TREASURY EQUITY PLAN REPORTS PROGRESS

Treasury equity plan reports progress. Even though the tax filing season is over, Treasury and the IRS will continue gathering feedback as part of efforts over the past year to make the tax system more equitable and fair, according to Treasury’s Equity Action Plan: One Year Progress Report. The report documents the department’s participation in […]

AICPA TESTIFIES TO CONGRESS ON IRS SERVICE

AICPA testifies to congress on IRS service. “There’s still time to salvage this year’s tax filing season, or at least some of it if that makes a difference, if the IRS adopts recommended taxpayer Tax help measures”, said Jan Lewis, CPA, the chair of the AICPA’s Tax Executive Committee, told the U.S. Senate Committee Finance […]

SELF DIRECTED IRA’S ADVANTAGES

Self directed IRA’s advantages. Tax advantaged retirement accounts, such as IRA’s are one of several options to save for retirement. When you establish a traditional IRA with a bank, investment house, or trust company, you are ordinarily limited to a narrow range of investment options, such as CD’s, publicly traded stocks, bonds, mutual funds, and […]

BIDEN TO PAY FOR ALL PROPOSALS

Biden to pay for all proposals. President Joe Biden has stated that he intends to pay for all of his spending proposals by increasing the taxes on the wealthy and on Corporate America, which is exactly what he said when he ran for the Presidency. Even though the extent of his proposals seem a bit […]

CAN’T PAY TAXES THEN DO THIS

Can’t pay taxes then do this. This is an exceptional year financially, due to the financial strain from COVID-19. 37% of taxpayers said they do not have the resources to pay 2019 taxes this year, according to a June survey from Tax Audit. The survey of 1,051 respondents was conducted from May 22 to May […]

HOMEOWNERS A VIRUS AND PROPERTY TAXES

Homeowners a virus and property taxes. Some 4.75 million homeowners are in forbearance as of May 26 with more than 41 million Americans filing for unemployment insurance benefits during the pandemic, making it tough for some to keep up with costs associated with home ownership, like property taxes and insurance. For many people affected by […]

TAX COURT CASE LASSEK MEMO

Tax court case lassek memo. The Tax Court held that a wife was entitled to innocent spouse relief that was related to the understatement of tax when her husband reported a 401(k) IRS distribution on a tax return as nontaxable. Although the IRS has conceded that the wife was entitled to the relief, the husband, […]

TAX REFUND DELAYS CAUSE ANXIETY

Tax refund delays cause anxiety. Plenty of people file in February because they just can’t wait to get their hands on all that tax refund cash. They’re on edge about the size of their IRS tax refunds, and they’re far from alone. Roughly 60 million individual tax filers typically file a federal income tax return […]

FINAL REGULATIONS ON OPPORTUNITY ZONES

Final regulations on opportunity zones. After considering over 300 formal comment letters and additional taxpayer feedback, the Treasury Department and IRS have issued final regulations on Opportunity Zones to provide clarity and certainty for investors and communities. Final regulations on opportunity zones. What types of gains may be invested and when ?   As a […]

AVOIDING CROWDFUNDING SCAMS

Avoiding crowdfunding scams. In a time of need, whether due to a personal tragedy or one as a result of a natural disaster, a popular method to ask for donations is through crowdfunding such as a GoFundMe campaign through Facebook. Take the time to make sure the funds really go to the needy family or […]