Millions of Americans have gotten a scary, confusing letter from the Internal Revenue Service in 2021 saying they owe more taxes. Making matters worse, many of the letters are about stimulus payments meant to lessen the blow of the pandemic.
The explosion of IRS bills to taxpayers fall into a category known as “math-error” notices, and the IRS sent out more than 11 million of them from Jan. 1 to mid-August.
When the letters assess taxes due or reduce refunds, as millions do, they are treacherous for filers because the first notice is also the final notice--unlike with many IRS letters. What’s more, the law assumes recipients have conceded if they don’t respond within 60 days.
Read more at the Wall Street Journal
With today's FDA approval of the Pfizer-BioNTech COVID-19 vaccine, employers should be aware of the (current) OSHA reporting requirements if such vaccines are mandated by employers and negative reactions occur to the vaccine:
"If an employer requires its employees to be vaccinated, adverse reactions to the vaccines are considered “work-related” by OSHA. Employers who require COVID-19 vaccines must notify OSHA within 24 hours of an employee’s inpatient hospitalization (or within eight hours of an employee’s death) resulting from an adverse reaction.
For employers subject to OSHA’s recordkeeping requirements, if the adverse reaction meets other general recording criteria (e.g., days away from work, restricted work or transfer to another job, or medical treatment beyond first aid), the reaction must be recorded on the employer’s OSHA 300 log, even if it does not lead to hospitalization. For example, if an employee uses a sick day because of fever and chills following administration of the vaccine, the reaction must be recorded. On the other hand, if an employee merely requires over-the-counter medication to ease soreness at the injection site, the action need not be recorded.
Employers who merely recommend vaccination do not need to record adverse reactions or report hospitalizations due to those adverse reactions, even if the employer facilitates employees’ access to the vaccine."
Learn more at The National Law Review
During the pandemic, the Office of Civil Rights — the division of HHS that enforces HIPAA — announced it would give remote health care services a boost by suspending enforcement of certain rules and forgoing penalties.
Read more at Above The Law
A federal judge ruled the CDC overstepped its authority when it issued a nationwide eviction moratorium. What the ruling actually means still remains to be seen. Based on the move the Biden administration makes next in response and if a stay is granted.
One thing to remember: you cannot be forced from your home without an eviction notice.
Read more at WXYZ Detroit
The scammers are targeting potential applicants and offering to register them for the FEMA funeral assistance program in an effort to steal personal data.
Read more at WZZM13
Pres. Biden has floated the idea of getting rid of something called "stepped-up basis". What is this and how does this affect you?
When your parents pass and leave you the family house (or any asset), for instance, normally you would inherit that property at what it is worth today, regardless of the cost that your parents acquired it.
So, for instance, if your parents purchased their home for $40,000.00 thirty years ago (the "basis"), and if, at their death (the last parent to die) the house is worth $200,000, and then, after inheriting it, you were to sell that house today (for, say, $205,000), you would only pay taxes on the gain from what it is worth at the time your last surviving parent died and what it sells for (gain=$5,000.00 in this example - see outline below). This is because the "stepped-up basis" automatically increases the "basis" from the original purchase price ($40,000.00) to what it is valued at upon the last owner to die ($200,000.00).
If Biden does away with a "stepped-up basis," a policy/law that has been in place for many, many decades, you will inherit the property at the value your parents paid for the property (this is called the "basis" - $40,000.00). If you decide to sell (at $205,000.00) you will pay taxes on the difference between the original purchase price (the "basis" = $40,000.00) and what it sells for today ($205,000.00 = taxable value: $165,000.00). If you choose to try to keep the property, the IRS could still determine a value as of the date of the last to die and tax you on the gain (depending upon how the law and IRS regulation might be effected by such legislation).
Current Policy with a step-ups in basis:
Biden proposed Policy:
If your parent were to have sold this property prior to passing they would have paid no taxes because it was their primary residence. This will be, if Biden goes forward with this plan, a massively huge tax on the middle and lower classes, as well as forcing people to incur additional cost and time expenditures attempting to determine the original purchase price of the asset (houses are easier to track down this information than, say, stocks).
Paul A. Ledford, Esq.
Ledford & Associates
There's a lot going on in just a few sentences, and it's important to know when and how it applies to common situations -- and, equally as important, when it doesn't
Read more at CNN
"While the four corners of the lease may not provide an out for not paying rent, experts say tenants may be able to make the argument that they don't need to pay rent if a co-tenancy portion of the lease is not fulfilled. Co-tenancy provisions are designed to help a tenant have some sort of a guarantee of the amount of foot traffic going by the store by requiring other stores to remain open. Mall owners routinely juggle hundreds of such provisions, but the forced closure of many malls and stores may trigger co-tenancy agreements, and could give tenants an argument as to why they are not required to pay rent. "If every other store [in a mall] is shut down, that provides a defense," Weiner said."
Read more at Law360
