TAXING THE RICH TO DETER INEQUALITY

Taxing the rich to deter inequality. In the United States the gap between the rich and poor was heightened during the Covid pandemic. More people became poor, and more became wealthy. One simple reason for this is the IRS tax code, which changed in the 50s and early 60s, where the rich used to be […]

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 […]

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 RULES ON PARTNERSHIP RETURNS

IRS rules on partnership returns. Many of the tax debt issues that we encounter happen because business owners do not classify themselves properly from the beginning of the business. Case in point a business we are dealing with where the partnership had the tax professional draw up the Corporate papers designating the structure of the […]

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 […]

TAX INCREASE TAX DECREASE

Tax increase Tax Decrease. Whether a taxpayer has a tax increase tax  decrease is the new talk among tax professionals. We have heard stories of people who thought they would get a decrease the way the new legislation was being proposed, framed, and sold tot he public, only to find out after having a tax […]

TAX BILL AND TAX RESOLUTION

Tax bill and tax resolution. With the recently passed  tax bill, alot of work stands in front of the IRS and tax resolution industry.  Changing the Internal Revenue Code involves more than just changing some forms. It involves changes to IRS computer programs, changes to tax tables, and deductions, along with expenses to figure out […]