REQUIRED DISTRIBUTIONS UNDER SECURE ACT

Required distributions under secure act. During the Covid pandemic, thousands of individuals drew down retirement accounts, just to get by. Because of the fact that those retirees now had lower amounts for retirement, Congress enacted legislation to let them contribute more to future retirement accounts. But then they also enacted the Secure Act, and some […]

RICH CONTINUE TO INFLUENCE TAX SYSTEM

Rich continue to influence tax system. Ever since the Panama Papers, followed by the Pandora Papers, showed that the world’s rich, including sports figures, politicians, celebrities, many from the United States, were all gaming the system, by hiding money in offshore accounts to avoid the taxman, we have heard the politicians and rich all line […]

BUSINESS INTEREST EXPENSE GUIDANCE

Business interest expense guidance. The IRS issued a long awaited package of guidance regarding the Section 163(j) limitation on business interest expense deductions. The guidance includes final and proposed regulations as well as a proposed revenue procedure with a safe harbor for operators of qualified residential living facilities and FAQs on the aggregation rules for […]

THINGS THAT YOU MAY NOT REALIZE ARE TAXABLE

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Things that you may not realize are taxable. Everyone knows that wages are taxed by the federal government, but Uncle Sam has a far reaching definition of “taxable income”. It covers numerous types of earnings that many people don’t realize are subject to federal income taxes. What follows are several examples of taxable income that […]

I OWE HOW MUCH IN TAXES?

I owe how much in taxes ? As the Tax Cuts and Jobs Act unfolds, and tax returns get filed, its becoming apparent that in certain situations, taxpayers are actually owing more in tax, not getting that anticipated refund that the President spoke of from his election campaign. The first tax filing under the new […]

TAX CUTS ONE YEAR LATER.

Tax cuts one year later. What happened ? There was a point in early 2018 when big American companies couldn’t help stop talking about the Trump tax cuts. Flush with the projected savings form a $1.5 trillion law, they promised to raise wages, hand out bonuses to workers and invest in big projects. They scored […]

TAX BILL MIXED REVIEW

Tax bill mixed review. The recently passed tax bill is a real mixed review when it comes to constituencies trying to figure out if they are winners or losers under the bill. Once the bill was thoroughly analyzed it became apparent that not every group was going to be happy, and some might be quite […]