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
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