IRS PREPARING TO BARCODE TAX RETURNS

IRS preparing to barcode tax returns. Due to the backlog of unfiled tax returns, which is a byproduct of not just the Covid lockdown at the IRS, but the fact the agency has not been given enough funding the last few years, which is now being reversed by President Biden. The National Taxpayer Advocate who […]

TAX RAMIFICATIONS OF LEASE MODIFICATIONS

Tax ramifications of lease modifications.  You need a haircut, badly, but you were momentarily thinking that there might be silver lining to the lockdown. With the salons shut, your teenage daughter can’t spend hundreds of dollars getting her hair dyed blue. But as fate will have it, she got hold of a supply of the […]

STIMULUS PAYMENT PROBLEMS PART THREE

Stimulus payment problems part three. Doug McKirahan, a 64 year old San Franciscan, told TIME he struggled to input his information into the IRS Get My Payment tool before finally succeeding last week. But McKirahan said what’s most frustrating is his inability to contact the agency directly. The IRS said it’s currently unable to provide […]

STIMULUS PAYMENT PROBLEMS

Stimulus payment problems. When the two branches of Congress were able to get together and pass the stimulus bill, America was hopeful that financial relief was on the way. Yet, what America didn’t realize was that after years of underfunding the IRS, which is responsible for the administration of the stimulus checks, but is also […]

DIGITAL TAX WILL BOOST STATES REVENUES

Digital tax will boost states revenues. The OECD has presented economic analysis on the potential impact of what it has proposed on international tax reform to address the digitalization of the economy. The OECD has said that the changes would have a significant positive impact on global tax revenues, by boosting corporate income tax revenues […]

IRS WAIVES MAJOR 2018 PENALTY

IRS waives major 2018 penalty. The Internal Revenue Service announced that it is waiving the estimated tax penalty for many taxpayers whose 2018 federal income tax withholding and estimated IRS tax payments fell short of their total tax liability for the year. The IRS is generally waiving the penalty for any taxpayer who paid at […]

RETIREMENT BILLS AND TAXES

Retirement bills and taxes.  Lawmakers are working on the biggest changes to U.S. retirement savings in more than a decade, exploring several proposals that could make it easier for small companies to offer 401(k) plans and for workers to guarantee themselves an annual income after they retire. The efforts are being kick started with a […]

TAX LAW CHANGES

Tax law changes. The Internal Revenue Service has provided guidance for taxpayers and employers about changes from the tax law changes that impact, move related expenses, un-reimbursed employee expenses, and vehicle expenses. The tax law changes suspends the IRS deduction for moving expenses.. Meaning you cannot deduct the use of an automobile as part of […]