Because of the current estate tax exemption amount ($11.7 million in 2021), many estates no longer need to be concerned with federal estate tax. As a result, more energy can be devoted to other aspects of estate planning. This article looks at important issues to still consider.
The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in the coming days.
The Act provides that if a taxpayer’s earned income for 2020 is less than the earned income for 2019, the taxpayer may elect to use their 2019 earned income to compute the 2020 federal earned income tax credit (see sec. 211 of Division EE of Public Law 116-260). Taxpayers must use their 2020 income to compute the Wisconsin earned income tax credit. Therefore, if a taxpayer elects to use their 2019 earned income to compute their 2020 federal earned income tax credit, they must recompute the federal earned income tax credit using their 2020 earned income amount for Wisconsin purposes.
Late in the day on December 20, 2020, leaders in Congress announced that they had reached an agreement on a new round of relief for the ongoing COVID-19 pandemic and economic stimulus. The Consolidated Appropriations Act, 2021 finally took shape after several days of negotiations between the Democrats and GOP on Capitol Hill.
Welcome to the new Batley CPA, LLC website! We hope you’ll find our content informative and helpful. We’ll use this “What’s New” section to post comments and insights about proposed or signed legislation, activities of taxing agencies, news from our organization, and other information that may impact your financial matters. If you have comments, questions, […]
Names like Cab Calloway, Duke Ellington, Count Basie, and Benny Goodman and tunes such as “Take the A Train,” “In the Mood,” “Ain’t Misbehavin’,” and “One O’clock Jump” filled the Trout Museum of Art in downtown Appleton on Thursday evening, Jan. 21. Bob Levy and his Little Big Band were the featured musicians in the […]