Michael Daddio News Today : Breaking News, Live Updates & Top Stories | Vimarsana

A Treasury Department spokesperson gave an answer that provides clarity for advisors with affluent clients.

Unemployment fraud may create a tax nightmare CNBC 2/9/2021 Greg Iacurci Billions of dollars in unemployment benefits have been stolen due to fraud during the Covid pandemic. Identity theft was among the most common unemployment scams, according to security experts. Victims will receive 1099-G federal tax forms for benefits they didn't receive. Taxpayers who receive them in error should reach out to state unemployment agencies to report the fraud and request a corrected document. © Provided by CNBC Millions of Americans will get tax forms for unemployment benefits this fil...

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Adam Jeffery | CNBC The IRS has signaled that it will bless a workaround that will allow small business owners to bypass the $ 10,000 limit on state and local income tax deductions. Since the Tax Cut and Employment Act went into effect in 2018, high-tax countries have been looking for ways to help individual taxpayers listed on their tax returns cope with the $ 10,000 limit. Last year, the IRS and Treasury blocked one of those strategies, laws in New York, New Jersey, and Connecticut that would have allowed municipalities to create charitable funds to pay for local services and offer propert...