Multistate – Last-minute tax filers could receive surprise IRS bonus

Some Americans may still be waiting to receive their 2019 tax refunds from the IRS – or still waiting to file altogether – and that could mean their checks might be a little bit larger upon receipt. The tax agency announced this week that it Continue reading Multistate – Last-minute tax filers could receive surprise IRS bonus

Multi-State – Congress Could Reverse IRS Denial of Tax Deductions For Paycheck Protection Expenses May 2, 2020.

On April 30, the IRS ruled out tax deductions for wages and rent paid with forgivable PPP loans. The IRS views it as a double dip. However, some Senators and Congressmen are pushing back, saying that expenses funded with small business Continue reading Multi-State – Congress Could Reverse IRS Denial of Tax Deductions For Paycheck Protection Expenses May 2, 2020.

Multi State – IRS Deposits First Stimulus Checks Into Americans’ Bank Accounts

The first of the Economic Impact Payments promised to American taxpayers were direct deposited on Saturday, the IRS announced. The agency promised more payments would come “very soon. #IRS deposited the first Economic Impact Payments into taxpayers’ bank accounts today. Continue reading Multi State – IRS Deposits First Stimulus Checks Into Americans’ Bank Accounts

Global – COVID-19 Pandemic Spurs Crypto Law Updates in J5 Countries

The members of the Joint Chiefs of Global Tax Enforcement (J5) are updating their crypto laws to prevent financial crimes and money laundering. The J5 is a multiagency coalition that includes government agencies from Australia, Canada, the Netherlands, the United Continue reading Global – COVID-19 Pandemic Spurs Crypto Law Updates in J5 Countries

Multi-State – IRS Counsel Nominee Briefly Advised Trump Organization On Taxes

President Donald Trump’s nominee for chief counsel of the Internal Revenue Service briefly advised the future president’s real estate company on a tax question several years ago. Michael Desmond counseled the Trump Organization on “a discrete reporting matter for a Continue reading Multi-State – IRS Counsel Nominee Briefly Advised Trump Organization On Taxes

New Jersey – State Division Of Taxation Postpones Deadlines for Hurricane Florence Victims

Taxpayers affected by Hurricane Florence now have until Jan. 31, 2019 to file their New Jersey tax returns or make payments on taxes that had an original or extended due date between Sept. 7, 2018 and Jan. 31, 2019. If Continue reading New Jersey – State Division Of Taxation Postpones Deadlines for Hurricane Florence Victims

Multistate – Understanding Bitcoin And Taxes

As cryptocurrencies like Bitcoin become more mainstream, the Internal Revenue Service is paying close attention. In fact, from the close of 2018 and onward, we’re looking at monumental changes in how the IRS is considering these technologies, at least financially. Continue reading Multistate – Understanding Bitcoin And Taxes

Multistate – States Sue IRS, Treasury To Strike Down SALT Cap Under New Tax Law

Connecticut, Maryland, New Jersey, and New York filed a lawsuit in federal court to eliminate the $10,000 limit on SALT (State and Local Tax) deductions imposed as part of the Tax Cuts and Jobs Act (TCJA). “The lawsuit names Treasury Continue reading Multistate – States Sue IRS, Treasury To Strike Down SALT Cap Under New Tax Law

Multi-State – Abolish The Income Tax, Replace With A Sales Tax

American Thinker by J. Marsolo September 6, 2017 American Thinker has published two articles in the past week on having a flat income tax, and a similar proposal to use FICA, which is a flat rate, to replace the current Continue reading Multi-State – Abolish The Income Tax, Replace With A Sales Tax

Indiana – Offering Free Income Tax Filing For Certain Taxpayers

SALT Report 3234 – The Indiana Department of Revenue is collaborating with participating vendors and the IRS in offering free income tax filing via their online website for certain taxpayers with an AGI below $58,000.  The program is called “Infreefile”. Continue reading Indiana – Offering Free Income Tax Filing For Certain Taxpayers