Many people have received “gifts” from the IRS in the form of an unexpected bank deposit or check in the mail. Unfortunately, many of these recipients are not eligible for these payments and will need to return the money to the IRS when they file a 2021 tax return.
FIRPTA was enacted to ensure that foreign investors pay U.S federal income tax on the sale or disposition of U.S real property interests (USRPI).
The Foreign Earned Income Exclusion, or FEIE, is a tax benefit that allows you to avoid double taxation by excluding income earned in a foreign country from your taxable income for U.S. purposes.
The government has authorized additional COVID-19 relief as a part of the American Rescue Plan, which includes more stimulus payments.
It is safe to say that the retirement benefit is well worth your consideration. Social security also includes other benefits of disability, family survivors, and medicare.
Congress decided to encourage nonitemizers to increase their donations and passed new rules for 2020 and 2021. Taxpayers can now claim a modest tax deduction even when taking the standard deduction.