SUPPLY CHAINS AND TAX PROFESSIONALS

Supply chains and tax professionals. Now that the Covid pandemic is at a stage where most agree its not going anyway, many disruptions in the economy have happened and will continue to happen. One has to do with the supply chain. With so many companies involved in the supply chain, and its importance to the […]

IRS PUSH TO UPDATE ITS COMPUTER SYSTEM

IRS push to update its computer system. The recent backlog of IRS paper tax returns has resulted in a pubic outcry over the terrible service at the IRS. While it is a bad thing, in the long run, it may be what the agency needed to get the attention of Congress, who have neglected the […]

INFRASTRUCTURE TALKS AT IMPASSE

Infrastructure talks at impasse. With Democrats and Republicans at odds over the details of the infrastructure bill, it seems that both parties have dissension within their ranks as well, making agreement even more difficult. There is broad agreement among Democrats that the corporate tax rate is too low. The rate was slashed from 35 percent […]

RICH NOT POOR NATIONS BENEFIT

Rich not poor nations benefit. Many of the International Tax Agreements that are made never make headlines across the world. With politics, wars, and Covid vying for the public’s attention, the impact of certain tax agreements seem trivial to many world citizens. Yet the impact to poor nations on these agreements can hurt their economic […]

IRS ANSWERS ON CARBON CAPTURE CREDITS

IRS answers on carbon capture credits.  The Internal Revenue Service has issued guidance to help businesses understand how legislation passed in 2018 may benefit those claiming carbon capture credits. Today’s guidance addresses the definition of “beginning of construction” and provides a sage harbor for partnership allocations of the credit. After the enactment of the Bipartisan […]

TAX PROBLEMS LENDING TO FAMILY

Tax problems lending to family. Many people are happy to lend money to their loved ones, especially to children and grandchildren. But before stroking the check, review the tax rules. The tax consequences vary greatly depending on the terms of the loan. A small change in the terms of the loan can men big differences […]

IRS DETAILS ON FOREIGN EARNINGS

IRS details on foreign earnings. The Internal Revenue Service provided additional information to help taxpayers meet their filing and payment requirements for the Section 965 transition tax on untaxed foreign earnings. The Tax Cuts and Jobs Act requires certain taxpayers that have untaxed foreign earnings and profits to pay a tax as if those earnings […]

HOW THE 2019 TAX RATES COULD AFFECT YOU.

How the 2019 tax rates could affect you. It is yet an undecided issue. Not until you file your tax return will you know for sure. The promise of the Trump Administration throughout the campaign and after the election was that tax cuts would be forthcoming, and that would spur the economy on. No doubt […]

FIVE TAX DEDUCTIONS FOR SAVINGS

Five tax deductions for savings. The Tax Cuts and Jobs Act made the most sweeping changes to the U.S. tax code in several decades, and the first time most Americans will really feel its impact is when they file their 2018 tax return sometime in 2019. With that in mind, here are five deductions or […]

PREPARING FOR NEXT YEARS TAXES

Preparing for next years taxes. This can be easy, if you take some time ahead of time to get organized. The Form 1040 for tax year 2018 is a shorter form and replaces the current form 1040, Form 1040 A and the Form 1040 EZ. The new Form 1040 can be supplemented with up to […]