Many families have found themselves in strenuous financial situations and struggling to pay for rent due to the on-going pandemic. In a bid to give rental assistance, on December 27, 2020, the Department of Treasury allocated certain funds to states and political subdivisions, U.S. territories, Indian Tribes, and the Department of Hawaiian Homelands (“Distributing Entity”). …
Though he passed away in 2009, the Michael Jackson estate has been in an extremely long and ongoing fight with the IRS over the valuation of the estate for tax purposes. Earlier in May, Tax Court Judge Mark Holmes ruled that the combined value of Jackson’s assets was around $111.5 million. For comparison, Jackson’s estate …
Did you know the Arizona Department of Revenue has over $45 million in unclaimed property belonging to more than 159,000 people with last known addresses in Maricopa County alone? One of the largest amounts due a single owner is over $596,000! Wouldn’t it be great if that were you? Don’t miss: Community property and tax …
Becoming suddenly unemployed was an unfortunate first-time experience for many during the COVID pandemic. While the worst of it seems to be behind us, at least in the United States, there are many ongoing reasons for losing one’s employment. Preserving your income and assets during periods of unemployment is important and that includes doing what …
During COVID, millions of Americans lost their job or worked fewer hours, prompting many to apply for unemployment benefits. During tax season, people received form 1099-G from their respective states presenting the amount of unemployment benefits they received in 2020. Some people received a 1099-G, but had not applied or received unemployment benefits. The IRS …
In the recent Pub 5332, the IRS has released statistics about those taxpayers in the U.S. who have filed estate tax returns over the past ten years. Estate tax returns, also known as Form 706, must be filed by decedents who are recipients of a “gross estate” at death over a certain filing threshold. For …
One of the tragic and rarely talked about consequences of the pandemic has been the added financial burden families have had to shoulder after suffering the loss of a loved one to COVID-19. For many who were struggling before the pandemic or may have also suffered economic hardship due to the pandemic, this added expense …
Remember back to your school days when there were essays and projects themed around how you spent your summer? I was never one of the ones with the “coolest” or most fun summer, as I recall. But you may all be jealous of how we will spend some of our time this summer! As mentioned …
Good news for those of you who collected pandemic unemployment last year and already filed your 2020 taxes. You might be getting a refund! The American Rescue Plan Act enacted in March made unemployment benefits up to certain thresholds tax free. The IRS recently announced beginning in May it will begin issuing automatic refunds for …
As everyone is aware by this point, the tax deadline was extended by one month for 1040 returns. And in our tired haze, some odd things have come to light, so thought I would share some of these foibles. Don’t miss: Relocating to a new state? Consider these tax issues. Autocorrect can always play a …
Do you qualify for the Employee Retention Credit? How about a Paycheck Protection Loan? Looking for all COVID tax related information? We have you covered!
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