Filing taxes is always stressful in the #UnitedStates 🇺🇸 (as the #IRS are ruthless), but this should make it less expensive.
Unfortunately, I have to file taxes with my state too (like most citizens in #America 🇺🇸), so unless my state provides something similar, I will probably be paying the same rate to have my taxes done.
"This tax season, more than 140,000 taxpayers in 12 eligible states made use of Direct File — which allows users to submit simple tax returns directly to the government."
"Senate Finance Committee chair Ron Wyden (D-Ore.) called the expansion 'tremendous news for taxpayers all over the country who are tired of getting ripped off by the big tax prep companies …' "
New IRS fact sheet: Disaster relief impacts to retirement plans and IRAs
The IRS released a new Fact Sheet on the impact of SECURE 2.0 provision that provides ongoing disaster relief for certain loans and distributions in federally declared major disasters. Before SECURE 2.0, there was no disaster relief that allowed these loans and distributions for all major disasters.
The FAQs help individuals, employers, retirement plan and Individual Retirement Arrangement service providers with general tax information and details about:
Taxation and reporting of qualified disaster recovery distributions
Repayment of qualified distributions taken for the purpose of purchasing or constructing a principal residence in a qualified disaster area
#Trump faces 34 felony counts of falsifying business records in connection w/a #HushMoney payment made to a porn star to influence the 2016 election. The case could be in the jury’s hands as early as Wed.
The prosecution alleges that #Trump was present when his employees hatched a plan to falsify the records, & did not stop them from doing so. The prosecution could even argue that Trump, as the boss, effectively approved the plan & thus caused it.
I don't have 'controversial' opinions - like weak right wingnuts like to say about me.
I have strong personal, disabled POC woman opinions. They developed via my own life experiences & witnessing injustices as 3rd party.
I don't consider it controversial to stand up/speak up for injustices. I find it controversial, when people don't do that. I find people who don't do that to be cowards in several areas of life too.
People who refuse to live true to their own core values are all cowards.
Gonna bet that my last 'controversial idea' would result in fastest transitions out of Israel by the worst of the racist, freeloader Zionists folks with zero ancestry to Middle East & are literally just WS fanatics. You think those illegal squatters would be OK facing thousands of property taxes - they're skirting #IRS & #CRA - they should all be forced to pay retroactive property taxes on homes they stole too.
#Trump May Owe $100 Million From #DoubleDip Tax Breaks, Audit Shows
A previously unknown focus of an #IRS audit is a dubious accounting maneuver that effectively meant taking the same write-offs twice on his #Chicago skyscraper.
The 92-story, glass-sheathed skyscraper along the #Chicago River is the tallest &, at least for now, the last major construction project by #Trump. Through a combination of cost overruns & the bad luck of opening in the teeth of the Great Recession, it was also a vast money #loser.
But when Trump sought to reap #tax benefits from his losses, the #IRS has argued, he went too far & in effect wrote off the same losses twice.
There is no indication the #IRS challenged the initial claim,…that lack of scrutiny surprised #tax experts…. But in 2010, #Trump & his tax advisers sought to extract further benefits from the #Chicago proj, executing a maneuver that would draw yrs of inquiry from the IRS. First, he shifted the company that owned the tower into a new partnership.…like moving coins from one pocket to another. Then he used the shift as justification to declare $168M in additional losses over the next decade.
…reporting by NYT & ProPublica about the #Chicago tower reveals a 2nd component of Trump’s quarrel w/the #IRS. This account was pieced together from a collection of public docs, including filings from the NYAG’s suit against #Trump in 2022, a passing reference to the audit in a congressional rpt that same yr & an obscure 2019 IRS memo that explored the legitimacy of the accounting maneuver. The memo did not identify Trump, but the docs, along w/tax records…indicated Trump was the focus.
…The outcome of #Trump’s dispute could set a precedent for #wealthy people seeking #tax benefits from the laws governing partnerships. Those #laws are notoriously complex, riddled with uncertainty & under constant assault by lawyers pushing boundaries for their clients. The #IRS has inadvertently further invited aggressive positions by rarely auditing partnership tax returns.