Tax numbers Feed

The 16-year tax fight between a former pizza franchise mogul and the state of Kansas is over. The Sunflower State owes Gene Bicknell $63 million. At least that's the amount that Bicknell, who at one time owned the most Pizza Huts in the world, says he's due from the Kansas Department of Revenue (KDOR) after it erroneously taxed him as a Kansas resident when he lived in Florida. Kansas vs. Florida tax residence status: Bicknell's legal tax residency was at the heart of the multimillion-dollar tax matter. The KDOR said Bicknell was a Kansas resident. Bicknell, however, argued that his... Read more →


The Small Business Administration's annual Small Business Week events ended earlier this month, but another federal agency now is doing its part to support companies. The U.S. Treasury Department this week announced five states will receive the first round of newly-reauthorized State Small Business Credit Initiative (SSBCI) money. SSBCI was first established in 2010. The program was reauthorized and expanded in March 2021 as part of the American Rescue Plan Act (ARPA). It now has nearly $10 billion that will go to states for programs that promote entrepreneurship nationwide. Hawaii, Kansas, Maryland, Michigan, and West Virginia are the first states... Read more →


Unemployment benefits can help relieve some of the sting of losing your job. But there are downsides. The monthly amounts again are fully taxable. And during the COVID pandemic, criminals have had a field day getting fraudulent payments, and causing tax troubles for those individuals whose identities they stole. The COVID-19 pandemic and employment still are inextricably linked. When the coronavirus hit the United States in 2020, the concern was for the companies that had to shut down, and their employees who suddenly were without paychecks. Congress passed a series of COVID relief bills that provided relief options for companies... Read more →


Photo by Jess Bailey Designs The only thing worse than getting a surprising high property tax appraisal — which, as one of April's tax tips advises, you definitely should protest for venting, as well as potential lower tax, purposes — is having your local tax collector tell you that your tax payment is overdue. That happened to 2,400 homeowners in upstate New York, according to LocalSYR.com. Tax rebate endangered: Technically, the property owners in Onondaga County didn't get a past due bill. Instead, they incorrectly received notice from the Empire State's Department of Taxation and Finance that they could lose... Read more →


Photo by Andrea Piacquadio These last 2+ years of lingering coronavirus pandemic have prompted some folks to become more adventurous. They've done isolation 180s, now opting to hit the road. Some have even gone as far as to move far, far away from their homes. When U.S. residents make international moves for work, there's one part of the country they keep. They still must file tax returns and pay tax to Treasury on their overseas earnings. Yeah, I know. Not exactly the memento from home you wanted to take on your travels. The good news, though, is that Uncle Sam... Read more →


Vice President Kamala Harris looks on as President Joe Biden makes remarks on the White House lawn. (White House photo) Tax tradition return redux: Biden and Harris again release their tax returns The United States' top two elected officials were among the millions who filed 2021 tax returns this year. President Joe Biden and First Lady Jill Biden reported on their joint Form 1040 adjusted gross income of $610,702. After the figuring was done, they paid $150,439 in federal income tax, which was a 24.6 percent effective tax rate. Vice President Kamala Harris and her husband Douglas Emhoff reported more... Read more →


Yeah, this image is (sadly) amusing, but a quick, real tax payment note. Make your check or money order, as long as it's not for an astronomical amount, payable to U.S. Treasury, not the Internal Revenue Service. Are you going to have to pay Uncle Sam tomorrow? Is your due tax a lot? A whole lot? If your tax bill is very — and I mean VERY — big, you won't be able to send the U.S. Treasury a check. Specifically, the Internal Revenue Service warns those who are extraordinarily deep in tax debt that it can't take a single... Read more →


If you are a U.S. taxpayer living outside the country and frantically working to meet this year's April 18 tax-filing deadline, take a breath. Then mark your calendar for June 15. The Internal Revenue Service grants taxpayers who are overseas, including members of the armed forces stationed abroad, and automatic two-month extension to file. You don't have to send in Form 4868 to get it the extra filing time. Note, however, that this automatic extension to file is just that, an extension to file. If you owe tax for the 2021 tax year, you must pay it by this year's... Read more →


Screenshot of YouTube News Disaster video of Puerto Rico flooding Tax Day 2022 has been moved to May 16 and June 15, but just for some taxpayers. And no, this is not a late April Fools Day joke. The postponement is for reasons none of us would want. It's for folks who were struck by major natural disasters. The Internal Revenue Service announced last week that it has granted special tax relief to Puerto Rico residents of who in February were struck by severe storms, flooding, and landslides. They now have until June 15 to file various individual and business... Read more →


Did you turn 72 in the last half of 2021? Happy belated birthday, from me and the Internal Revenue Service. My late wishes are because I'm a nice person. The IRS' greetings, which also might be as sincere, also are because your septuagenarian milestone could mean money for the U.S. Treasury. That birthday is the deadline for taking a required minimum distribution, or RMD, from certain tax-deferred retirement savings accounts. And if you celebrated that momentous day in the last half of last year, but didn't take an RMD in 2021, then you have just a few more days to... Read more →


