SIMPLIFIED ACCOUNTING RULES FOR BUSINESS
Simplified accounting rules for business. The IRS has finalized updates to various tax accounting regulations to adopt the simplified tax accounting rules for small business enacted by the tax law known as the Tax Cuts and Jobs Act. The Regulations issued in July with a few changes in response to comments. For years beginning in […]
TAXPAYER ADVOCATES REPORT ABOUT 2020
Taxpayer advocates report about 2020. National Taxpayer Advocate Erin Collins released her annual report to Congress, highlighting the year 2020. It focused on the unprecedented challenges taxpayers faced in filing their tax returns and receiving refunds and stimulus payments during a year consumed by the COVID-19 pandemic. The report also finds that a roughly 20% […]
TAX PROVISIONS IN YEAR END TAX RELIEF BILL
Tax provisions in year end tax relief bill. The omnibus spending and coronavirus relief bill passed by Congress includes many tax provisions, including the extension of various expiring provisions, extensions and expansions of certain earlier pandemic tax relief provisions, and much more. The Consolidated Appropriations Ace, 2021, H.R. 133, passed both houses of Congress on […]
HOW MUCH ARE PAYROLL TAXES THIS YEAR
How much are payroll taxes this year. Payroll taxes are types of tax that are applied to earned IRS income, meaning wages, salaries, bonuses, and income from a business you actively participate in. There are two components to the payroll tax in the United States—Social Security and Medicare. Each one has different rates, income limitations, […]
HOW MILLIONAIRES TAX HELPS MIDDLE CLASS
How millionaires tax helps middle class. Coronavirus infection levels are climbing all around the country again. As more and more Americans stay home to avoid infection, those rising infection rates will likely bring with them another serious economic downturn, just like they did in the spring. The drop in consumer spending will harm the bottom […]
