No images? Click here November 2020 Tax NewsletterHappy & Safe Thanksgiving from MIR Taxes!Almost the end of another year but when will the pandemic end?The 2019 tax season is mostly completed. The IRS will shutdown the e-filing system soon to get ready for the 2020 tax year processing. The United States has elected a new president but the results shows a mainly divided nation again. However, it is the time of year to give thanks as Thanksgiving Day approaches. For the United States, we are thankful for the democratic process that continues to be successful in electing candidates to its political offices. For our clients, MIR Taxes is thankful for your support during the year. We are always here for you during any crisis or from any place in the world. We are thankful for continued health, family and friends. Everyone... have a Happy Thanksgiving!U.S. Presidential Election - 2020Although not "official" as of this date, Joe Biden has been declared the President-elect for the United States. The country faces a new administration but possibly the same issues of non-cooperation within the sectors of government. However, the democracy of the United States of America remains strong. There are concerns but that is part of the history of the democratic nation of the USA. Many expressed "concerns" and "fears" over the election of Donald Trump to be become a "fascist" "tyrant" in 2008. Obviously, this proved to be a senseless belief, almost comical. Our country has a strong system of government that makes it very difficult for any one person to become an "autocrat" and lead with absolute rule. Democracy prevailed, although many tried to detour it with their national protests. The system of government provides the checks and balances for the USA. Now, a new president-elect, a new administration, and four years of possible ideological changes which hopefully will be beneficial to the American people. Now, can they get together and provide the Covid aid that many Americans now need. Congratulations to President-elect Joe Biden. If you wish to know Joe Biden’s proposed tax policies. Additional information on "Impact Of Potential Biden Administration On Estate And Wealth Transfer Planning" can be read here. Read the Tax Foundation's article on the Prospects for Federal Tax Policy After the 2020 Election. IRS Shut-down for 2020 E-filingThe Internal Revenue Service shuts down the e-filing system each year to make its annual maintenance and update to the computer systems. E-filing would not be possible until late January of the new year. For 2020, the IRS will close e-filing on November 21. Therefore, if you have not filed yet, do so before then. After this date, taxpayers would have to post mail their tax return and wait for a couple of months, at least, for the IRS to process the returns. The IRS is still dealing with the backlog from the lockdown during the spring. Covid-19 Economic Income PaymentsThe Government Accountability Office (GAO) reports that almost half a million taxpayers did not receive their entire stimulus payment amounts due to distributing complications related to those who have dependents. Taxpayers who have not received the stimulus payments should file their 2019 tax returns as soon as possible to obtain their aid. Most taxpayers may have to wait until the 2020 tax returns are filed in which tax credits will be issued as refunds. This will include the additional aid for dependent children under 17 years old. Non-filers… warning of pending due date!If you are not required to file a tax return because of below-the-limit filing thresholds, you must act immediately. Non-filers would include retirees with fixed income, college students that are not dependents, unemployed persons in 2019, and other lower-income individuals. You can still obtain the stimulus payment of $1,200 by applying directly on the IRS website here. The deadline for non-filers to apply was extended by the IRS to November 21 or lose the option to obtain the check. The IRS urges any eligible self-supporting college student who doesn’t need to file a tax return to apply. Another stimulus on the way?Wait and see if the US Congress begin working for the people. Tax Planning 2020 Before Year-end - DonationsKeep 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. IRS makes it easier to set up payment agreements; offers other relief to taxpayers struggling with tax debtsIf you have a tax debt with the IRS, please read their news release on how they are assisting taxpayers during the pandemic. 2020 Tax Year UpdatesThe IRS released the 2021 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other important tax changes. Note: The Consolidated Appropriation Act for 2020 increased the minimum addition tax for failure to file a tax return within 60 days of the due date. Starting with returns due after Dec. 31, 2019, the new additional tax is $435 or 100 percent of the amount of tax due, whichever is less - an increase from $330. The $435 additional tax will be adjusted for inflation, the IRS states. Further, the tax items for tax year 2021 of greatest interest to most taxpayers, according to the IRS, include some of the following:
While the 2020 tax year may not experience the drastic and numerous tax changes which was brought on in 2018 by the Tax Cuts and Jobs Act of 2017 (TCJA), 2020 will have changes to the U.S. tax laws that taxpayers should be aware especially if it is beneficial to them. The highlights of 24 changes are summarized here, which were caused by several congressional acts. The revised 2020 standard deductions are presented here. Other Tax News Links InformationUnited States COVID-19: Are Your Constitutional Rights Quarantined Too? United States COVID-19 V. The Constitution: The Conflict Continues United States EBITDA, Adjusted EBITDA, And EBITDAC In The Age Of COVID-19 United States Post-Election Analysis 2020: Tax United States Do Telecommuters Working In Another State Owe New York State Income Taxes? United States IRS Announces 2021 Cost-Of-Living Adjustments European Union EU List Of Third Country Non- Cooperative Jurisdictions For Tax Purposes United States The Continuing US Tax Impact Of The 'One-Time' Section 965 Transition Tax United States Remote Workers Beware: Potential Double Taxation Under The Convenience Rule United States Wealth Management Update United States What Do The 2021 Cost-Of-Living Adjustment Numbers Mean For You? Contact for tax consultationPlease 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 Convert currency & save money!Convert your currency wisely, efficiently, and economically by opening an account with MoneyCorp for free today! MoneyCorp can help both private and corporate clients, with a few payments that includes:
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