Last year, when the coronavirus outbreak first hit hard, the IRS was quick to respond by postponing the 2020 tax-filing deadline from April 15 to July 15. At a time when so many people were losing their jobs and dealing...
Over eight million people opened new brokerage accounts in the first three quarters of 2020. While the thrill of enormous stock gains may have provided a much needed distraction for some during the pandemic, unintended tax consequences are now manifesting...
The names of the key players are different, but the lessons similar. The spectacular implosion of hedge fund Archegos Capital Management, much like the GameStop saga earlier this year, serves as a reminder of the dangers posed by extreme leverage,...
Secretary says she wants to find ‘fair’ solution for the limit Some Democrats are seeking repeal of $10,000 limitation U.S. Treasury Secretary Janet Yellen pledged to work with Congress to ease the $10,000 cap on state and local tax deductions...
If you didn't max out your 2020 Roth IRA contribution, it's not too late. The deadline for making your contribution isn't until Tax Day, typically April 15. But the IRS announced that it's extending the tax deadline to May 17....
While some Americans received their $1,400 stimulus checks from the government this weekend, the relaunch of the Get My Payment tool by the Internal Revenue Service has once again increased frustration. Many users, hoping to learn about the status of...
If you received unemployment benefits in 2020 and you’ve already filed your tax returns, the Internal Revenue Service is saying you don’t have to file an amended return to claim the new tax waiver on up to $10,200 of your...
The latest version of the $1.9 trillion federal coronavirus relief package could save millions of people who lost work due to the pandemic from a surprise tax bill. On Saturday, the Senate passed a version of the Covid bill that...
A dedicated team of IRS criminal investigation professionals is now working on identifying taxpayers who have omitted to disclose income from cryptocurrency. What Happened: In a Federal Bar Association presentation, Damon Rowe, the Director of the Office of Fraud Enforcement...
Taxes are a fact of life, and so are annual changes in how you file and calculate your federal income tax. But the coronavirus pandemic will mean even more than the usual yearly surprises when you sit down to do...
Some tax law changes may retroactively affect your taxes – to your benefit. Find out if and when you should amend and refile your taxes. You pay income and capital gains taxes on any income earned or gains received, respectively....
When it comes to choosing a retirement plan, you have options. You can sign up for your employer's 401(k) and have funds deducted automatically from your earnings each pay period. Or, you can open an IRA, which is a good...
How is your state treating COVID loans made to companies? The U.S. Small Business Administration’s Paycheck Protection Program (PPP) is providing an important lifeline to help keep millions of small businesses open and their workers employed during the COVID-19 pandemic....
We have officially entered tax season. And, in this time of uncertainty, USA TODAY is working to find answers to your tax questions – anything from how your stimulus checks or unemployment benefits affect your 2020 plans. You can submit...
President Joe Biden has extended the government's lifelines that have helped homeowners keep their homes during the COVID financial crisis. Many mortgage holders have been only too eager to put their payments on hold, as allowed under the relief law...
