1256 FOREIGN CURRENCY CONTRACTS DEFINED

1256 Foreign currency contracts defined. The proposed regulations by the IRS and Treasury Department defined the mark to market rules that would be defined as only including forward contracts. The new definition, which would be added at Regulations Section 1.1256(g)-2, would define a foreign currency contract within the meaning of Section 1256 as one that […]

INFLATION MAKES NEW CALL TO TAX RICH

Inflation makes new call to tax rich. The Davos summit of the rich and powerful did nothing to restore the confidence and trust of the masses. After dealing with the problems of Covid, then having inflation rear its ugly head higher than the last 40 years, people are looking to restore the tax system to […]

EXTRA EXTENSION OF TIME TO FILE PART TWO

Extra extension of time to file part two. We previously discussed the December 2021 tornadoes and flooding victims, who were given additional time to file their IRS returns by a memo put out by the IRS. But other reasons exist, given by the IRS, for certain groups to get an automatic extension of time to […]

SUPERFUND TAXPAYERS RELIEF PART TWO

Superfund taxpayers relief part two. The IRS put out Notice 2022-15 to grant relief to Taxpayers who had certain qualifications. The IRS acknowledged that in granting the relief, as well as the short time between the taxes reinstatement and the first deposit’s due date (July 29), along with initial difficulties in computing the taxes and […]

TAX COURT CASE RELYING ON TAX PREPARER

Tax Court case relying on tax preparer. Erik and Aspasia Oosterwijk filed their 2017 tax return late and now seek a refund for the IRS’s late file penalties because their accountant failed to e-file for an extension and then gave them incorrect advice on how to obtain an extension and stop the penalties from accruing. […]

IRS ADDING CRYPTO QUESTION TO RETURNS

IRS adding crypto question to returns. In IRS news release that all American taxpayers must answer the question on the tax form about cryptocurrency. The question, which on form 1040 is just below the address area, says, “At any time during 2021, did you receive, sell, exchange, or otherwise dispose of any financial interest in […]

IRS BEHIND NEARLY 17 MILLION TAX RETURNS

IRS behind nearly 17 million tax returns. The IRS has seen the problems due to Covid and the government shutdown now have a serious impact on the 2022 filing season, as they still have to grapple with getting back unfiled tax returns form the previous two years completed. Angry taxpayers expecting tax refunds, will have […]

COALITION WANTS CHANGE FOR PPP LOANS

Coalition wants change for PPP loans. With all the talk that large companies were getting the bulk of the Paycheck Protection Program loans, other criticisms have been forthcoming also. One has been that the way the pay calculation is made is not an accurate determination for what a company really needs. An AICPA led small […]

PROTECTING FROM HIGHER TAX RATES IN 2019

Protecting from higher tax rates in 2019. Taking steps to defer your federal income tax bill is usually a good idea, especially if you expect to be in the same or lower tax bracket in future years. If that assumption pans out, making moves that lower your current year income will, at a minimum, put […]

WARREN WEALTH TAX HAS WIDE SUPPORT

Warren wealth tax has wide support. Senator Elizabeth Warren’s plan to tax the assets of America’s wealthiest individuals continues to draw broad support from voters, across party, gender and educational lines. Only one slice of the electorate opposes it staunchly: Republican men with college degrees. Not surprisingly, that is also the profile of many who’d […]