News you can use
4th Stimulus Check Update
The chance of Federal government issuing another round of stimulus payments are next to none, however, some states have been organizing their own payments for those who have been in and out of work this year. Some states have organized different programs in which those in need would get additional money to keep afloat. Unfortunately, Louisiana is not one of the states that will provide any additional “free” money to its residents. For more details click on the link below.
US Debt Celling
The House of Representatives gave final approval on raising the government’s borrowing limit to $28.9tn ($480 billion increase). The President Joe Biden is expected to sign the bill into law before October 18th. This increase should be only enough to get to December 3rd. Will there be another increase in December and how all this will impact taxpayers, it all remains to be seen. For more details click on the link below.
Bank reporting requirements
The government is struggling to pay the bills as they become due and that is one of the reasons that they are raising the debt ceiling by additional $480 billion. This may be the Government’s fix in a short run; however, taxpayers will pay for it in a long run. The Biden administration proposed raising revenue by cracking down on unpaid taxes by wealthy Americans and businesses. To help find those unreported funds the administration wants banks to give Internal Revenue Service new details on their customers and provide data for accounts with total annual deposits or withdrawals worth more than $600. This proposal created controversy among banks and Republican lawmakers, who say giving the Internal Revenue Service such power would be an enormous breach of privacy and government overreach. I believe that almost every individual has more that $600 annually going in and out their bank account and as such this would be overload of information that IRS would receive and still would not be able to utilize information appropriately.
Did you know that currently, any person in a trade or business who receives more than $10,000 in cash in a single transaction must file Form 8300 within 15 days after the date the person received cash?
Open Enrollment
Health insurance open enrollment will start November 1, 2021 and it will be open through January 15, 2022. Now is the time to apply for those of you who are planning to get health insurance coverage through the open market. Please make sure that you use correct figures from your tax return when applying so that your premiums can be calculated appropriately. Please remember if you are self-employed, health insurance premiums are deductible above the line (dollar for dollar deduction). For more details on Open Enrollment select the link below.