Gross Income

New York Tax Appeals Tribunal rules mandatory S corporation election triggered based on IRC definition of income

On May 17, 2021, the New York Tax Appeals Tribunal (“Tribunal”) tenuous that in order to determine whether a New York C corporation is required to elect to be treated as an S corporation following the investment ratio test under New York Tax Law § 660 (i), this test requires …

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What a new income-based repayment plan could mean for student loan borrowers

US President Joe Biden delivers remarks at the 153rd National Memorial Day Observance in … [+] Arlington National Cemetery on Memorial Day in Arlington, Virginia on May 31, 2021. (Photo by MANDEL NGAN / AFP) (Photo by MANDEL NGAN / AFP via Getty Images) AFP via Getty Images Last week, …

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What are reverse mortgage tax obligations?

Before committing to a reverse mortgage, you should be aware of what they entail and the associated costs. The reverse mortgage has advantages, such as not having to repay while you live in the property. You should always be aware of the tax implications of reverse mortgages when considering fees …

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The hotels in difficulty can provide a night turndown service, cannot be refused for subchapter V Bankruptcy – Insolvency / Bankruptcy / Restructuring

United States: Struggling hotels can provide turndown service, cannot be turned down for subchapter V bankruptcy May 31, 2021 Ward and Smith, PA To print this article, simply register or connect to Mondaq.com. Subchapter V of Chapter 11 of the Bankruptcy Code, which came into effect in February 2020, creates …

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More Stimulus Money Can Come In – Here’s What To Do With It

filo / Getty Images The first declarers can be regaled this year. If you filed your taxes for 2020, you might get one of the “Bonus checks” or “increased payments” the IRS distributed over the past two weeks, according to MoneyWise. See: If you get a stimulus check, how will …

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News in brief of May 30, 2021 | Community news

Interruption of water service A water service interruption is scheduled for Tuesday, June 1, from approximately 10 p.m. to 6 a.m. This work is necessary for the Burnt Store Road widening project. Customers in this area, which includes all Heritage Landing addresses, should plan to have no water service during …

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Possible late spring frost could adversely affect strawberry harvest | WFRV Local 5

(WFRV) – Growing strawberries is a risky business because farmers have to invest a lot of money before they see a return on that investment. Russell J. Allen, co-owner of Allenville Sweet Corn Allens, said, “You’ve invested about $ 5,000 an acre and you have no return for a year …

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13 states where social security benefits are taxed

Beyond what the federal government taxes on Social Security benefits, US states that have income taxes can also take an extra hit. Most states do not tax social security, but 13 do, mostly with different changes than federal taxation, according to the Tax Foundation. The US government taxes a portion …

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Advice on the tax obligations of the self-employed

The number of people who work for themselves continues to grow … That means millions more Americans are responsible for filing self-employment income and keeping track of the taxes they owe. Preparation of the corporate income tax return can be difficult for new entrants to the ranks of the self-employed, …

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Cancel the veto – Nathan Beacom | Letters to the Editor

LYONS – Last week, the Nebraska legislature, on a 33-11 vote, approved Bill 108, which would temporarily expand gross income eligibility for the Supplemental Nutrition Assistance Program (SNAP) to better support working families. Another bill, Bill 306, passed 38-6, would increase the income threshold for the Low Income Housing Energy …

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