ACTION MAY IMPACT YOUR 401 (k)

Action may impact your 401 (k). Due to the political agenda of climate change, advocacy groups have started pressing investment funds to invest more in technologies that help, not hinder climate change. Changing the corporate goals of large companies is one way to force change, according to a nonprofit shareholder advocacy group “As you Sow”. […]

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 […]

TAX COURT CASE OF LINDSEY JONES

Tax Court case of Lindsey Jones. The issue in this case is whether a valid tax return would have been filed if one spouse filed for both spouses, when only one spouse signs for both of the spouses. Lindsey Jones and Noah Pike were married in 2022 and filed joint tax returns during their marriage. […]

BIDENS LIKELY TAX WINS PART TWO

Bidens likely tax wins part two. Family tax credits may be the biggest winner under the Biden tax agenda. Passage of family tax credits was expanded by quite a bit. This was seen as part of the broader pandemic relief bill. It featured a one year expansion of the child tax credit, dependent care credit […]

SCAMMERS TARGETING UNEMPLOYMENT CLAIMS

Scammers targeting unemployment claims. Across the country, consumers are being warned that fraud is on the rise relating to jobless claims. The U.S. Secret Service has spotted trouble in Florida, Washington, North Carolina, Massachusetts, Rhode Island, Oklahoma, and Wyoming. “It is extremely likely every state is vulnerable to this scheme and will be targeted if […]

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, […]

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 […]

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 […]

WINNINGS ON SUPER BOWL TAXABLE

Winnings on super bowl taxable. If you won money on the Super Bowl, remember that the earnings are taxable. We have run into virtually every reason why people have fallen behind on taxes. Some good, some bad. Gambling winnings and losses are something we are quite familiar with, and we understand that often individuals who […]