Tax News & Views Do I need an ITIN Roundup

January 29, 2021

The Ins & Outs of the Individual Taxpayer Identification Number – Jared Johnson, Eide Bailly. “Do I need an ITIN? If so, how do I obtain one?”

These are common questions that arise every year as tax time approaches. Understanding what an ITIN is and what purpose it serves can help taxpayers effectively manage their U.S. filing requirement without added stress or delays.

GOP digs in on preserving Trump tax cuts – Naomi Jagoda, The Hill. “Republicans are signaling a determination to protect their 2017 tax-cut law and prevent President Biden from making good on campaign pledges to partially undo the measure.”

5 Ways A Democratic Controlled White House, Senate And House Could Affect Your Estate Planning – Christine Fletcher, Forbes. “If tax reform does come in 2021, many think it will happen toward the end of the year and be effective in 2022. Once the vaccine has been widely distributed, Americans are back to work and the nation begins to heal, someone is going to have to pay for all the COVID relief that the government has been providing. Some form of compromised tax bill may be in the future.”


How to Use Your 2020 Tax Return to Claim Stimulus Payments – Richard Rubin, WSJ($). “The Internal Revenue Service is basically done sending out stimulus checks, after finishing a first round in the spring and summer and a second round in December and January. But there are still billions of dollars that some households can claim—through their 2020 tax returns.”

Economists Call For “Sweeping, Bold” Covid-19 Rescue Package – Richard McGahey, Forbes. “On Wednesday, Chairman Jerome Powell gave a sobering assessment of how far the economy still has to go, helping to spook the stock market.  That’s why Invest in America, a new group advocating “robust public investment” is calling on Congress to quickly pass a “sweeping, bold” spending package like the one the President has proposed.”

6 popular homeowner tax breaks – Kay Bell, Don’t Mess With Taxes. “In addition to achieving what many still view as a big part of the American Dream, owning a personal residence still offers a wide variety of tax breaks.”

New Jersey lawmakers press for SALT cap repeal in next relief package – Naomi Jagoda, The Hill.

“"Relief from the unfair and destructive SALT cap offers the precise breed of action our constituents, states, and localities will benefit from immediately," the lawmakers wrote in letters Wednesday to Treasury Secretary Janet Yellen and to House Speaker Nancy Pelosi (D-Calif.) and Senate Majority Leader Charles Schumer (D-N.Y.).”

New York Bill Would Deny Tax Credits to Some Bailout Recipients – Carolina Vargas, Tax Notes.

“Under S. 2756, introduced January 25 by Sen. Jessica Ramos (D), corporate recipients of federal emergency economic assistance would be prohibited from applying for or receiving any state tax credit within three years of reacquiring shares in their own company. The bill would apply to all corporations receiving federal assistance funds from a federal bailout program or stimulus act.”

Subway’s tuna does not contain tuna, lawsuit claims, saying the ‘ingredients were not tuna and not fish’ – Mass Live. “Subway’s tuna isn’t actually tuna, in fact, it might not even be fish, two people claim in a federal lawsuit filed recently.”

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