IRS TO AMEND GIFT AND ESTATE TAX EXCLUSION

IRS to amend gift and estate tax exclusion. The issued proposed regulations that would provide an exception to the anti-clawback special rule that preserves the benefits of the temporarily higher gift and estate basic exclusion amount. The regulations would apply to certain transfers that are includible, or treated as includible, in a decedent’s gross estate […]

INTUIT TAX COMPANY COMMITTED FRAUD

Intuit tax company committed fraud. According to the New York Attorney General’s Office, nearly four million people will receive a check from Intuit for a tax service they used to file taxes online this least year, thinking they were getting a “Free Version” of the software, but then were not able to actually get a […]

WHY MANY RICH BACKING UP BIDEN

Why many rich backing up Biden. It has been a long held idea that most rich people generally support Republicans due to the fact that Republicans want lower taxes and Democrats spend more on social programs. And for some time that was true. Republicans since Ronald Reagan sold the idea that trickle down economics was […]

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 […]

IRS CATCHING UP AFTER COVID SHUTDOWN

IRS catching up after covid shutdown. During a political showdown between Republicans and Democrats, the government was shut down nearly and year and a half ago. The result for the IRS was getting back up to speed, as they had nearly 1.5 million pieces of mail that piled up and numerous other tasks that waited […]

FAMILIES FIRST CORONAVIRUS RESPONSE ACT TWO

Families first coronavirus response act two. As our economy opens up, businesses reopening and interactions with others increase, there is relief for employees who may be impacted by the coronavirus. The following benefits are mandated by the FFCRA and fully refundable to the employer through the U.S. Treasury. The IRS has outlined procedures to help […]

SEATTLE FREEZES PAYROLL TAX DEBATE

Seattle freezes payroll tax debate. The Seattle City Council has suspended its consideration of a proposed payroll tax. City Council president M. Lorena Gonzalez (D) noted that a proclamation by Washington State Gov. Jay Inslee (D) limits the topics that public bodies such as the city council can take action on during the pandemic to […]

SUPERRICH WHO WANT WEALTH TAX

Superrich who want wealth tax. When the grand vacation homes of Newport Beach were empty on a beautiful Memorial Day weekend, Molly Munger decided it was time for the U.S. to consider taxing wealth. As her family’s boat moved through the harbor a few years ago, Munger, whose father is a billionaire investor, saw that […]

CONGRESS APPROVES IRS REFORM BILL

Congress approves IRS reform bill. After years of under funding the IRS, last fall the IRS decided to start providing the IRS with funds to increase the Collection Activities of those who have fallen behind on back tax debt. It seems that after years of government cutbacks, Congress finally realized that the IRS is one […]

IRS INCOME CALCULATOR GREAT TOOL

IRS income calculator great tool. Families, and businesses can use to calculate how much tax they will owe the IRS. The IRS is urging two income families and those who work multiple jobs to complete a “paycheck checkup” to verify that they are having the right amount of tax withheld from their paycheck every month. […]