SOLAR PANELS BIDEN AND TARIFFS

Solar panels Biden and tariffs. It seems the Biden Administration is in a tough spot when making the call between pursuing Climate Change and the bad behavior of the Chinese with human rights abuses and intellectual property theft. Right now the Chinese manufacture just enough of the solar panels that the United States cannot pursue […]

TAX PROPOSAL TO REDUCE INCOME INEQUALITY

Tax proposal to reduce income inequality. An additional 573 people have claimed billionaire status since the Covid pandemic began. Yet, 263 million people are at risk of falling into extreme poverty. The widening gap between rich and poor has led to renewed calls for the U.S. to tax wealth more. The widening divide between the […]

IRS HIRING THOUSANDS TO CATCH UP

IRS hiring thousands to catch up. With the IRS behind on filing of paper tax returns from last year, they are adding nearly 11,000 additional workers to catch up the backlog of tax returns that have not been processed. The best guestimate is that by the fall of 2022 the backlog will be caught up […]

REPORTING FOREIGN SOURCED INCOME

Reporting foreign sourced income. With the need for more revenue, due to the once in a life time health pandemic, the U.S. Government is cracking down on anyone who avoids foreign sources of income. They were alerted to schemes to hide income, by the revelations of the Panama Papers, and the ridicule it caused the […]

PANDORA PAPERS REVEAL TAX SCHEMES

Pandora papers reveal tax schemes. The Pandora Papers, and prior to that, the Panama Papers, have revealed a worldwide conspiracy by the world’s richest individuals, celebrities, politicians, and sports figures, to hide assets and income, in offshore bank accounts, trust accounts, and dubious corporate entities used exclusively to hide assets and the reporting of those […]

CHANGES TO OFFER IN COMPROMISE PART ONE

Changes to Offer in Compromise part one. What is now known as the IRS Fresh Start Program used to be called the Offer in Compromise. The IRS has made some changes due to Covid’s impact on the pocketbook’s of taxpayers. An Offer in Compromise allows taxpayers to settle their tax debt for an amount that […]

NEW CREDIT DOCUMENTATION REQUIREMENTS

New credit documentation requirements. The IRS has provided guidance to taxpayers and internally on its new documentation requirements for administrative refund claims of the Sec. 41 business tax credit for increasng reserch activitites (the R& D credit). The taxpayer guidance comes in the form of 16 frequently asked questions posted on the IRS’s website. At […]

TAX HITS TO PANDEMIC CLOSED BUSINESSES

Tax hits to pandemic closed businesses. Thousands of small businesses have shut down because of the COVID-19 pandemic. Adding insult to injury, many are facing tax hits as they wind down. Small businesses have felt the brunt of the COVID-19 pandemic, with thousands of enterprises forced to close since the beginning of the pandemic. As […]

HOSPITALS PAID CEOS MILLIONS FROM BAILOUT

Hospitals paid CEOS millions from bailout. HCA Healthcare is one of the world’s wealthiest hospital chains. It earned more than $7 billion in profits over the past two years. It is worth $36 billion. It paid its chief executive $26 million in 2019. But as the Coronavirus swept the country, employees at HCA repeatedly complained […]

SURPRISE TAX BREAK IN NEW RELIEF BILL

Surprise tax break in new relief bill. The coronavirus pandemic has brought the global economy to its knees, and lawmakers in Washington are pulling out all the stops to find ways to support hard hit Americans. Even after three rounds of legislation to stimulate the U.S. economy, there’s been discussion of still more proposals to […]