INQUIRY INTO AUDIT OF COMEY AND MCCABE

Inquiry into audit of Comey and McCabe. The head of the IRS has asked the Treasury Department’s internal investigator to check into the audits of the perceived foes of former President Trump, former FBI Director James Comey and former FBI Director Andres McCabe. The New York Times broke the story that showed that both men […]

Avoiding tax on your 401 (k) part two

Avoiding tax on your 401 (k) part two. Given the governmental need for more revenue, due to the increased spending on the once in a generation health crisis, the Retirement Plans of Americans have come under scrutiny from the Congress, as a way to bridge the funding gap. And 401 (k)s are in the cross […]

INCREASED THRESHOLD FOR RETIREMENT LIMITS

Increased threshold for retirement limits. The Internal Revenue Service announced that the amount individuals can contribute to their 401(k) plans in 2022 has increased to $20,500, up from $19,500 for 2021 and 2020. The IRS has also issued technical guidance regarding all of the cost of living adjustments affecting dollar limitations for pension plans and […]

AMERICANS DRAINING RETIREMENTS DUE TO COVID

Americans draining retirements due to covid. Nearly 60% of Americans withdrew from their retirement accounts during the pandemic, according to a recent survey from finance magazine Kiplinger and Personal Capital, a wealth management organization. The pandemic caused many people to borrow from their future in order to meet everyday needs throughout state shutdowns and the […]

TAX PROVISIONS IN YEAR END TAX RELIEF BILL

Tax provisions in year end tax relief bill. The omnibus spending and coronavirus relief bill passed by Congress includes many tax provisions, including the extension of various expiring provisions, extensions and expansions of certain earlier pandemic tax relief provisions, and much more. The Consolidated Appropriations Ace, 2021, H.R. 133, passed both houses of Congress on […]

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 […]

FAMILIES FIRST CORONAVIRUS RESPONSE ACT

Families first coronavirus response act. As businesses reopen and employees return to work, we have seen an increase of the coronavirus affecting more employers. The FFCRA mandates paid sick leave and family leave for businesses with 500 employees or less. There is no cost to the employer share of the Social Security and medicare taxes […]

IRS INCREASES AUDITS TO HIGH INCOMES

IRS increases audits to high incomes.  As part of a larger effort to ensure compliance and fairness, the Internal Revenue Service announced that it will step up efforts to visit high income taxpayers who in prior years have failed to timely file one or more of their tax returns. Following the recent and ongoing hiring […]

IRS TAX COURT EASEMENT CASE

IRS tax court easement case. In our ongoing coverage of Tax Court cases, we highlight this case, which discusses easement issues. The Internal Revenue Service urged taxpayers involved in designated syndicated conservation easement arrangements to consult with their tax advisors following a recent U.S. Tax Court decision and agency plans to continue enforcement efforts in […]

IMPACT OF TRUMP TAXES REMAINS HIDDEN

Impact of trump taxes remains hidden. Armed with legions of lobbyists, companies have been pushing hard–and successfully–to weaken new federal taxes that take aim at overseas tax havens. Many of them have managed to avoid publicly disclosing how much they owe under the new taxes. Without such figures, it becomes virtually impossible for outsiders to […]