IRS ADDING 10,000 TO CATCH UP TAX RETURNS

IRS adding 10,000 to catch up tax returns. The IRS intends to use an expedited hiring process to hire about 10,000 workers for processing tax returns and managing taxpayers accounts, according to a union that represents employees in the Service and other federal agencies. The National Treasury Employees Union (NTEU) National President Tony Reardon said […]

STEVE BANNON SAYS TO TAX THE RICH

Steve Bannon says to tax the rich. Steve Bannon demanded that the U.S. increase its taxes on the wealthiest Americans, arguing that the current situation is “absurd” and that the country is “being scammed” by multibillionaires. The Ex-senior counselor to former President Trump went on a rant against tax avoidance by the nation’ wealthiest people […]

TAX PROVISIONS OF STIMULUS BILL

Tax provisions of stimulus bill. The tax provisions included in the $1.9 trillion dollar stimulus bill signed into law by President Biden include a new round of economic impact payments, a tax credit for COBRA continuation coverage, and the expansion of several other tax credits.  The House passed the bill, the American Rescue Plan Act […]

IRS SELECTS TEN NEW TAX MEMBERS

IRS selects ten new tax members. In Internal Revenue Bulletin 2020-208, the IRS released the newest 10 members for the Electronic Tax Administration Advisory Committee (ETAAC). Established in 1998, the ETAAC, is a public forum for the discussion of issues in electronic tax administration. Its aim is to prevent identity theft and refund fraud in […]

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 […]

ABOVE THE LINE TAX DEDUCTIONS

Above the line tax deductions. While you need to itemize deductions to take advantage of the tax benefits discussed in the previous section, there are quite a few tax deductions that you can use regardless of whether you itemize or take the standard deduction. These are known as adjustments to income and are more commonly […]

JOE BIDEN VERSUS BERNIE SANDERS ON TAXES

Joe Biden versus Bernie Sanders on taxes. While the Democratic candidates seem to be pared down really to two viable candidates, the tax stances on these two are widely different, based upon the vision of each for the country and economy. While both have the country’s best interests at heart, how they achieve that, and […]

TRAP CAN SEND SOCIAL SECURITY TO IRS

Trap can send social security to IRS. Retirees rely on Social Security to help them make ends meet. Given that they already paid payroll taxes in order to earn their benefits, retirees often find it shocking when they discover that under certain circumstances, Social Security payments can be subject to income tax. One of the […]