On August 5, 2020, the Centers for Medicare and Medicaid Services (CMS) and the Treasury Department approved New Hampshire’s waiver application to operate a state-based reinsurance program. New Hampshire is the fifteenth state to receive approval for a waiver under Section 1332 of the Affordable Care Act (ACA). This post also summarizes recent legislation enacted in Colorado and New Jersey to adopt state-level health insurance assessments. These assessments generally replace the ACA’s federal health insurance tax, which was repealed by Congress beginning in 2021. Each state will use the revenue generated by the new assessment to bolster affordability and expand access to coverage.
Approval Of New Hampshire’s 1332 Waiver
New Hampshire’s five-year reinsurance program will begin with the 2021 plan year. The state’s $46 million program is expected to reduce premiums by about 16 percent (relative to premium levels in the absence of the waiver) and increase enrollment in the
Raising taxes would be “dangerous” and make it harder for Britain’s economy to recover from the coronavirus pandemic, Labour’s shadow chancellor has said.
Anneliese Dodds on Wednesday warned that Labour’s support would not be guaranteed if the government went ahead with a rise in capital gains tax, warning against “last-minute decisions around tax without appropriate scrutiny and without proper planning”.
Laying out Labour’s preferred economic strategy for the pandemic she told a seminar that the government should prioritise a return to growth, and that tax rises would be counterproductive reducing demand.
“There’s been some suggestion, before today’s news around capital gains tax, that there could be a kind of generalised income tax, VAT, or national insurance rise and/or cuts to public spending,” she told the online meeting organised by the Institute for Government.
“I think that would be really quite a dangerous move at a time when the
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The deadline to file federal taxes has finally arrived—it’s Wednesday, July 15 FYI—meaning if you haven’t yet completed your forms, now is the time. While tax season is often stressful no matter when you file, getting your documents together and knowing your options, like qualifying for a low-income waiver or filing for an additional extension, are valid ways to make the process way easier. The easiest way to lessen the last-minute stress, though: Use a great online tax software to file.
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If you don’t have a personal accountant, a tax software program will expedite the process of locating tax breaks, calculating refunds, and navigating any law changes. After testing some of the
Binance announced the rollout of its crypto debit card, the U.K.’s central bank is thinking hard about a digital currency and the taxman cometh. Here’s the story:
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BitGo is offering API support for the Financial Action Task Force’s (FATF) “Travel Rule,” which stipulates the originators and beneficiaries of financial transactions over $1,000 be identified and that their personal data must “travel” with those transactions. BitGo’s offering seeks to remove the headache of identifying wallets and transferring personally identifiable information between clients that use the San Francisco-based firm’s technology or custodial services.
Related: First Mover: Bitcoiners Not Worried Fed Money Printer Has Stopped Going ‘Brrrr’
Binance has announced the first major rollout
Tax day for 2019 is finally around the corner.
Taxpayers must file their returns and pay any outstanding liabilities by July 15 this year, three months later than the typical tax deadline due to the coronavirus. In March, the Internal Revenue Service gave Americans extra time to get their tax business together as they weathered the pandemic and ensuing lockdowns.
Read more: How to file taxes: The full breakdown
But the extended deadline applies to more than just the returns and tax payments.
Self-employed workers face multiple due dates on July 15, while those with unclaimed refunds from 2016 have until that date to finally get them. You have until July 15 also to lower your taxable income, or pay penalties on early retirement withdrawals.
Here’s what the extended deadline affects.
If you’re a freelancer
Tax day is rapidly approaching, and if you haven’t filed it’s time to start working on it.
Yes, you read that right. Tax day this year is July 15. That also means you have until that date to make a prior-year contribution to some retirement funds, and possibly get a tax writeoff.
Tax Deadline Extended
While the income tax payment and filing deadline as well as the related Individual Retirement Account (IRA) contribution deadline are normally on April 15, this year that date was extended 90 days due to the COVID-19 epidemic.
The new date to file your 2019 federal taxes is July 15, 2020. The date for making your 2019 IRA contributions was also extended to that date.
Some states also extended their filing deadline to match the federal filing deadline.
State Tax Information for Military Members and Retirees
If you can’t pay your 2019 taxes by the new
The IRS has pushed Tax Day 2020 to July 15th in light of the coronavirus outbreak. This delay now applies to both filing federal returns and federal tax payments, and many states are following suit and extending their tax deadline too.
July 15th might seem like a long time away, but experts are still recommending that you file as soon as possible. Hopefully you’ve already gathered your documents and have decided whether it’s a good idea for you to do your own taxes. Now, you might also might want to start figuring out where you’re going to file this year.
How you choose to file will depend on your particular tax situation. For instance, if you are a full-time employee and only have one W-2 to deal with, the process will likely be more straightforward and you can probably save a lot of money by filing yourself online.