News & Perspective

Using life insurance for investment. There is, without a doubt, no type of insurance we like to think about less than life insurance. It's a financial product that, by its nature, is geared toward answering questions of when and how you'll die, po... Read More

Who qualifies for second stimulus check. Congress is expected to work on another coronavirus relief bill, and continue hammering out the disputes that have kept a compromise together. This includes a second stimulus check, the who will get one and... Read More

Trumps war on social security. President Trump's memorandum to Treasury Secretary Steven Mnuchin ordering that he suspend Social Security taxes for some employers and their employees for the rest of this year makes no sense if the goal is to offse... Read More

Disallowed transportation part two. The IRS has issued regulations implementing changes to Section 274 that disallow a deduction for QTF or Qualified Transportation Fringe. The Proposed regulations also include a special rule for certain mixed par... Read More

Theron Johnson v Commissioner. In our ongoing coverage of Tax Court cases, this case addresses a long standing issue--substantiating business travel expenses. If you own a business, deductions can be taken for the ordinary and necessary expenses r... Read More

Time sensitive acts part two. This is a two part series on IRS and Treasury Notices 2020-17 and 2020-18. These are both time sensitive acts. For purposes of Notice 2020-23, the impacted taxpayer si someone with a federal tax payment obligation or ... Read More

Time sensitive acts in notice 2020-23. In response to the Covid-19 outbreak, the Treasury and IRS initially provided individuals and businesses limited filing and payment relief in Notices 2020-17 and 2020-18. This relief generally applied only to... Read More

Can't pay taxes then do this. This is an exceptional year financially, due to the financial strain from COVID-19. 37% of taxpayers said they do not have the resources to pay 2019 taxes this year, according to a June survey from Tax Audit. The surv... Read More

Americans will soon need extra money. During the worst economic collapse in generations, U.S. households actually managed to put aside more money. It may not be enough to get them through the aftermath though. Savings rates soared to an unpreceden... Read More

Homeowners a virus and property taxes. Some 4.75 million homeowners are in forbearance as of May 26 with more than 41 million Americans filing for unemployment insurance benefits during the pandemic, making it tough for some to keep up with costs ... Read More