April - 2021

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Trout, James & Associates Company Blog

It's our job to keep our clients informed, especially in the current climate of exceedingly fast news cycles and social media it can be hard to keep up on what is important.

This blog is meant to bring you all the important tax, financial and legal information as it breaks. The laws are constantly changing and this blog is a way for us to provide you with the information we get in the most simple, unbiased and concise way.

Keeping you informed helps both us and you make the best decisions for your own personal experience. We update our company blog weekly with information that matters to you and your family's financial health. We scour the internet and read the articles so you don't have to!

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Younger Americans Hurt Most by Financial Stress During Covid

Michael Trout

Apr 30, 2021
4 min

Younger Americans Hurt Most by Financial Stress During Covid

In the year since the COVID-19 Pandemic began impacting all facets of American life, new data shows young adults are three times more likely to say they are experiencing pandemic financial stress compared to older adults. Three in four younger Americans ages 18 through 34 (75 percent) say they have been at least somewhat stressed about their financial situation since the pandemic began, compared with about 1 in 4 (27 percent) older Americans ages 65 and up. This according to

Homeless Americans Can Get Coronavirus Stimulus Payments

Michael Trout

Apr 26, 2021
6 min

Homeless Americans Can Get Coronavirus Stimulus Payments

Homeless Americans who don’t have a permanent address or a bank account may still qualify for the Coronavirus stimulus payments, also known as Economic Impact Payments, and other tax benefits, according to the IRS. While Economic Impact Payments continue to be made automatically to most people, the IRS can’t issue a payment to eligible Americans when information about them isn’t available in the tax agency’s systems. To help people experiencing homelessness, the rural poor an

Taxpayers Can Still Get a Tax Deduction by Setting Up an IRA Before May 17, 2021

Michael Trout

Apr 22, 2021
3 min

Taxpayers Can Still Get a Tax Deduction by Setting Up an IRA Before May 17, 2021

If you qualify and beat the tax return deadline, you can take an above-the-line deduction for an IRA contribution. Thus, the contribution may effectively reduce your 2020 tax liability. As we head into the home stretch of tax filing season, you may have an ace up your sleeve: If you qualify and beat the tax return deadline, you can take an above-the-line deduction for an IRA contribution. Thus, the contribution may effectively reduce your 2020 tax liability. The IRS recently

Is Alimony Deductible or Not? It Depends

Michael Trout

Apr 19, 2021
2 min

Is Alimony Deductible or Not? It Depends

If you’re getting divorced, you may be in for an unpleasant tax surprise at tax return time: You won’t be able to deduct any alimony that you pay as part of the divorce decree. On the other hand, if you’re in line to receive alimony, you don’t have to report those payments as taxable income. These corresponding tax provisions were included in the Tax Cuts and Jobs Act (TCJA) passed at the end of 2017. However, you still may be able to write off alimony payments made under a d

FBAR Deadline Still April 15 for Taxpayers with Foreign Bank Accounts

Michael Trout

Apr 13, 2021
2 min

FBAR Deadline Still April 15 for Taxpayers with Foreign Bank Accounts

The Internal Revenue Service is reminding U.S. citizens, resident aliens and any domestic legal entity that the deadline to file their annual Report of Foreign Bank and Financial Accounts (FBAR) is still April 15, 2021. The Internal Revenue Service is reminding U.S. citizens, resident aliens and any domestic legal entity that the deadline to file their annual Report of Foreign Bank and Financial Accounts (FBAR) is still April 15, 2021. The extension of the federal income tax

IRS Says Taxpayers Should Not File Amended Tax Returns Due to Stimulus Law

Michael Trout

Apr 7, 2021
2 min

IRS Says Taxpayers Should Not File Amended Tax Returns Due to Stimulus Law

The IRS is strongly urging taxpayers to not file amended returns related to the new provisions in ARPA or take other unnecessary steps at this time. Now that the American Rescue Plan Act (ARPA) has provided a wide range of tax breaks to individual taxpayers, some of them retroactively, tax practitioners are being inundated by questions from clients. Case in point: Should a taxpayer file an amended return if they have already filed a 2020 return with the IRS? Of course, there

Some May Receive Extra IRS Tax Refund for Unemployment

Michael Trout

Apr 2, 2021
3 min

Some May Receive Extra IRS Tax Refund for Unemployment

Because a change in the taxability of unemployment benefits was made into law after some people filed their taxes, the IRS will automatically calculate the amount those taxpayers should be refunded, starting in May. To help taxpayers, the Internal Revenue Service will take steps to automatically refund money this spring and summer to people who filed their tax return reporting unemployment compensation before the recent changes made by the American Rescue Plan. The legislatio

Michael Trout

Apr 1, 2021
2 min

College Students Warned of IRS Scam

The Internal Revenue Service is warning college students of an ongoing IRS-impersonation scam that appears to primarily target educational institutions, including students and staff who have “.edu” email addresses. Taxpayers who believe they may have provided identity thieves with this information should consider immediately obtaining an Identity Protection PIN. This is a voluntary opt-in program. An IP PIN is a six-digit number that helps prevent identity The IRS’ phishing@i

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