Democrats want to expand child tax credits to give families more money to weather the pandemic. Those payments could be monthly instead of one lump sum.
Now out of office, Trump may have to face tax questions Jonathan O Connell, David Fahrenthold, Jeff Stein President Donald Trump and first lady Melania Trump exit Air Force One as they arrive at Palm Beach International Airport after leaving Washington on Jan. 20. (Alex Edelman/AFP/Getty Images)
Once his impeachment trial concludes and former president Donald Trump returns to his business, he will face some obvious challenges, such as declining real estate income and investigations from New York authorities.
But he may also have to finally face two tax issues that have been simmering in the background, either of which experts say could carry significant consequences should they materialize now that he is out of office.
Whether or not Trump is convicted at his impeachment trial, he faces an IRS decision on a massive refund and may no longer be able to conceal his tax returns.
Receive Unemployment Last Year? Expect A Surprise Come Tax Time
Tens of millions of Americans collected unemployment benefits for at least some period of time last year due to the pandemic’s hit on the economy and chances are good taxes weren’t top of mind for too many people.
According to a story reported on by CNN and WHDH/7 News Boston, after the stress of losing their job and figuring out how much their
unemployment check would cover, taxes were probably not on most people s mind.
Nevertheless, unemployment compensation is treated as taxable income both by the IRS and by most states. (The exceptions are Alabama, Alaska, California, Florida, Montana, Nevada, New Hampshire, New Jersey, Pennsylvania, South Dakota, Tennessee, Texas, Virginia, Washington, and Wyoming.)