WHO MUST PAY ESTIMATED TAXES IRS

Who must pay estimated taxes IRS. The IRS put out bulletin IR-2022-101, in an effort to help the public better understand who needs to pay estimated taxes, how to pay them, and when to pay them. Additional information beyond what is here, is available at the IRS website IRS.GOV Who must pay estimated tax. Individuals, […]

FACTA REPORTING FELL SHORT PART TWO

FACTA reporting fell short part two. The reason Congress wants to tighten up the FACTA reporting comes on the heels of the Pandora Papers and Panama Papers leaks, where hundreds of politicians, rich individuals, celebrities, and sports figures, were hiding billions from tax authorities all over the world, including the United States. It is estimated […]

IRS MESS IS SLOWLY GETTING HANDLED

IRS mess is slowly getting handled. After a large public outcry over missing tax refunds, and the fact that the National Taxpayer Advocate stated that in 2021 only 12 percent of all phone calls to the IRS actually got thru to someone, along with the fact that the government piled on loads more work to […]

GUIDANCE ON NOL CARRYBACK ADJUSTMENTS

Guidance on NOL carryback adjustments. The has provided guidance on how taxpayers who want to elect to waive or reduce the new provision requiring taxpayers with net operating losses (NOLs) arising in tax years beginning in 2018, 2019, and 2020 to carry them back five years. (Rev. Proc. 2020-24) The IRS also extended the deadline […]

DELAYED MORTGAGE PAYMENT ANXIETY

Delayed mortgage payment anxiety. Americans struggling to pay their mortgages because they’ve lost a job or income during the coronavirus pandemic can put off that bill for up to a year to the CARES act. But while the measures should be creating a feeling of relief, many borrowers have been left anxious because of confusing […]

MANAGE TAXES FOR YOUR GIG WORK

Manage taxes for your gig work. What is the gig economy ? The gig economy–also called sharing economy or access economy–is a activity where people earn income providing on demand work, services or goods. Often, it’s through a digital platform like an app or website. The gig economy is taxable. You must report income earned […]

WARREN SANDERS PLAN TO TAX RICH

Warren sanders plan to tax rich. From 1982 to 2018 the share of U.S. wealth held by the 400 richest Americans is estimated to have grown from 1% to around 3.5% or probably around $3 trillion. According to Emmanuel Saez and Gabriel Zucman, the University of California at Berkley economists who developed the estimate, that’s […]

STATES FAIL TO OVERTURN SALT DEDUCTION

States fail to overturn salt deduction. In our ongoing coverage of Tax Court issues, this case focuses on the SALT cap deduction limits.  It turns out that there is such a thing as too much SALT. U.S. District Judge J. Paul Oetken has dismissed a lawsuit filed by four states to strike down the cap […]