December 2020

Are there any significant tax changes for 2021?Each year, the Internal Revenue Service (IRS) announces adjustments to the tax code for the coming year. The IRS hasn't made any significant changes so far, but the agency has made some…

Here is one that few of us frequently have reason to use. Form 709 is used to report transfers subject to federal gift taxes and generation-skip transfer (GST) taxes. It is also used to allocate the lifetime GST exemption to property…

If you made contributions to one of a certain set of retirement accounts this year, you may be eligible for an additional tax credit. Not everyone is entitled to the retirement savings contribution, also called savings credit. To qualify,…

People have lunch at Orsay restaurant in New York on December 11.…

The IRS has added a new question at the top of Tax Form 1040, aimed at identifying people who make money on cryptocurrency transactions. Cryptocurrency, or virtual currency, includes things like Bitcoin and is a digital representation of…

Receive free UK tax updatesWe will send you a MyFT Daily Summary email gathering the latest UK tax news every morning. An influential report proposing a single 5% wealth tax in the UK could pave the way for broader increases in…

A New Haven-based think tank on Tuesday proposed three solutions for a regressive tax system that disproportionately weighs on working and middle-class families: higher tax rates for the highest incomes, new taxes on capital gains…

Key points to remember The top US tax regulator has notified crypto traders of the misreporting of taxes for the year 2018. For many, this has resulted in cumbersome tax audits or hundreds of thousands of dollars in taxes. The…

If you are going to be 65 at the start of 2021, you will be able to file your taxes with Form 1040-SR. Here are some reasons why this form might be a good choice for you.…

The COVID-19 pandemic has resulted in the imposition of various measures globally that have inevitably placed restrictions on the physical presence of people in their workplaces. This has raised concerns about the permanent establishment…

Through Taxscan team - December 2, 2020 4:36 p.m. Over the past few years, there have been several discussions about the regulation of gambling laws in India. While some people support a complete ban on the activity, others…