Taxes
Americans Pay More Than $525,000 In Tax Over A Lifetime
The US government collects over $5.3 trillion in taxes each year, but how much will the average American pay in taxes throughout their lifetime? We used the Bureau of Labor Statistics’ expenditure numbers to see what we as Americans were spending each day to work out what taxes we would be paying until we’re no […]
2021 Property Taxes by State
Depending on where you live, property taxes can be a small inconvenience or a major burden. The average American household spends $2,471 on property taxes for their homes each year, according to the U.S. Census Bureau, and residents of the 27 states ...
IRS Issues Urgent EFIN Scam Alert to Tax Pros
The Security Summit partners said the latest scheme, arriving just before the start of the nation’s tax season, should serve as another reminder that tax professionals remain prime targets for identity thieves.
Some Tax Pros Want an Extension of the Tax Year
Last year, with the U.S. facing the then-new COVID-19 pandemic and its effects on government, businesses and individuals, the IRS pushed the tax deadline from the usual date of April 15 until July 15. But that was 2020.
PPP Re-Opens Jan. 11, 2021: IRS and Treasury Offer New Rules and Guidance
To promote access to capital, initially only community financial institutions will be able to make First Draw PPP Loans on Monday, January 11, and Second Draw PPP Loans on Wednesday, January 13. The PPP will open to all participating lenders shortly ...
Paycheck Protection Program Expenses Now Deductible
The Treasury Department and the Internal Revenue Service have issued guidance allowing deductions for the payments of eligible expenses when such payments would result (or be expected to result) in the forgiveness of a loan (covered loan) under the ...
California to Stop Sales of Gasoline Cars by 2035: Move to All Zero-Emission Vehicles
The move comes as California battles historic wildfires that Newsom has blamed squarely on global warming, with more than 3.6 million acres burned so far this year. It could prompt other states that have followed California’s climate and ...
IRS to Offer 2020 Form 1040 in Spanish, Adding Support for More Languages
In addition to being available in English and Spanish, the 2020 Form 1040 will also give taxpayers the opportunity to indicate whether they wish to be contacted in a language other than English. This is a new feature available for the first time this ...