Are we facing economic “scarring” as the markets recover? Thomas Barkin discusses what needs to happen to minimize the long-term economic damage. The IRS has postponed the April 15 deadline. Alistair M. Nevius, J.D., explains the new IRS policy in the Journal of Accountancy. There may also be changes to your taxes from Biden’s new plan. The policy experts offer forecasts about what to expect.
U.S. Economy Is “On The Brink” Of A Complete Recovery, Says Richmond Fed’s Barkin –The U.S. economy is recovering from the Covid-19 recession, but some economic “scarring” may take a long time to heal, said Richmond Federal Reserve Bank President Thomas Barkin. Read more…
IRS Postpones April 15 Deadline — Individual taxpayers can postpone their federal income tax returns and income tax payment due on April 15 until May 17, 2021. They do not have to file Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return, to qualify for this postponement. The IRS says it will issue formal guidance in the near future. Read more…
Biden Has Promised Not To Raise Taxes On People Earning Less Than $400,000. Here’s What He Might Push For Instead — His plan is expected to call for an increase in corporate taxes, while individuals at higher income levels can also expect to pay more. Biden has called for raising the top tax rate to 39.6%, from 37%, for those who earn more than $400,000. Read more…
John R. Day, Bill Ennis, Stephanie Hall, and Matt Heller