Maryland announced new filing deadlines for 1st Quarter. They are now due April 15, 2021 for many taxes.
Maryland - What's New for your 2020 Tax Return
The Consolidated Appropriations Act, 2021, H.R. 133 was signed Dec 27, 2020 with updated tax law changes.
Steps to Take Now to Get a Jump on Next Year’s Taxes
IR-2019-158, September 24, 2019 Safe harbor rental real estate to be treated as a trade or business
IR-2019-156, September 13, 2019 section 168(k) 100% additional first year depreciation deduction
IRS finalizes regulations for 100 percent bonus depreciation
IR-2020-216, September 21, 2020 — The Treasury Department and the Internal Revenue Service today released the last set of final regulations implementing the 100% additional first year depreciation deduction that allows businesses to write off the cost of most depreciable business assets in the year they are placed in service by the business.
IR-2019-57, March 26, 2019 Plug-in electric vehicle tax credit begins phase down April 1, 2019
IR-2019-14, February 13, 2019 Safe harbor method for determining depreciation deductions for passenger automobiles that qualify for the 100-percent additional first year depreciation deduction
IR-2019-04, January 18, 2019 Final regulations and guidance, implementing the new qualified business income (QBI) deduction (section 199A deduction).
2019 IRS Publication 5307 Tax Reform Basics for Individuals and Families
Tax Cuts and Jobs Act aka H.R.1
2018 Capital Gains & Qualified Dividends
2018 AMT Exemptions
2018 Mortgage Interest & Taxes Paid
2018 Child Tax Credit & New Family Credit
2018 Deduction for Qualified Business Income
Section 529 Qualified Tuition Programs - 529 plans can allow distributions of up to $10,000 per-student to pay tuition expenses for a public, private, or religious elementary or secondary school. post secondary rules remain unchanged.
Entertainment Expenses - No deduction is allowed to an activity considered to be entertainment, amusement or recreation. No deduction is allowed for membership dues to any club organized for business, pleasure, recreation or other social purpose or a facility used in connection with the above. IR-2018-195 IRS issues guidance on business expense deductions for meals, entertainment
IRS issues final regulations on the deduction for meals and entertainment
IR-2020-225, September 30, 2020 — The Internal Revenue Service issued final regulations on the business expense deduction for meals and entertainment following changes made by the Tax Cuts and Jobs Act (TCJA).
Moving Expenses - Moving expenses deduction and exclusion from income provision is allowed only the members of the Armed Forces on active duty that move pursuant to a military order and incident to a permanent change of station until 2025.
Bicycle Commuting Reimbursement Exclusion - Any employer reimbursement are taxable to the employee.
Casualty Loss - A personal casualty loss is deductible only if such loss is attributable to a Federally Declared Disaster Area declared by the President until 2025.
Itemized Deduction Phase-out - The phase-out of itemized deductions provision has been suspended until 2025.
Kiddie Tax - The parent's tax rate is no longer used to calculate kiddie tax. Net unearned income in excess of $2,100 is now taxed according to the tax brackets applicable to trusts and estates until 2025.
Section 179 Expense Deduction - Maximum amount is $1,000,000
2018 standard Mileage Rates
Charitable Contributions - the taxpayer must obtain a contemporaneous written acknowledgement for any contribution of $250 or more. In 2018, the percentage of AGI limitation for charitable contributions increased from 50% to 60%. No charitable deduction is allowed for payment to a higher education institution in exchange for which the taxpayer receives the right to purchase tickets or seating to an athletic event.
Medical Expenses - The threshold for deducting medical expenses increases to 10% for all taxpayers until 2025.
Alimony - Alimony is no longer deductible by taxpayer spouse and includible in income by the recipient spouse. This rule only applies for divorce or separation instruments executed after December 31, 2018, and instruments executed on or before December 31, 2018 but modified after that date to include these new provisions.
Some Refunds Delayed
The IRS wants taxpayers to be aware of several factors that could affect the timing of their tax refunds next year. Due to a December 2015 law, the IRS cannot issue refunds on tax returns claiming the Earned Income Tax Credit or the Additional Child Tax Credit before mid-February. Under the change required by Congress in the Protecting Americans from Tax Hikes Act, the IRS must hold the entire refund – even the portion not associated with the EITC and ACTC. This law change, which went into effect in 2017, helps ensure that taxpayers get the refund they are owed by giving the IRS more time to help detect and prevent fraud. EITC/ACTC-related refunds should be available by first week of March
IRS Private Debt Collection
The IRS began a new private collection program of certain overdue federal tax debts selecting four contractors to implement it. The IRS will always notify a taxpayer before transferring their account to a private collection agency (PCA). First, the IRS will send a letter to the taxpayer and their tax representative informing them that their account is being assigned to a PCA and giving the name and contact information for the PCA. This mailing will include a copy of Publication 4518, What You Can Expect When the IRS Assigns Your Account to a Private Collection Agency. Only four private groups are participating in this program: CBE Group of Cedar Falls, Iowa; Conserve of Fairport, N.Y.; Performant of Livermore, Calif.; and Pioneer of Horseheads, N.Y. The taxpayer’s account will only be assigned to one of these agencies, never to all four. No other private group is authorized to represent the IRS. Note: Check your account balance. If nothing is due, you typically wouldn’t be contacted by IRS or a private firm.
IR-2017-70, March 30, 2017 For Small Business Startups, New Option for Claiming Research Credit; Option Still Available for Those That Already Filed Notice 2017-23, provides guidance on a new provision included in the Protecting Americans From Tax Hikes (PATH) Act enacted in December 2015. This new option will be available for the first time to any eligible small business filing its 2016 federal income tax return this tax season. Those who already filed still have time to choose this option.
Tax Preparedness Series: Tax Records — What to Keep
IR-2016-162, Dec. 6, 2016 — As tax filing season approaches, the IRS has information for taxpayers who wonder how long to keep tax returns and other documents.
The Protecting Americans from Tax Hikes Act of 2015 (the PATH Act), was enacted on December 18, 2015. The PATH Act contains several changes to the tax law that affect individuals, families, businesses and help safeguard against tax fraud.
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