Skip to content
myGPS Login
Financial News
IRS Delays Tax-Filing Deadline Until Mid-May
Extension will give taxpayers more time to grapple with late law changes, pandemic WASHINGTON—The Internal Revenue Service delayed the main April 15 tax-filing and payment deadlines for individuals until May 17, giving taxpayers and preparers a bit of breathing room in an unusually complicated tax season. The move comes after lawmakers and accountants urged the…
Read MoreWorried Stocks Are About to Crash? Here’s How to Get Ready.
Our next market downturn could happen soon. Gear up for it before it’s too late. It’s been a volatile couple of weeks in the stock market, and while that’s technically nothing unusual, it’s also reason enough to make many investors uneasy. In fact, given the backdrop we’re looking at — a raging pandemic, a sluggish…
Read MoreBill Gates is worried about Bitcoin, other cryptocurrencies for this reason
‘Bitcoin uses more electricity per transaction than any other method known to mankind,’ Gates said Watch the latest video at foxbusiness.com While a surge of interests from forward-looking investors pushed the price of a single bitcoin beyond $57,000 as of Thursday, billionaire Bill Gates has concerns about the process required to produce the digital currency.…
Read MoreBiden Eyes First Major Tax Hike Since 1993 in Next Economic Plan
President Joe Biden is planning the first major federal tax hike since 1993 to help pay for the long-term economic program designed as a follow-up to his pandemic-relief bill, according to people familiar with the matter. Unlike the $1.9 trillion Covid-19 stimulus act, the next initiative, which is expected to be even bigger, won’t rely…
Read MoreFed Holds Steady on Interest Rates, Bond Purchases
Most officials expect to hold rates near zero through 2023, while also expecting recovery to gain steam WASHINGTON—The Federal Reserve kept its easy-money policies in place and vowed to maintain them until the U.S. economy recovers further from the effects of the coronavirus pandemic, while also highlighting the brightening outlook for growth. “Following a moderation in the pace of…
Read MoreIRS to Delay Tax Deadline to Mid-May After Chaotic Year
The Internal Revenue Service is planning to delay the April 15 tax filing deadline by about one month, giving taxpayers additional time to file returns and pay any outstanding levies, according to three people familiar with the discussions. The IRS is still figuring out what the final deadline will be. The agency is considering setting…
Read More$10,200 unemployment tax break: Don’t file an amended tax return, IRS says
KEY POINTS President Joe Biden signed the American Rescue Plan Act of 2021 on Thursday. The $1.9 trillion Covid relief bill gives a federal tax break on up to $10,200 of unemployment benefits. The IRS told Americans to wait to file an amended tax return if they received unemployment benefits in 2020 and already filed…
Read MoreA Third of Americans Plan to Raid Their Retirement Savings to Make Ends Meet
Nearly a third of of non-retired Americans plan to tap their retirement savings this year to buy necessities or pay down debt, according to a new survey from Money and Morning Consult. The survey of 2,200 adults conducted last month found that 35% of non-retired respondents had already dipped into their retirement funds since the…
Read MoreIRS offers guidance on employee retention credit and PPP eligibility
The Internal Revenue Service released guidance Monday for employers claiming the employee retention credit for 2020 and how it relates to eligibility for the Paycheck Protection Program. The guidance in Notice 2021-20 echoes the information the IRS has already provided in its employee retention credit FAQs, but includes some clarifications and discusses the retroactive changes to the CARES…
Read MoreYour eligibility for a $1,400 stimulus check is based on your adjusted gross income—here’s how to calculate it
While lawmakers have not yet agreed on the details of another coronavirus relief package, fresh $1,400 stimulus checks are expected to be included. For many Americans, eligibility for those relief payments may come down to a figure you hardly ever think about: your adjusted gross income. Whether or not you receive a payment depends on your…
Read More