DOMESTIC PRODUCTION DEDUCTION CLAIMS TWO
Domestic production deduction claims two. In our ongoing series on tax issues that can get individuals and businesses in trouble, which sometimes leads to the need for Tax Court help, we again discuss the IRS alert on improper corporate domestic production activities deduction refund claims. This provision of the law was repealed as part of […]
NEW TAX CUTS AND CREDITS IN STIMULUS BILL
New tax cuts and credits in stimulus bill. The $1.9 trillion stimulus bill that Congress just passed, and President Biden signed into law, has more than just stimulus checks for Americans. In Fact, the majority of the bill has a large number of tax cuts and credits, designed to help the economy, by helping a […]
PRESIDENT TO RAISE TAXES ON THE RICH
President to raise taxes on the rich. Democrats have spent the last several years clamoring to raise taxes on corporations and the rich, seeing that as a necessary antidote to widening economic inequality and a rebuke of President Donald signature tax cuts. Now, under President Biden, they have a shot at ushering in the largest […]
IRS DELAYS FILING DEADLINE ONE MONTH
IRS delays filing deadline one month. The IRS said it’s pushing the tax filing deadline from April 15th, to May 17th. After hearing from multiple Senators and many tax professionals about the strain of the filing season, due to the COVID pandemic. The IRS has been under pressure, due to the overhaul of the oldest […]
FEDERAL AID WILL HURT TAX CUTS
Federal aid will hurt tax cuts. A condition attached to $350 billion in relief for state and local governments by the American Rescue Plan, P.L. 117-2—that states may not use the money to offset their own tax reductions—may prove problematic, and is perhaps unconstitutional, tax practitioners say. The Coronavirus State Fiscal Recovery Fund appropriates $220 […]
