JONES V COMMISSIONER PART TWO

Jones v Commissioner part two. Lindsey Jones was trying to obtain Innocent Spouse relief under the IRS code. The court determined that the petitioner, Lindsey Jones, had consented to the filing of the 2010 jointly filed tax return. Petitioner did not file a separate Federal IRS income tax return despite her income having exceeded the […]

GIG ECONOMY INCOME IS REPORTABLE TO IRS

Gig economy income is reportable to IRS. The Internal Revenue Service in public announcement IR-2022-45, announced that and reminded taxpayers that gig economy income, virtual transactions, and foreign source income and assets are taxable assets and income reportable to the IRS. They stated that you may obtain information on the IRS website, IRS.GOV for more […]

BOOK AND TAX INCOME PART TWO

Book and tax income part two. With the need for more revenue, governments around the world, including the U.S. Government, have been looking at ways to raise additional revenue. One of the ways discussed is closing loopholes, another under discussion is taxing cryptocurrency, whose large profits over the last few years has caught the eyes […]

AMERICAN RESCUE PLAN DETAILS

American rescue plan details. The American Rescue Plan Act of 2021 was signed by President Biden on March 11, 2021. The Act has unemployment benefits, vaccination programs and additional unemployment benefits meant to get people through the COVID-19 crisis. More funding for state and local governments was included, assistance to schools to help them open […]

WHEN WILL YOU GET BIDENS TAX STIMULUS

When will you get bidens tax stimulus. President Biden’s $1.9 trillion dollar tax relief plan proposes another batch of checks for Americans of $1400 for just about all Americans. With the economy now showing signs of weakness, a lackluster jobs report, due to increased Coronavirus cases, this next round of checks could provide relief to […]

BUSINESS INTEREST EXPENSE GUIDANCE

Business interest expense guidance. The IRS issued a long awaited package of guidance regarding the Section 163(j) limitation on business interest expense deductions. The guidance includes final and proposed regulations as well as a proposed revenue procedure with a safe harbor for operators of qualified residential living facilities and FAQs on the aggregation rules for […]

IRS INCREASES VISITS TO HIGH EARNERS

IRS increases visits to high earners. Over the last 32 years we have seen the pendulum of the IRS Collection Division swing from being aggressive to being passive, depending upon what the broader economy was doing. When times are tough the IRS usually backs off of collection, when times are good, they put the foot […]

TAX COURT FINDS AGAINST TAXPAYER

Tax court finds against taxpayer. To be a real estate professional, a taxpayer must meet the following two tests under IRC Section 469(c)(7)(b): More than half of the personal services performed in trades or businesses by the taxpayer during the calendar year are performed in real property trades or businesses in which the taxpayer materially […]

TAX TIME WITH THE IRS FOR APRIL 15 DEADLINE

Tax Time with the IRS for April 15 deadline. The Internal Revenue Service today urged taxpayers to file an accurate tax return on time, even if they owe but can’t pay in full. The IRS also recommends that taxpayers do a Paycheck Checkup early in 2019 to avoid having too much or too little tax […]

TRUMPS TAX CUT GROWTH IS OVER

Trumps tax cut growth is over. The Trump Administration pushed a $1.5 trillion tax cut through Congress in 2017 on the promise that it would spark sustained economic growth. While the tax cuts have goosed the economy in the short term, officials now concede they will not be enough to deliver the 3 percent annual […]