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Expert Take
The United States Department of Treasury is again sharpening its sword upon crypto. In January 2021, the Department of Treasury’s Financial Crimes Enforcement Network issued Notice 2020-2. The Notice states that FinCEN intends to amend its regulations concerning the reporting of foreign financial accounts to include digital currency as a type of reportable account.
In simple terms, this means FinCEN may soon require crypto users to file annual Reports of Foreign Bank and Financial Accounts, or FBARs, for crypto held on foreign exchanges. The effects of such an amendment are expansive. A mere paragraph long, the notice carries several implications that affect crypto owners well beyond a simple FBAR report.
Should you take that extra month to file your taxes?
J. David Ake/AP
FILE - This April 13, 2014, file photo shows the Internal Revenue Service (IRS) headquarters building in Washington.
By: Katie Gibson - CBS MoneyWatch
Posted at 12:20 PM, Apr 06, 2021
and last updated 2021-04-06 14:20:24-04
The pandemic has changed many aspects of life, including taxes, and is again leaving Americans with a little extra time to file their returns.
But the extension granted by the Internal Revenue Service doesn t mean it makes sense for everyone to procrastinate until this year s new May 17 deadline.
Asked whether it s prudent to stick with the usual April 15 deadline, accountant Dan Geltrude said the decision basically comes down to whether you re expecting cash back from Uncle Sam.
Are you ready for the latest good news and bad news regarding your federal income taxes?
Today, we have a little bit of both. But it depends on your level of income, whether or not you received unemployment benefits last year and whether or not youâve already filed your federal income tax return for 2020.
To put it in a nutshell: The $1.9 trillion stimulus bill President Joe Biden signed into law Thursday retroactively changed the rules regarding taxation of unemployment benefits. And that could mean youâll be getting a larger tax refund (or a lower tax bill), potentially to the tune of thousands.
Tax Talk: Why buying a house may not make a difference in your taxes southbendtribune.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from southbendtribune.com Daily Mail and Mail on Sunday newspapers.