MANCHIN APPROVES OF INFLATION REDUCTION ACT

Manchin approves of inflation reduction act. The legislation that Sen. Joe Manchin finally decided to get behind would represent one of the biggest pieces of legislation, regarding a move towards climate change proposals, ever in the United States. The nonpartisan Committee for a Responsible Federal Budget stated that the legislation would put nearly $385 billion […]

THE SUPPLY CHAINS AND TAX PROFESSIONALS

The supply chains and tax professionals. With Covid, the Ukraine war, and lockdowns in major industrialized nations, is it any wonder the supply chain has been disrupted. Almost every industry worldwide has been impacted. These quick changes have shown that the supply chain, a complex and technical area, isn’t just for specialists. It’s a subject […]

IRS MOSTLY CORRECT ON REBATE CREDITS

IRS mostly correct on rebate credits. The IRS correctly calculated taxpayers eligibility for a recovery rebate credit in the 2021 filing season 99.3% of the time, the Treasury Inspector General for Tax Administration (TOGTA) reported. However, even the 0.7% error rate involved millions of dollars in improper allowance of the credit, and TIGTA found other […]

INVESTMENT WORLD TO TRY TO HELP ENVIRONMENT

Investment world to try to help environment. With the U.S. Congress completely at loggerheads over climate change, unable to do anything due to opposite views, the Investment Companies of the world have decided to take the lead. The public advocacy group “As You Sow” is going after market fund index funds, which by their nature […]

PRIVATE FOUNDATION GETS NO STEP UP BASIS

Private foundation gets no step up basis. Heirs can generally benefit from a step up in basis of inherited assets to their fair market value as of the date of the decedent’s death. A recent program manager technical advice makes clear that, for purposes of an excise tax, a private foundation resulting from a charitable […]

TAX PROFESSIONALS MAKE SUGGESTIONS TO IRS

Tax Professionals make suggestions to IRS. After what may have been the most grueling and difficult IRS tax filing ever, Tax Professionals Nationwide have been heard about the difficulties of the filing season and what needs to be done to fix it. As it is, it is not sustainable, as the backlog of unprocessed IRS […]

TAX RELATED IDENTITY THEFT PART TWO

Tax related identity theft part two. Tax related identity theft happens when someone will take a person’s stolen Social Security number to do one of a few things. They may file a fraudulent tax return, with a phony address, hoping to get a refund check, in which case they may also try to steal your […]

IRS ON IDENTITY THEFT PROTECTION

IRS on identity theft protection. At the IRS Website, IRS.GOV, you may find helpful information on how to address Identity Theft and what to do to protect yourself. Tax related identity theft occurs when someone uses a taxpayer’s stolen Social Security Number to file a tax return claiming a fraudulent refund. In the vast majority […]

TREASURY EQUITY ACTION PLAN PART TWO

Treasury equity action plan part two. The Treasury and IRS are looking at ways to to make the tax system better, and fairer to taxpayers. They have started the “Equity Action Plan: One Year Progress Report”, which will detail the progress on the plan. The data will then be used to validate statistical studies at […]

IRS ISSUED 70 MILLION TAX REFUNDS

IRS issued 70 million tax refunds. With the the April 18th, 2022, tax deadline for most taxpayers now past, the IRS issued a statement saying it has already issued over 70 million tax refunds from filing of tax returns this year. That is from an estimated 103 tax returns that it had received as of […]