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Among the many changes in it were a doubling of the standard deduction and Child Tax Credit, a $10,000 cap on the state and local deduction, the loss of some miscellaneous itemized deductions, a ...
Alternative minimum tax. House – No provision. Senate – About $70 billion to prevent 24 million taxpayers from paying the alternative minimum tax in 2009. The tax was designed to make sure wealthy taxpayers cannot use credits and deductions to avoid paying any taxes or paying at a far lower rate than would otherwise be possible.
The agency said it won't "challenge the taxability of payments related to general welfare and disaster relief," so taxpayers who received payments from the following states don't need to report ...
TARP allowed the United States Department of the Treasury to purchase or insure up to $700 billion of "troubled assets," defined as "(A) residential or commercial obligations will be bought, or other instruments that are based on or related to such mortgages, that in each case was originated or issued on or before March 14, 2008, the purchase of which the Secretary determines promotes ...
A tax preparer would, within 24 hours of submission, receive from the IRS confirmation that the submission was free of mathematical errors, and that the filer had no liens or delinquent federal student loans. This meant that there was good chance that the IRS would pay the refund within weeks, barring fraudulent income reporting.
In 2021, lawmakers included a change to the tax law in the American Rescue Plan that requires third-party network transactions to note and report all payments greater than $600 sent through their...
The IRS created a Taxpayer First Act Office to implement the law's provisions. [16] In January 2021, the IRS published a report to Congress addressing several of the law's provisions, including a new organizational structure.
New Emergency Provision for 2024 Beginning Jan. 1, 2024, new legislation allowed for penalty-free withdrawals of $1,000 from retirement plans for financial emergencies.
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