The last BUZZ
of 2024!
* The Instructions for the 2024 Form 1040 and 1040-SR are available at the IRS website.
*
Here is some good news for 2025, a year that very likely could be a disaster
for the US and the world (i.e. Trump presidency). Key Bell reports “IRS sending up to $1,400 to1 million who missed out on COVID stimulus checks in 2021” at DON’T MESS WITH
TAXES –
“The
Internal Revenue Service is sending out holiday gifts this month to around a
million people. The recipients are people who were eligible for, but did not
claim, the 2021 Recovery Rebate Credit (RRC).
By
the end of next month, they should have the funds in hand, or directly
deposited into their bank accounts.”
Why?
“The
IRS examination of its records found that around one million eligible taxpayers
who did not automatically get an EIP also did not claim the tax credit. While
they filed a 2021 tax return, they left the data field for the Recovery Rebate
Credit blank or filled out that section as $0 when they actually qualified for
the credit.”
*
ACCOUNTING TODAY identifies “The best and worst states for individual taxes in 2025” as per a recent Tax Foundation study.
My
former home state of New Jersey is making progress. The Garden State is no longer last on the
list. It is #48 – the 3rd least
competitive state for individual income taxes for 2025.
*
The latest in the FinCEN BOI saga: “Updates to Beneficial Ownership Information Reporting Deadlines – Beneficial Ownership Information Reporting Requirements Now in Effect, with Deadline Extensions” -
“In
light of a December 23, 2024, federal Court of Appeals decision, reporting
companies, except as indicated below, are once again required to file
beneficial ownership information with FinCEN.”
*
But wait – Russ Fox just reported “I’m Not Making This Up: BOI Is Stayed Again” –
“
. . . the 5th Circuit Court of Appeals has reversed the previous ruling, and
once again the Beneficial Ownership Information (BOI) reporting requirements of
the Corporate Transparency Act (CTA) are again stayed nationally.”
THE
LAST WORD
There is nothing to celebrate about 2024 and
the approaching 2025. November 2024 saw
the re-election of the absolute worst
human being to hold the office of President, and the absolute worst choice for
President, or any elected or appointed office of power, in the history of the
United States.
By embracing and
supporting Trump as its 2024 Presidential candidate today’s Republican Party
and its leadership and elected officials have proven beyond any doubt that it
does not care one ounce about American freedoms and democracy, true American
values, the Constitution, and the rule of law.
In 2025 we must
vocally and aggressively oppose and denounce Trump and today’s Republican Party
and its racist and repressive plans and policies while continuing to call for
holding Trump legally responsible for his multitude of state and federal
crimes.
And we must work to
defeat every Republican candidate for every election at every level.
From a tax point of
view – expect substantial federal tax legislation to be passed sometime in
2025.
TTFN
