In March 2020, Congress started down the rather unusual but not unprecedented path of sending people checks to help them deal with effects of the COVID-19 pandemic and economic downturn. Nationwide, as many as 8 million households appear to have been eligible for this first round of economic impact payments (EIPs) but had not received the money by the
Taxes
The third and biggest round of economic stimulus payments will start to hit taxpayers direct deposit … [+] accounts this weekend. getty The Internal Revenue Service announced today that it will begin delivering Round 3 economic stimulus payments this weekend. The $1,400 per person economic impact payments were part of the $1.9 trillion Covid-relief stimulus
Directly above short of wooden blocks with word – Trust. Business concept getty The most challenging decision an estate planner must make is who to recommend as a trustee for a client. Trusts execute the estate plan, and the trustee is the lynchpin of any trust. The trustee plays multiple roles; a financial and ministerial role; they
Retirees, newborns, and students find out they’re in line to get recovery rebate credits on their … [+] 2020 tax returns as well as round 3 stimulus payments. getty A retired widowed engineer who typically has $120,000-plus in income got welcome news from his tax preparer. He’s getting $1,800 — Round 1 $1,200 plus Round
Tax Time Shutterstock Even though it’s too late to elect Section 475 MTM for tax-year 2020, the opportunity for 2021 is available now. In this blog post, I will cover the scenarios that make it prudent to obtain Section 475 for tax-year 2021 and how to make the election. Before I dive in, let’s review
“man in shirt shows euro symbol in tealeaves. Suggests a businessman/financier predicting the … [+] financial futureFor different currencies and variations on this, please see this LB” getty [Editor’s Note: This article originally appeared in the February 15, 2021, issue of Tax Notes International.] It’s a new year, and Portugal holds the presidency of the Council of the
WEEHAWKEN, NJ – View of New York City from Weehawken. New Jersey could gain big if a Supreme Court … [+] case on income taxes goes its way. (Photo by Gary Hershorn/Getty Images) Getty Images The pandemic and subsequent downturn has left its mark on state and local budgets over the past year, but it
1st June 1928: American statesman Franklin Delano Roosevelt (1882 – 1945) smiling when he heard … [+] that he was leading the contest for Governor of New York State. He later became the 32nd President of the USA. (Photo by Hulton Archive/Getty Images) Getty Images Presidents sometimes play an outsize role in shaping tax policy
NETHERLANDS, Rotterdam : Dutch party leaders Paul Tang (PvdA), Hans van Baalen (VVD), Dennis de Jong … [+] (SP), Esther de Lange (CDA) , Sophie In ‘t Veld (D66) and Marcel de Graaff (PVV) attend a debate at the Erasmus University in Rotterdam on May 19, 2014 in preparation for the upcoming European elections. Elections
Gift tax written on piece of paper. getty The Biden administration has promised to lower the Unified Credit for Estate taxes from $11.7 million to $3.5 million, and the credit for gift taxes to $1 million. The question on many planner’s minds is whether Congress has the political will to make those changes retroactive: that is