OUTDATED TECH THE REASON FOR RETURN FIASCO

Outdated tech the reason for return fiasco. Over the last decade, prior to the Biden Administration’s plan to update the IRS workforce and technology, the IRS had the oldest computer system in the entire U.S. Government. When 30 million information returns were “dumped” inadvertently, the finger pointing began. A statement by the IRS said “Broadly, […]

INCREASED TAX REVENUE CLAIMED

Increased tax revenue claimed. The economy has been in the toilet for some time, and with Covid still around, added to the fact that the war in Ukraine has cast a shadow over economic conditions, along with supply chain issues, you would think the coffers at the Treasury Department would be scarce, but the opposite […]

PROPER STATUS FOR FILING BUSINESS TAXES

Proper status for filing business taxes. Whenever someone decides to open up a business, they should at some point stop, and determine what status the business should take. Why ? Well because we have spoken to hundreds of business owners over the last 36 years who did not do that very simple thing, and went […]

DISCHARGED STUDENT LOANS NOT REPORTED

Discharged student loans not reported. Many changes to the tax code happen, and the economic cycle certainly plays a big role in that. When the economy is down, the government of the United States, and generally most all governments, try to accomodate citizens, by passing laws to help them get by in uncertain times. Covid […]

DEMOCRATS HAVE COMPETING ISSUES

Democrats have competing issues. With the Presidential election in the rearview mirror, and the tax filing deadline now passed, the Democratic Party has found itself in a pickle as to whether to go it alone, or try to reach agreement with Republicans on multiple legislative issues confronting the nation. President Biden has stated, while running […]

REPUBLICANS TRYING TO REBRAND

Republicans trying to rebrand. For years the Republican party has been viewed through the prism of the party of Wall Street and the wealthy. Championing tax cuts, defense spending, and cutting Social Safety net programs. Then cam Trump and his promise to help rebuild the working class. After giving 90% of the tax cuts in […]

AGGRESSIVE IRS AFTER TAXPAYERS

Aggressive IRS after taxpayers. After years of being under funded by Congress, and with mounting federal budget deficits, Congress, spurred on by the Biden Administration, has finally beefed up funding at the IRS to levels not seen in several decades. What that means for taxpayers is that the IRS will be conducting more audits, not […]

FAMILIES FIRST CORONAVIRUS RESPONSE ACT TWO

Families first coronavirus response act two. As our economy opens up, businesses reopening and interactions with others increase, there is relief for employees who may be impacted by the coronavirus. The following benefits are mandated by the FFCRA and fully refundable to the employer through the U.S. Treasury. The IRS has outlined procedures to help […]

IS VIRUS AID MONEY TAXABLE ?

Is virus aid money taxable ?  We have received many calls from both taxpayers and clients regarding the ongoing virus tax relief money and paycheck protection program. Many of the questions pertain to whether the money is taxable, the implications for filing tax returns, or the IRS tax resolution they are working on.  In an […]

STEALTH BAILOUT GIVES MILLIONS TO BIG OIL

    Stealth bailout gives millions to big oil. As it headed toward bankruptcy, Diamond Offshore Drilling Inc. took advantage of a little noticed provision in the stimulus bill Congress passed in March to get a $9.7 million tax refund. Then it asked a bankruptcy Judge to authorize the same amount as bonuses to nine executives. […]