VIRTUAL CURRENCY AND YOUR TAX RETURNS

Virtual currency and your tax returns. When Covid hit and government spending went up, new sources of revenue were looked at by officials in government, to stem the deficit tide, and when the returns on Cryptocurrency went thru the roof, it drew attention to itself. Sen. Elizabeth Warren, and others started discussing regulating and then […]

DISCHARGED STUDENT LOANS NOT REPORTED

Discharged student loans not reported. Many changes to the tax code happen, and the economic cycle certainly plays a big role in that. When the economy is down, the government of the United States, and generally most all governments, try to accomodate citizens, by passing laws to help them get by in uncertain times. Covid […]

IRS SELECTS TEN NEW TAX MEMBERS

IRS selects ten new tax members. In Internal Revenue Bulletin 2020-208, the IRS released the newest 10 members for the Electronic Tax Administration Advisory Committee (ETAAC). Established in 1998, the ETAAC, is a public forum for the discussion of issues in electronic tax administration. Its aim is to prevent identity theft and refund fraud in […]

A REVIEW OF 2019 TAX DEDUCTIONS

A review of 2019 tax deductions. The Tax Cuts and Jobs Act was the biggest overhaul of the U.S. Tax Code in decades, and it made some significant changes to the tax deductions that are available. Many tax deductions were kept intact, but others were modified, and some were eliminated entirely. Subsequently, legislation with the […]

TAKING SOCIAL SECURITY IN THE PANDEMIC

Taking Social Security in the pandemic. The trend has been moving in a positive direction: Over the last decade, far more workers who are eligible for Social Security have been waiting to file, often substantially increasing their lifetime annual benefits. But the stunning job losses in the pandemic induced economic crisis could bring this trend […]

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 […]

TAX CONSEQUENCES OF S CORP TO C CORP

Tax consequences of s corp to c corp. We have had numerous clients of the last 30 years who have had tax debts because they either made the wrong status election upon the opening of the business, or because they then went from a c corp to an s corp, or vice versa, without truly […]

HOW MUCH MONEY TO FIX SOCIAL SECURITY ?

How much money to fix Social Security ? Many different proposals have been put on the Political Table over the years to fix the coming Social Security shortfall, but the reality is that neither party wants to be the party that cuts benefits for fear of a political backlash. Even Republicans have a hard time […]

KUSHNER PAID NO INCOME TAXES FOR YEARS

Kushner paid no income taxes for years. Even though his personal net worth has soared . His net worth has quintupled to almost $324 million, and his family has spent billions buying real estate. And yet, for several years running, Mr. Kushner–President Trump’s son in law, and a senior White House advisor–appears to have paid […]