SUPREME COURT HOLDS TAX COURT NOT HELD

Supreme Court holds tax court not held. The 30 day limit of Sec. 6330(d) for taxpayers to file a petition with the Tax Court to review an IRS determination is nonjurisdictional, the U.S. Supreme Court held, meaning it can be extended in certain instances. The Court’s unanimous opinion, written by Justice Any Coney Barrett, was […]

STATES WANT MONEY FOR TAX CUTS

States want money for tax cuts. The Republican attorney general of 21 states recently called one aspect of the new coronavirus recovery bill “an unprecedented and unconstitutional intrusion on the separate sovereignty of the States through federal usurpation.” In fact, they said it was “the greatest attempted invasion of state sovereignty by Congress in the […]

TAX BREAKS FACE SCRUTINY OVER LOCAL HIRE

Tax breaks face scrutiny over local hire. Companies that have tax abatements with Jefferson County could soon face greater scrutiny of their efforts to buy and hire from within the local area. As part of the tax breaks they get for having their operations here, companies typically agree to make a good faith effort to […]

TIME SENSITIVE ACTS IN NOTICE 2020-23

Time sensitive acts in notice 2020-23. In response to the Covid-19 outbreak, the Treasury and IRS initially provided individuals and businesses limited filing and payment relief in Notices 2020-17 and 2020-18. This relief generally applied only to federal income tax returns and payments (including self employed tax payments) due April 15, 2020, for 2019 tax […]

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 […]

TAX RAMIFICATIONS OF LEASE MODIFICATIONS

Tax ramifications of lease modifications.  You need a haircut, badly, but you were momentarily thinking that there might be silver lining to the lockdown. With the salons shut, your teenage daughter can’t spend hundreds of dollars getting her hair dyed blue. But as fate will have it, she got hold of a supply of the […]

A REVIEW OF 2019 TAX DEDUCTIONS

A review of 2019 tax deductions. The Tax Cuts and Jobs Act was the biggest overhaul of the U.S. Tax Code in decades, and it made some significant changes to the tax deductions that are available. Many tax deductions were kept intact, but others were modified, and some were eliminated entirely. Subsequently, legislation with the […]

TAX DEDUCTIONS

Tax Deductions. IRS publication Topic 502 has a summary list of new medical expenses that are allowed under the new tax law recently passed. These tax deductions are subject to certain limitations, so be careful to check with your tax preparer or if you are self filing, check them out prior to filing your tax […]

TAX CODE REFORM FOR HALLOWEEN

Tax code reform for halloween. Tax reform. Not just for the 1%, but for the real drivers of economic growth, small business owners. To do that, President Trump will have to compromise. Tax code reform for halloween. If a lesson exist from the first nine months of a tumultuous start to say “That going to […]