BIDEN PROPOSES 6 TRILLION BUDGET
Biden proposes 6 trillion budget. President Biden will propose a $6 trillion budget that would give the United States the largest amount of federal spending going back to the second World War. The deficit would be $1.3 trillion in the next decade. President Biden’s budget calls for the government to spend $6 trillion in 2022 […]
AMERICAN RESCUE PLAN PART TWO
American rescue plan part two. The plan put forth by the Biden Administration has multiple benefits for the American people. One of those benefits is the suspension of tax on a portion of Unemployment Compensation. The IRS has issued instructions for the process to report the exclude portion of the unemployment compensation for those returns […]
NEXT BATCH OF STIMULUS CHECKS
Next batch of stimulus checks. In the latest round of stimulus checks, the U.S. Treasury and Internal Revenue Service are sending out checks to those who either didn’t get a check, didn’t get a tax return filed in time for the stimulus check, but have filed one since, or those who will receive a “plus […]
BIG SPENDING REPUBLICANS TRY TO REBRAND
Big spending republicans try to rebrand. Under President Trump, Republicans had no problem passing the Tax Cuts and Jobs Act, giving tax breaks to the ultra wealthy and Corporate America. The manufacturing base did not come back, as Trump had promised, and the deficit swelled trillions. Most middle class Americans realized a few hundred dollars […]
DEDUCTION DENIED FOR DONATED HOME
Deduction denied for donated home. In our ongoing coverage of cases related to tax issues or Tax Court cases, we want to discuss a Fourth Circuit case where a couple’s deduction of a charitable deduction a materials that they salvaged from their home’s demolition were denied. The problem was the couple retained ownership of the […]
