NEW TONED DOWN INFLATION ACT

New toned down inflation act. The bill that President Biden wanted passed, had a climate change proposal in it, to finally address the warming of planet earth. It also had some parts that several Senators questioned, and one decided a portion of the bill had to go, for her support. Key centrist Senator Joe Manchin […]

WHEN AND HOW TO PAY ESTIMATED TAXES

When and how to pay estimated taxes. Payments are divided into four payment periods. Yet, some taxpayers may find it easier to pay their estimated taxes weekly, bi-weekly or even monthly. Alternative payment periods are allowed if enough tax is paid by the end of each payment quarter. The easiest way to make your estimated […]

BIDEN TOUTS DEFICIT REDUCTION BY HIM

Biden touts deficit reduction by him. President Biden has stated that the government coffers have improved significantly since he took office, compared to former President Trump. Besides the quarterly reduction in the national debt, the Treasury Department estimates that this fiscal year’s budget deficit will decline $1.5 trillion, That decrease marks a big improvement from […]

NEW IRS TAXPAYER OFFICE INCREASE COLLECTIONS

New IRS taxpayer office increase collections. Under the Taxpayer First Act, the taxpayer experience has been reimagined based on the following six pillars, which represent the long term goals the IRS hopes to achieve over the next 10 years. 1 Expanded digital service. 2 Seamless experience. 3 Proactive outreach and education 4 Community of partners […]

SIX MONTH EXTENSION TO FILE TAXES

Six month extension to file taxes. Most citizens want to get a tax refund as fast as possible, so they file prior to the filing deadline, which in 2022 is on April 18th. Yet those who have incomplete records, who owe some in taxes, or have other outstanding years to deal with, sometimes find they […]

MCNULTY TAX COURT PART TWO

McNulty tax court part two. This tax court case has to do with keeping gold American Eagle coins from an IRA in McNulty’s home, which eventually the tax court ruled violated the rules of the trust, as they should have been held by the trust not McNulty. Under Sec. 408(h), a custodial account is treated […]

GOLD COINS AT HOME TAX COURT CASE PART TWO

Gold coins at home tax court case part two. This is the second part of the McNulty case where gold coins in a IRA where kept at home, and the tax implications of that. McNulty’s joint returns with her husband for the two years were prepared by a CPA, but they did not consult the […]

IRS COMMISSIONER WARNS OF PROSECUTION

IRS commissioner warns of prosecution. After the release of the names of some of the wealthiest Americans, showing they paid little, or virtually no income tax, the IRS Commissioner promised an investigation into the source of the leak, and prosecution of the offender. The report, first obtained by Pro Publica, outlined that the wealthiest Americans […]

RICH TAX RECORDS LEAKED

Rich tax records leaked. Given all the data leaks that are happening all over the world, it seemed like it was sonly a matter of time before the tax records of the richest Americans would become public. The IRS is now investigating a leak of private tax records of some of the richest Americans. The […]

OVER A MILLION PAYMENTS MADE

Over a million payments made. The Internal Revenue Service stated that under the American Rescue Plan, over one million payments have been made, for a total of nearly 164 million payments. This was due to the Covid-19 pandemic and the economic fallout from a massive health crisis that started in January of 2020. In the […]