Income tax news today

Here are some recent income tax news updates:

USA

  1. Tax Filing Deadline Extended: The IRS has extended the tax filing deadline for individuals and businesses affected by the COVID-19 pandemic. The new deadline is May 17, 2021. (Source: IRS)
  2. New Tax Credits for Families: The American Rescue Plan Act has introduced new tax credits for families, including a child tax credit and an earned income tax credit. (Source: Tax Foundation)
  3. Cryptocurrency Tax Guidance: The IRS has issued new guidance on the tax treatment of cryptocurrency transactions, including the requirement to report capital gains and losses. (Source: IRS)

Canada

  1. Tax Filing Deadline Extended: The Canada Revenue Agency (CRA) has extended the tax filing deadline for individuals and businesses affected by the COVID-19 pandemic. The new deadline is June 1, 2021. (Source: CRA)
  2. New Tax Credits for Low-Income Families: The federal government has introduced new tax credits for low-income families, including a Canada Child Benefit and a Goods and Services Tax (GST) credit. (Source: Government of Canada)
  3. Tax Changes for Small Businesses: The CRA has introduced new tax changes for small businesses, including a reduction in the small business tax rate and an increase in the basic personal amount. (Source: CRA)

UK

  1. Tax Filing Deadline Extended: HM Revenue & Customs (HMRC) has extended the tax filing deadline for individuals and businesses affected by the COVID-19 pandemic. The new deadline is January 31, 2022. (Source: HMRC)
  2. New Tax Credits for Working Families: The UK government has introduced new tax credits for working families, including a Universal Credit increase and a National Living Wage rise. (Source: GOV.UK)
  3. Tax Changes for Self-Employed Individuals: HMRC has introduced new tax changes for self-employed individuals, including a reduction in the self-employment income tax rate and an increase in the personal allowance. (Source: HMRC)

Australia

  1. Tax Filing Deadline Extended: The Australian Taxation Office (ATO) has extended the tax filing deadline for individuals and businesses affected by the COVID-19 pandemic. The new deadline is May 15, 2021. (Source: ATO)
  2. New Tax Credits for Low-Income Families: The Australian government has introduced new tax credits for low-income families, including a Family Tax Benefit and a Child Care Subsidy. (Source: Australian Government)
  3. Tax Changes for Small Businesses: The ATO has introduced new tax changes for small businesses, including a reduction in the company tax rate and an increase in the small business entity threshold. (Source: ATO)

These are just a few examples of recent income tax news updates. It's always a good idea to check with your local tax authority or a tax professional for the latest information and guidance on tax laws and regulations in your area.