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[ad_1] The IRS is asking millions of taxpayers more than 20 states including California, Colorado and Florida who received tax rebates last year to hold off on filing their taxes.  The reason: The agency said it is seeking to clarify whether those tax rebates and special refunds are considered taxable income. "We expect to provide additional clarity for as many states and taxpayers as possible next week," the IRS said on February 3.  On Friday, the IRS provided guidance to those taxpayers: For the most part, those rebates aren't taxable.  "During a review, the IRS determined it will not challenge the taxability of payments related to general welfare and disaster relief," the tax agency said in its February 10 update . About 16 million California residents received " middle-class tax refund " checks of $350 per eligible taxpayer last year, part of a relief package designed by the state to help residents...

[ad_1] A 50-year-old woman was sentenced Wednesday to life in prison for killing her newborn daughter, whose stabbed body was found in a plastic bag in a South Carolina river in 1992. A York County jury convicted Stacy Michelle Rabon of homicide by child abuse earlier this month. She was charged with her baby's death two years ago when her DNA sample taken in a 2019 drug arrest matched the DNA from the infant. Rabon will be eligible for parole starting in 2031 because she was sentenced under the law in 1992 which allowed for shorter sentences for serious convictions. This booking photo provided by the York County, S.C., Sheriff's Office shows Stacy Rabon.  / AP Rabon told investigators she delivered the baby in a van by the Catawba River near Rock Hill, but then gave it up to a couple because she didn't want to keep her and never saw the child again. ...

[ad_1] Even as the U.S. economy shows signs of slowing down, many states around the U.S. are flush with cash, with their so-called rainy day funds estimated to reach a record high of $136.8 billion this fiscal year.  And lawmakers in more than half of states are responding to their new cash cushions with similar proposals: cutting taxes.  Twenty-seven states are weighing tax cuts this year, according to a recent analysis from the left-leaning Institute on Taxation and Economic Policy (ITEP), which termed the push "tax cut fever." Some officials are considering totally eliminating their state income tax, including in Mississippi and Arkansas, while others are floating property tax cuts, among other ideas. The drive to cut state taxes has accelerated during the pandemic. During the past two years, dozens of states reduced their income tax rates or created new tax credits and rebates, partly as their coffers overflowed due to strong economic growth and billions in...