they may or may not apply to their... Read more >

Category: General Business

$2,000 Stimulus Check Update as Joe Biden Pushes for Third Set of Direct Payments

Source: newsweek.com - Jan 15, 2021

President-elect Joe Biden has proposed "direct cash payments" totaling $2,000 be given to Americans, including a third stimulus check of $1,400, in addition to the $600 payment issued last month,... Read more >

Category: General Business

New Orleans council member asks state to overturn local assessor’s commercial tax cuts

Source: thelensnola.org - Jan 15, 2021

New Orleans Councilwoman Helena Moreno is asking the Louisiana Tax Commission — the state body that finalizes parish property tax rolls before tax bills are sent out — to investigate and... Read more >

Category: General Business

Tax breaks for Folgers projects rejected by New Orleans City Council

Source: nola.com - Jan 15, 2021

The New Orleans City Council on Thursday shot down four tax breaks worth millions of dollars for upgrades the Folger Coffee Company made to its roasting plants in New Orleans East. Council members... Read more >

Category: General Business

To help student borrowers, make education debt tax deductible

Source: thehill.com - Jan 15, 2021

When people carry education debt it can make it harder to budget basic needs, save money and qualify for financing to purchase a home. Education debt and the cost of higher education also deters... Read more >

Category: General Business

Employee Retention Credit

Source: irs.gov - Jan 14, 2021

The Employee Retention Credit is a refundable tax credit against certain employment taxes equal to 50 percent of the qualified wages an eligible employer pays to employees after March 12, 2020, and... Read more >

Category: General Business

IRS Says Key Tax Forms Will Be Ready For Tax Season, But There’s No Start Date Yet

Source: forbes.com - Jan 14, 2021

With all of the last minute changes to the Tax Code - and those stimulus check reconciliations - it was clear that the Internal Revenue Service (IRS) was going to have to make revisions to tax... Read more >

Category: General Business

How Trump’s tax policy improved the incentive to buy lottery tickets

Source: finance.yahoo.com - Jan 14, 2021

President Donald Trump’s second impeachment begins Wednesday for his role in inciting an insurrection at the Capitol on Jan. 6, adding another ignominious stain to his legacy for historians to... Read more >

Category: General Business

New bill would fight homelessness by raising California’s corporate tax rates

Source: mercurynews.com - Jan 14, 2021

New, higher tax rates on large corporations doing business in California would raise $2.4 billion to fund state homeless programs under a bill announced Wednesday. Assembly Bill 71, known as the... Read more >

Category: General Business

Can you get your own stimulus check? This is what it takes to qualify for one as an adult

Source: cnet.com - Jan 13, 2021

Though a second stimulus check of up to $600 per person is on its way to millions of Americans, about 13 million young people aged 17 to 24 who are listed as dependents on their family's taxes are... Read more >

Category: General Business

PPP reopens its doors this week. Here are 8 things small businesses need to know.

Source: inquirer.com - Jan 13, 2021

Now that Congress finally got around to it, a new round of the Paycheck Protection Program is resuming this week. If you’re a small-business owner and you want to take advantage of this... Read more >

Category: General Business

When Will You Get Your 2021 Income Tax Refund?

Source: cpapracticeadvisor.com - Jan 13, 2021

2020 is DONE. Now, let's think good thoughts for 2021, starting with the coming vaccines, and then income tax refunds. First: The Covid stimulus payments you received in 2020 (and the second check... Read more >

Category: General Business

If you don't get your second stimulus check by Jan. 15, this is what you'll have to do

Source: cnet.com - Jan 11, 2021

Millions of Americans have already received their second stimulus check for up to $600 per eligible person in the past two weeks, through direct deposit, mailed check or EIP card. If you haven't... Read more >

Category: General Business

Illinois to withhold federal tax breaks

Source: wcia.com - Jan 11, 2021

SPRINGFIELD, Ill. (WCIA) — Governor J.B. Pritzker announced a plan to withhold federal COVID-19 relief funds from small businesses to help fill the state budget deficit. Congress approved... Read more >

Category: General Business

Did You Sell or Spend Bitcoin in 2020? Here's What You Need to Know About Taxes

Source: fool.com - Jan 11, 2021

While the IRS acknowledges that bitcoin and other cryptocurrencies can be used to pay for goods and services in many cases, and can be readily exchanged for U.S. currency, it treats it a bit... Read more >

Category: General Business