IRS: 2021 Charitable Contribution

September 25, 2021By Smeriglio Associates LLCNews

Generally, individuals who claim the standard deduction on their tax returns can’t deduct charitable contributions. But for 2021, the Taxpayer Certainty and Disaster Tax extended parts of an earlier law that allowed individuals to claim charitable contributions up to $300 for 2020. Those who file married joint returns may claim up to $600 for 2021. … Read More

U.S. Senate – Draft Legislation

September 24, 2021By Smeriglio Associates LLCNews

U.S. Senate Finance Committee Chair Ron Wyden (D-OR) unveiled draft tax legislation for proposals being discussed in Congress. According to a press release, the law would close loopholes that allow rich investors and mega-corporations to use pass-through entities, primarily partnerships, to reduce their tax bills. Wyden stated that “70% of partnership income accrues to the … Read More

IRS: Hurricane Ida Victims

September 23, 2021By Smeriglio Associates LLCNews

Federal tax relief is now available to Hurricane Ida victims in parts of Pennsylvania. They now have until Jan. 3, 2022, to file various individual and business tax returns and make tax payments. The IRS has also provided relief to Hurricane Ida victims in Louisiana, Mississippi, New Jersey and New York. The IRS is offering … Read More

Build Back Better Act

September 22, 2021By Smeriglio Associates LLCNews

The $3.5 trillion human infrastructure bill (the “Build Back Better Act”) is progressing through Congress. The House Ways and Means Committee has approved its sections of the bill that mostly address social issues and plans to pay for them with tax increases on the wealthy and corporations. Democratic committee members dispatched some 66 amendments offered … Read More

IRS: Child Tax Credit Payments

September 21, 2021By Smeriglio Associates LLCNews

Eligible families are now receiving their September advance Child Tax Credit payments. This third batch of advance monthly payments, totaling about $15 billion, is reaching about 35 million families. Future payments are scheduled for October 15, November 15 and December 15. Eligible families who didn’t receive payments in July or August and are getting their … Read More