THE TAX SEASON FROM HELL

The tax season from hell. The IRS has been underfunded for several years, and with the Congress making them oversee the Covid stimulus rollout, deal with ever increasing tax refund fraud, and identity theft, not to mention two Presidents who had major tax law changes that had to go into the tax code, is it […]

IRS STARTS NEW PAGE FOR TAX FILING SEASON

IRS starts new page for tax filing season. The IRS has launched a new resource page on its website located at IRS.GOV, with the latest details and information for taxpayers during this hectic and unprecedented tax filing season. Its unprecedented because the IRS has never entered a tax season before, with so many back tax […]

IS PRESIDENT BIDEN INCREASING TAXES OR NOT

Is President Biden increasing taxes or not. During the campaign trail, then candidate Biden promised a multitude of benefit s for the middle class, due to what he saw as a nation that was slipping into a two tiered system of the have’s and have not’s. He promised not to tax anyone with an income […]

SIMPLIFIED ACCOUNTING FOR SMALL BUSINESS

Simplified accounting for small business. The IRS  finalized updates to various accounting regulations to adopt the simplified tax accounting rules for small businesses enacted by the law known as the Tax cuts and Jobs Act, P.L. 115-97. The regulations finalize proposed regulations issued with a few changes in response to comments that were made. For […]

TAX CHANGES IF BIDEN WINS

Tax changes if Biden wins. Joe Biden has called for rolling back a lot of the Tax Cuts and Jobs Act, which trimmed tax rates. He has proposed raising income taxes and Social Security Taxes on wages over $400,000. Long term capital gains and qualified dividends would be subject to ordinary income taxes -39.6%- for […]

PATH ACT AND IRS

Path Act and IRS. The Protecting Americans from Tax Hikes Act of 2015, or path act, enacted less than a year and a half ago on Dec. 18, 2015, has generated a number of questions, some of which the IRS has recently tried to address and others that are still in need of additional guidance. […]

RICH WANT MORE TAXES TO AID RECOVERY

Rich want more taxes to aid recovery. “Tax us. Tax us. Tax us.” an open letter from the group calling itself “Millionaires for Humanity” read. The group also had made the call for tax hikes on the wealthy at the World Economic Forum last January. Disney heiress is among the millionaires calling for governments to […]

TREASURY MIGHT ALTER TAX DATE

Treasury might alter tax date. Will he or won’t he ? That’s the question on the minds of taxpayers and tax professionals alike as Treasury Secretary Steven Mnuchin continues to mull extending the tax filing deadline for 2020. As it currently stands, the 2019 tax filing deadline remains July 15th, 2020. Last year, the Internal […]

UNIVERSAL HEALTHCARE HAS BECOME POLITICAL

Universal healthcare has become political. With the number of people uninsured in the United States continuing to go up, and the cost of prescription drugs going up, the public outcry over the cost and quality of the United States healthcare system has intensified. As rural hospitals and emergency rooms continue to shut down, it has […]

SETTING COMMUNITIES UP FOR THE SECURE ACT

Setting communities up for the secure act. In December of 2019, the House of Representatives and the Senate passed the Secure Act, which was subsequently sent to President Trump for signature. The final bill was signed on December 20, 2019 which is the official enactment date. The Secure Act made many changes to how you […]