Law Office of Nathaniel Landman

Press Release Thursday, October 29, 2020 For Immediate ReleaseMark Hinkle, Press Officer [email protected] News Release... SOCIAL SECURITY Social Security Begins New Electronic Social Security Number Verification Service The Social Security Administration has begun the initial rollout of its new electronic Consent Based Social Security Number (SSN) Verification (eCBSV) service. The agency is rolling out the service to selected participants through 2020, and plans on expanding the number of users in 2021. Our new electronic SSN verification service helps reduce synthetic identity fraud by comparing agency records with data provided electronically by approved participants, said Andrew Saul, Commissioner of Social Security. This is an important online service that helps us provide participants and their customers fast, secure, and more efficient SSN verifications. Social Security created eCBSV, a fee-based electronic SSN verification service, to allow select financial institutions and service providers, called permitted entities and including subsidiaries, affiliates, agents, subcontractors, or assignees of a financial institution, to verify if a person’s SSN, name, and date of birth combination matches Social Security records. Social Security needs the person’s written consent and will accept an electronic signature in order to disclose the SSN verification to the permitted entity. eCBSV returns a match verification of Yes or No. eCBSV does not verify a person’s identity. Social Security is committed to rolling out eCBSV to all selected permitted entities. The participants approved for the initial rollout are: Capital One Services, LLC Computer Information Development, LLC Discover Financial Services Early Warning Services, LLC Experian Information Solutions, Inc. ID Analytics, LLC SentiLink Corp. Synchrony Financial Zions Bancorporation Each of the service providers selected can serve up to 20 permitted entities, and with the financial institutions, there is the potential of 124 permitted entities participating in the initial rollout. This announcement does not affect the existing Consent Based SSN Verification service. For more information, see www.socialsecurity.gov/dataexchange/eCBSV/. To get more Social Security news, follow the Press Office on Twitter @SSAPress.

The Internal Revenue Service has released Rev. Proc. 2020-45 with annual inflation adjustments for 2021. Some notable highlights include: The basic applicable exclusion amount (and generation-skipping tax exemption) will be $11.7 million, up from $11.580 million for decedents dying in calendar year 2021.... The annual gift tax exclusion amount remains $15,000. The annual gift tax exclusion for a noncitizen spouse will be $159,000, up from $157,000. The standard deduction will increase to $25,100 for married individuals filing jointly, up $300 from the previous year; to $12,550 (up $150) for single taxpayers and married individuals filing separately; and to $18,800 (up $150) for heads of household. The top tax rate will remain 37% for individual single taxpayers with incomes greater than $523,600 ($628,300 for married couples filing jointly). There is once again no personal exemption for 2021. The personal exemption amount remains zero under the Tax Cuts and Jobs Act (TCJA). There’s once again no limitation on itemized deductions, as that limitation was eliminated by the TCJA. Under the TCJA, children under age 19 and college students under age 24 must pay taxes on unearned income (kiddie tax). For 2021, the standard deduction for unearned income subject to the kiddie tax is $1,100. The top (37%) income tax bracket for estates and trusts will begin at $13,051, up from $12,950. The alternative minimum tax exemption for estates and trusts, adjusted for inflation, will be $25,700, up from $25,400, and the phaseout of the exemption will start at $85,650, up from $84,800. The foreign earned income exclusion amount is $108,700. The qualified business income threshold under Internal Revenue Code Section 199A will increase to $329,800 for married individuals filing joint returns and to $164,925 for married individuals filing separate returns, and to $164,900 for single individuals and heads of household. See more

Bookmark and Share IRS.gov Banner IRS Tax Tips May 12, 2020 Useful Links: IRS.gov... Help For Hurricane Victims News Essentials What's Hot News Releases IRS - The Basics IRS Guidance Media Contacts Facts & Figures Around The Nation e-News Subscriptions The Newsroom Topics Multimedia Center Noticias en Español Radio PSAs Tax Scams/Consumer Alerts The Tax Gap Fact Sheets IRS Tax Tips Armed Forces Latest News IRS Resources Compliance & Enforcement News Contact Your Local IRS Office Filing Your Taxes Forms & Instructions Frequently Asked Questions Taxpayer Advocate Service Where to File IRS Social Media Issue Number: COVID Tax Tip 2020-55 What people really want to know about Economic Impact Payments IRS.gov has answers to many questions people may have about their Economic Impact Payment. Here are answers to some of the top questions people are asking about these payments. Is this payment considered taxable income? No, the payment is not income and taxpayers will not owe tax on it. The payment will not reduce a taxpayer’s refund or increase the amount they owe when they file their 2020 tax return next year. A payment also will not affect income for purposes of determining eligibility for federal government assistance or benefit programs. Can people who receive a Form SSA-1099 or RRB-1099 use Get My Payment to check their payment status? Yes, they will be able to use Get My Payment to check the status of their payment after verifying their identity by answering the required security questions. If someone’s bank account information has changed since they filed their last tax return, can they update it using Get My Payment? To help protect against potential fraud, the tool also does not allow people to change direct deposit bank account information already on file with the IRS. If the IRS issues a direct deposit based on the account information that the taxpayer provided on their tax return and the bank information is now invalid or the account has been closed, the bank will reject the deposit. The agency will then mail payment as soon as possible to the address they have on file. Get My Payment will be updated to reflect the date a payment will be mailed. It will take up to 14 days to receive the payment, standard mailing time. Where can people get more information? Taxpayers who are required to file a tax return, can go to IRS Free File to file electronically. If they aren’t required to file, they should go to the Non-Filers: Enter Payment Info Here tool and submit their information to receive an Economic Impact Payment. For the complete lists of FAQs, visit the Economic Impact Payment and the Get My Payment tool pages on IRS.gov. The IRS updates these FAQs regularly. The IRS encourages people to share this information with family and friends.

From the St. Louis Business Journal

Good advice from a fellow solo practitioner

Economic Impact Payments continue to be sent, check IRS.gov for answers to common questions WASHINGTON As Economic Impact Payments continue to be successfully delivered, the Internal Revenue Service today reminds taxpayers that IRS.gov includes answers to many common questions, including help to use two recently launched Economic Impact Payment tools. The IRS is regularly updating the Economic Impact Payment and the Get My Payment tool frequently asked questions pages on IR...Continue reading