GIG WORK TAX BILL AND STATUS AT THE IRS

Gig work tax bill and status at the IRS. A bill was introduced into the U.S. House of Representatives, that would amend the current labor law in the United States, to establish a new classification for gig workers, denying them the right to a minimum wage and other employment protections. Called the “Worker Flexibility and […]

IRS AUDITS FOR RICH TURNING AROUND

IRS audits for rich turning around. With the revelations in the Panama Papers and Pandora Papers of the rich, sports figures, and the world’s politicians using abusive tax shelters to hide billions of taxable dollars from the world’s governments, along with the increasing income inequality in the world, the governments of the world and in […]

ELEVENTH CIRCUIT RULING ON FORMULA

Eleventh Circuit ruling on formula. In our ongoing coverage of Tax Court cases, we focus on the case of a easement contribution to Pelican Coast Conservancy by David Hewitt, and whether it adhered to rules that would allow the deductions claimed by the Hewitt’s as reported in the records of the case. The Eleventh Circuit […]

TAX COURT RULED AGAINST STARTUP FARM

Tax Court ruled against startup farm. The Tax Court held that a taxpayer’s farming venture was still in the startup phase in the tax year at issue and denied the claimed business expense deductions. Vardan Antonyan bought 10 acres in the Mojave Desert of Southern California, intending to develop it and rent parcels to farmers. […]

CAN STIMULUS NEGOTIATIONS BE SAVED

Can stimulus negotiations be saved. While continuing to meet on the outlines of another economic stimulus bill, negotiators face continued turbulence in their attempt to reach an agreement before the Nov. 3 election. The White House delivered a $1.8 trillion stimulus proposal to House Speaker and lead Democratic negotiator Nancy Pelosi. But no one was […]

TAX REFORM FACT SHEET

Tax reform fact sheet. In looking at tax reform, the White House has proposed radical changes to the tax code which include both individual and business tax reform. This proposal would eliminate the estate tax and the alternative minimum tax. Corporations would not have to pay taxes on their foreign profits and would be able […]

USING LIFE INSURANCE FOR INVESTMENT

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, possibly even prematurely–and, subsequently, how the nearest loved ones in your life will […]

GETTING READY FOR YOUR 2019 TAXES

Getting ready for your 2019 taxes. The Internal Revenue Service urged taxpayers to act now to avoid a tax time surprise and ensure that they have smooth processing of their 2019 federal tax return. The IRS urges everyone to use the tax withholding calculator to perform a paycheck or pension income checkup. This is even […]

I OWE HOW MUCH IN TAXES?

I owe how much in taxes ? As the Tax Cuts and Jobs Act unfolds, and tax returns get filed, its becoming apparent that in certain situations, taxpayers are actually owing more in tax, not getting that anticipated refund that the President spoke of from his election campaign. The first tax filing under the new […]

THINGS TO DO NOW FOR NEXT YEARS TAXES

Things to do now for next years taxes. Start by making a checklist of all your priorities. You may need a paycheck checkup. Following the tax low changes passed by President Trump and the Congress, you should do a paycheck checkup using the IRS‘s Withholding Calculator and, if necessary, complete a new W-4 form. The […]