Does your tax bill seem too big? You are not alone in thinking that, according to a recent survey. Every filing season, a lot of taxpayers discover that, at least from their point of view, they are paying too much in taxes. That's still true, even though we've now had four full years of the Tax Cuts and Jobs Act (TCJA) changes. This major tax reform bill was supposed to simplify filings, and it did for millions by expanding the standard deduction amounts and shifting folks from itemizing. It also, according to the Republican lawmakers who crafted it, was supposed... Read more →


IRS office in New York City. (Photo by Matthew Bisanz via Wikipedia Commons) Almost six months into Uncle Sam's current fiscal year, Congress finally agreed to fund it fulltime. Representatives and Senators last week sent the $1.5 trillion appropriations package to the White House. Before that, they also signed off on yet another short-term continuing resolution that will keep government offices open until March 15. That should give President Joe Biden time to sign the fiscal 2022 spending measure into law before a government shutdown is triggered. The measure, H.R. 2471, got bipartisan support in both chambers. The House passed... Read more →


Photo by Kevin Bidwell from Pexels Need in-person help with a tax issue? Then mark your calendar for Saturday, March 12. That day, 36 Internal Revenue Service Taxpayer Assistance Centers in 24 states and the District of Columbia will be open for in-person guidance. You don't have to make an appointment. TAC staff will welcome walk-in taxpayers between 9 a.m. and 4 p.m. on March 12. Not for filling out 1040s: Before you head out, though, note that the Saturday session is not to help taxpayers fill out their tax returns. Rather, IRS agents will help with such matters as... Read more →


SoFiStadium.com It's a Sunday afternoon, so of course I'm channel surfing watching sports. Not only are the various athletic offerings great entertainment, they produce big bucks for teams and athletes. They also cost us taxpayers, regardless of whether we attend or watch the events, big time, especially when cities and states help build the sporting facilities. Since 2000, subsidies for financing professional sports stadiums have cost taxpayers $4.3 billion, according to three members of Congress. Since the owners of the sports teams that use the sites are raking in billions of dollars every year, the Democratic trio has introduced a... Read more →


Taxpayer Advocacy Panel members provide information on how to improve the IRS at the agency's annual Tax Forums. (Photo courtesy TAP News) That old saying about everybody talks about the weather, but nobody does anything about it applies to most things. If you substitute "complains" for "talks," then it definitely applies to taxes. But with taxes, unlike the weather, there is a possibility for change. Really. The Internal Revenue Service is looking for volunteers to serve on the Taxpayer Advocacy Panel (TAP). The TAP is a federal advisory committee whose members look for ways the IRS can improve services and... Read more →


@Beijing2022 As I type, athletes representing the United States at the winter Olympics in Beijing have won 12 medals. Six of the awards are gold, five are silver and one is bronze. In addition to receiving the medals themselves, along with a floral bouquet and a stuffed toy version of Bing Dwen Dwen, the immensely popular panda mascot of the games, the celebrated athletes get some cash. The United States Olympic and Paralympic Committee pays $37,500 for each gold medal, $22,500 per silver, and $15,000 per bronze. In case you were wondering about your own tax bill, the Team USA... Read more →


Americans who'd rather permanently deal with Paris traffic instead of that in their U.S. homes have seen their expatriation plans put on hold by the global pandemic. (Pixabay photo via Pexels) A lot of folks have done some soul searching during the COVID-19 pandemic. Some joined the Great Resignation, quitting jobs they realized really weren't good fits. Many of them started their own companies. Others decided to disengage even further and farther. They formally expatriated by renouncing their U.S. citizenship or terminating their long-term U.S. residency. Exit tax costs: This official move has a tax consequence. Since enactment of HEART... Read more →


And while the new $600 trigger for Venmo, PayPal, and other such electronic transfer options does apply to this year's transactions, you won't get the associated 1099-K forms until next (2023) filing season. Image by mohamed Hassan from Pixabay You and your pals regularly meet for lunch or happy hour and split the costs. You also send your baby sister some cash when she runs low. And, of course, you do all this via a peer-to-peer (P2P) payment app that lets you transfer money quickly to your friends and family members' mobile devices. Now you're freaking out because you heard... Read more →


The standard deduction always has been appealing because it's easier. There are no receipts to collect, no Schedule A to fill out. When you add in the Tax Cuts and Jobs Act's standard deduction increases, even more taxpayers saw their standard amounts exceed their itemized claims. Since you always want to use the deduction method that gives you the larger claim, using the standard deduction became a no-brainer for millions more filers. Will you join this growing group of taxpayers this filing season? To help you decide, here's a look at the standard deduction amounts that can be claimed on... Read more →


Eager tax filers, especially those with relatively uncomplicated returns, can now take advantage of Free File. The Internal Revenue Service and Free File Alliance of tax software manufacturers are open for filers. Just go to IRS.gov, click the File Your Taxes for Free line under How can we help you?" and you're there. If you use a search engine to find free tax filing, you'll likely discover other options. You'll also probably get such offers in your email box. But the only official, IRS-sanctioned Free File option is the one on its website. 8 participants in 2022: This year, the... Read more →