FAMILIES FIRST CORONAVIRUS RESPONSE ACT TWO

Families first coronavirus response act two. As our economy opens up, businesses reopening and interactions with others increase, there is relief for employees who may be impacted by the coronavirus. The following benefits are mandated by the FFCRA and fully refundable to the employer through the U.S. Treasury. The IRS has outlined procedures to help […]

IS VIRUS AID MONEY TAXABLE ?

Is virus aid money taxable ?  We have received many calls from both taxpayers and clients regarding the ongoing virus tax relief money and paycheck protection program. Many of the questions pertain to whether the money is taxable, the implications for filing tax returns, or the IRS tax resolution they are working on.  In an […]

SUPERRICH WHO WANT WEALTH TAX

Superrich who want wealth tax. When the grand vacation homes of Newport Beach were empty on a beautiful Memorial Day weekend, Molly Munger decided it was time for the U.S. to consider taxing wealth. As her family’s boat moved through the harbor a few years ago, Munger, whose father is a billionaire investor, saw that […]

TRUMP TAX PLAN LOOKS POLITICAL

Trump tax plan looks political. The Trump administration plans to unveil a tax cut plan in mid-2020, a top White House adviser stated, saying it would be targeted to giving significant relief to the middle class. Just like prior administrations have done in the past, when an election comes near, offer a tax cut to […]

IRS CRACKING DOWN ON TAX BREAK

IRS cracking down on tax break. This has just made the news. Here is what you need to know. After the Tax Reform passed by Congress, most tax professionals became aware of a tax break for pass through businesses. The IRS proposed a new rule, giving a 20 percent qualified business income deduction. This is […]