ESTATES CAN ELECT LATE PORTABILITY OPTION

Estates can elect late portability option. The IRS issued revenue procedure 2022-32 that allows estates to elect “portability” of a deceased spousal unused exclusion exclusion amount as much as five years after the decedent’s date of death. Estates of decedents dying after Dec. 31, 2010, who are survived by a spouse, if not required to […]

IRS BEING FUNDED TO START COLLECTING

IRS being funded to start collecting. After years of under funding at the IRS, Congress weary of the political fallout from increasing deficits, have decided to fund the one government agency that actually returns nearly $14 for every dollar invested into it, the IRS. It doesn’t take a rocket scientist to figure out that when […]

IRS FORMS DESTRUCTION PART TWO

IRS forms destruction part two. The Tax Professional community was shocked to learn that the IRS had destroyed nearly 30 million information return. Net Operating Losses and Carry Forwards cannot be determined without certain information, and those particular Information returns will create a nightmare for millions of taxpayers down the road. The Tax Inspector General […]

TAX RULES FOR YOUR VACATION RENTALS

Tax rules for your vacation rentals. If you use a service for renting out your vacation home, such as VRBO and Airbrib, you will get a 1099-K IRS tax form, for transactions conducted through their website. Since most rentals processed through those sites offer significant services with the rental, this would be considered self employment […]

IRS’s FACTA ENFORCEMENT FELL SHORT

IRS’s FACTA enforcement fell short. As part of the new law P.L. 111-147, the Hiring Incentives to Restore Employment Act, which was passed in 2010, the Joint Committee on Taxation estimated it would bring in an additional $8.7 billion in revenues over the following 10 years, when it was passed in 2010. So the IRS […]

BIDEN WANTS IRS TO DRIVE HIS RECOVERY

Biden wants IRS to drive his recovery. As the President moves his Covid recovery through the IRS, the nation’s tax collector will take on an expanded role as comptroller of the social safety net, delivering billions of dollars in stimulus payments to millions of American households. But the missions threatens to stretch the agency between […]

IRS CRACKDOWN TO GET REVENUE

IRS crackdown to get revenue. With the Biden Administration spending so much to combat the impact of the economic disaster from the Covid health crisis, one part of the plan has been to infuse the Internal Revenue Service with more funds, to go after those who owe back taxes and those who have not filed […]

GREEN ENERGY COMPANIES WANT BIDEN

Green energy companies want biden. Finance chiefs in the clean energy sector will face different realities depending on who wins the U.S. presidential election, but are eyeing the possibility of an economic boost under a Democratic victory. Renewable energy is one of several policy areas where the two candidates hold starkly contrasting views. Former Vice […]

CONFUSION IN CRYPTOCURRENCY TAXATION

Confusion in cryptocurrency taxation. Venezuela is hoping that cryptocurrency punishing hyperinflation and the effects of U.S. sanctions that have stifled trade and rendered the Venezuelan currency nearly worthless. Since 2018 the government has experimented with different cryptocurrency projects, but so far none have succeeded. In 2018 the government released a national cryptocurrency, the petro, that […]

SOME STIMULUS RELIEF WON’T BE PAID UNTIL 2021

Some stimulus relief won’t be paid until 2021. There are a multitude of individuals who did not receive a stimulus check from the CARES Act for various reasons. And for many, the news is bad. They will likely have to wait until 2021 to get their stimulus payment, or because of timing get any money […]