Now that former President Donald Trump's impeachment trial is over, all eyes on Capitol Hill are turning to President Joe Biden's massive $1.9 trillion stimulus bill, which appears to be headed for approval down partisan lines. The Democratic majority in the House of Representatives already voted to approve the plan, meaning the Senate will take it up sometimes this week. While the plan will likely need Vice President Kamala Harris' tie-breaking vote in the Senate to snap the 50-50 gridlock, it appears to be headed to President Biden's desk before March 14, which is when some crucial unemployment benefits are ...Continue reading
The mask slipped from the face of the financial elite at the start of this year when a group of private investors played the stock market for all it was worth. Working as a group, independent low-level investors manipulated the price of Game Stop stock shares and made a killing. In response to this, the formerly popular trading app Robinhood locked Game Stop stocks from being purchased. Holders were able to sell, but they could no longer buy. In other words, when the little guy wins, the big guy takes the ball, goes home, and steals the trophy. Independent journalist ...Continue reading
Way back in 1938 the U.S. Treasury Department ruled that Social Security benefits were excluded from federal income taxes. That ruling held until 1984 when a portion of Social Security benefits were subjected to federal income taxes. The somewhat mind-boggling rationale for subjecting money we already paid as a form of taxation to yet another tax is embodied in this 1983 Report by the House Ways and Means Committee statement: "Your Committee believes that social security benefits are in the nature of benefits received under other retirement systems, which are subject to taxation to the extent they exceed a worker's ...Continue reading
It's no secret that the COVID-19 pandemic has taken its toll on Americans in a variety of ways. From still elevated unemployment numbers and tens of millions of Americans struggling to make ends meet to restaurants operating at reduced capacity, the impact has been far-reaching. And while the federal government has passed multiple stimulus packages and dispersed checks since the pandemic began, it's safe to say that many Americans have been a bit surprised that there hasn't been a ton of flexibility when it comes COVID-related tax benefits. For instance, while many took advantage of enhanced unemployment benefits, Uncle Sam ...Continue reading
Fifth Avenue to Palm Beach? Silicon Valley to the Lonestar State? If high taxes and an unfriendly business environment were mounting prior to the COVID-19 pandemic in northern and left-coast states, you might say that the pandemic was the tipping point. Just look at all the businesses that have or are in the process of moving south over the past year when public health measures and gatherings restrictions continued to hamper businesses viability and increasing tax rates. Why Florida? Retailers, restaurants and other businesses are moving from New York and other northern states to Florida, specifically to the Palm Beach ...Continue reading
The pandemic has slowed down the economy, but it hasn’t delayed the April 15, 2021, tax filing deadline. The IRS, however, didn’t start processing tax returns until February 12th. As we've noted in a few previous articles, your tax filing isn't going to look the same as it did last year for multiple reasons -- policy changes among them. But there are still a few more things to keep in mind. Here are some new challenges for both the IRS and the average taxpayer this year: IRS Has a Later Start This Year The processing postponement was to give the ...Continue reading
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