DETAILS OF TAXING THE RICH

Details of taxing the rich. After campaigning on the promise to tax the rich to pay for more programs to advance social programs, President Biden President is doing just that. President Biden’s ambitious spending plans would significantly increase what the federal government lays out for childcare and education and spend trillions more on infrastructure. It […]

TAX BREAKS THAT ARE GONE FOR GOOD

Tax breaks that are gone for good. For most Americans, filing their tax returns for the 2018 tax year is just a distant and unpleasant memory. Yet even though the vast majority of taxpayers got their returns filed by mid-April deadline nearly six months ago, a few had hoped that Congress might get around to […]

FEDERAL COURT REJECTS REPORTING CHANGE

Federal court rejects reporting change. In our ongoing series of articles designed to cover any Tax Court issues, we need to mention that the IRS no longer wishes to require tax exempt organization to report information about their substantial financial donors. It must follow a proper notice and comment process, a federal court in Montana […]

I OWE HOW MUCH IN TAXES?

I owe how much in taxes ? As the Tax Cuts and Jobs Act unfolds, and tax returns get filed, its becoming apparent that in certain situations, taxpayers are actually owing more in tax, not getting that anticipated refund that the President spoke of from his election campaign. The first tax filing under the new […]