December 2020 Tax Newsletter

Happy & Safe Holidays from MIR Taxes!

End of the year ... and another tax season coming

As we approach the end of a tumulus and challenging year, MIR Taxes would like to extend our wishes for a very Happy Holiday season to each of you and your families. Covid-19 does not seem to want to leave as the year ends so please stay safe and aware of your surroundings.

Another stimulus on the way?

The Congress seems to be getting closer to a new economic aid package with the nonpartisan by passing the Congressional leaders. Stay tuned for the news and how to obtain your additional economic aid checks. If you did not receive your first payment this past spring, contact us.

Do Not Forget to Contribute to a Charitable Organization before December 31

Keep in mind that for your 2020 tax return you will be able to obtain a charitable contribution credit of $300. This was provided in the CARES Act. You still have a few more months to make that contribution to your favorite charities. Read more information here.

A recommended charity is the The CHS Helpline: This is a free, 24/7, anonymous and confidential telephone support service in English offering information and support to children, adolescents and adults. It is operated by volunteers who are trained and supervised by professionals. In the US: via KBF’s “Community Help Service ASBL (BE)” fund here.

2020 Tax Year Updates

The IRS released the 2021 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other important tax changes. These highlights were presented in prior newsletters. If you missed it, please see 24 changes summarized here.

The revised 2020 standard deductions are presented here.

In addition, the capital gains tax rates for 2020 are summarized here.

Other Tax News Links

United States What Will The IRS Do If You Don't Prepare An Income Tax Return?

United States IRS Doubles Down On No Double Dip

United States Proposed Changes To The Estate And Gift Tax Laws

United States When S Corporations Should Elect Entity Treatment For GILTI Purposes

United States 2020 Year-End Tax Planning Guide

United States Biden's Tax Plan

United States Alert! Oregon Proposing New Beer And Wine Tax Increase

United States How Long Does The IRS Have To Audit Your Return?

United States Last Call To Take Advantage Of 5-Year Carryback Rule

United States Web-Based Businesses And Other "Remote Sellers" Beware - A Morass Of Sales Tax Obligations Are Upon You

Italy Rewarding Employees: New Clarity On Benefit Plan Rules In Italy

Luxembourg Tax Trends And Tips To Look Out For In 2021

Portugal Portuguese Non-habitual Residency Status In A Nutshell

Contact for tax consultation

Please contact us if you wish to arrange for a time to speak concerning your tax situation. We can conduct telephone, video, or in-person (Brussels) consultations. Appointments can be made here. Or you can contact us by email with any questions or concerns for this tax season.

Check website for more information ... www.mirtaxes.com

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