WHO GETS CREDIT FOR INCREASED TAX REVENUE

Who gets credit for increased tax revenue. When you read the news these days, an awful lot of bad news is making the headlines. Increased violence, the war in Ukraine, political divide, and the massive inflation that everybody is angry at. But beneath those headlines lies the fact that the American economy after the stimulus […]

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, […]

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 […]

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 […]

ANOTHER ELECTION TAX BILL

Another election tax bill. Looks like its on the way. House Republicans are gearing up for a vote on a second round of tax cuts, to make permanent some of the tax cuts they previously passed. They are calling this tax reform 2.0 Another election tax bill. Taxpayers who owed additional tax when they filed […]

2017 Tax Planning now !

2017 tax planning now ! Time is running out on this year quickly. Before the Holidays get here, with additional things to do, and time constraints, take the time to begin your tax planning now. You won’t regret it. I little bit of preparation can go a long way in making sure you don’t need […]