Tax News – Internal Revenue Code Simplified

What does Families First Coronavirus Response Act Mean to You ?

March 21, 2020 by Prashant Thakur

The Families First Coronavirus Response Act or FFCRA that related to pandemic Cornavirus or Covid-19 , provides tax and other reliefs for individuals, self-employed and businesses.Earlier the Govt. provided Coronavirus relief for payment of 2019 tax due .The FFCRA provides temporary relief through December 31, 2020, to eligible employees affected by the Coronavirus pandemic as it imposes various …

High-deductible health plans for 2019 Coronavirus (COVID-19)

March 18, 2020 by Prashant Thakur

The Internal Revenue Service today advised that an individual with an HDHP or high-deductible health plans, may continue to contribute to a health savings account (HSA) can pay for 2019 Coronavirus (COVID-19)-related testing and treatment, without jeopardising their status. In Notice 2020-15 (PDF), the IRS informed that health plans that otherwise qualify as HDHPs will not …

2020 IRS Tax Rates & Brackets

February 21, 2020November 7, 2019 by Prashant Thakur

The 2020 tax rates that affect your tax filing for 2021, came out on Wednesday 6th Nov 2019 !Find the copy of IRS release on the 2020 tax rates and income brackets. While the seven slabs of tax rates remain unchanged, the income limits have been changed. You can consult 2019 tax brackets for filing in 2020.

2018 Form 1095-B and Form 1095-C to Individuals Extended !

December 6, 2018 by Prashant Thakur

The Internal Revenue Service has extended the due date for furnishing the 2018 Form 1095-B and Form 1095-C to individuals from January 31, 2019 to March 4, 2019.This extension is automatic which means that you do not need to submit a request or documentation to take advantage of this extension. Read the Notice 2018-94.

Interest Paid on Home Equity Loans Still Deductible- IRS Clarifies !

February 24, 2018 by Prashant Thakur

Despite newly-enacted restrictions on home mortgages under the Tax Cuts & Jobs Act , you can still deduct interest on a home equity loan, home equity line of credit (HELOC) or second mortgage. This is so , because the restriction under the The Tax Cuts and Jobs Act of 2017, enacted on Dec. 22, is not for the deduction for interest paid on home equity loans and lines of credit that are used to buy, build or substantially improve the taxpayer’s home that secures the loan.

Tax Cuts & Jobs Act : 14 Changes Every Individual Must Know About

December 24, 2017December 23, 2017 by Prashant Thakur

Tax Cuts & Jobs Act brought under the Trump tax plan is now a reality . Here is my selection of fourteen tax changes that affect Individual Americans in the year 2018 .There are many other changes in the tax provisions that will indirectly affect individuals . but these 14 tax changes are most important …

Trumps Tax Plan by Thanksgiving Day ! 10 Quick Glimpse on What is Coming

November 2, 2017 by Prashant Thakur

News reports suggest that Trump Tax plan is likely to be billed and passed through the House by Thanksgiving day. The initial plan is expected to be released on Thursday.Here are a few things to watch out for based on a trickle of details that are leaking Thursday morning: The highest tax bracket will remain …

Stern Gets Legal Notice for Tax Info Broadcast !

February 25, 2017February 15, 2017 by Prashant Thakur

Accidental blues on celebrity ! On 13th Feb 2017, a woman named Judith Barrigas, filed a complaint in Massachusetts federal court alleging that her tax information was aired during Sern Radio Show on May 19, 2015 in contravention of Federal Tort Claims Act .