WHAT SLOWS DOWN A TAX RETURN PART TWO

What slows down a tax return part two. Another myth that some taxpayers seem to believe is that they need to wait for their 2020 tax return to get processed and finished prior to filing their 2021 tax return, or all refunds are delayed due to the number of 2020 tax returns still being processed […]

BIDENS TAX RULES AND REAL ESTATE IMPACT

Bidens tax rules and real estate impact. Both candidates have made all sorts of proposals on ways to change things from taxes to healthcare to the COVID-19 pandemic. Democratic candidate Joe Biden has proposed a change to the tax benefits for making 401 (k) contributions, so here’s a rundown of what the change would be […]

IS ADDITIONAL STIMULUS NEEDED

Is additional stimulus needed. After several rounds of Covid based stimulus relief bills, authorized by Congress, and passed by President Trump, much debate is surfacing about whether additional stimulus is needed. Most of this debate surrounds funding for State and Local Governments, which seem to be having a very difficult time and are on the […]

TRUST FUND PENALTY IS PENALTY NOT TAX

Trust fund penalty is penalty not tax. In our ongoing coverage of pertinent Tax Court cases, we cover David J. Chadwick v. Commissioner of Internal Revenue. The Tax Court has determined that a Trust Fund Recovery Penalty is a “Penalty” not a “Tax” as the IRS had argued. Thus, the TFRP is subject to the […]