MANCHIN APPROVES OF INFLATION REDUCTION ACT

Manchin approves of inflation reduction act. The legislation that Sen. Joe Manchin finally decided to get behind would represent one of the biggest pieces of legislation, regarding a move towards climate change proposals, ever in the United States. The nonpartisan Committee for a Responsible Federal Budget stated that the legislation would put nearly $385 billion […]

IRS MILEAGE RATE INCREASE FOLLOWS PAST

IRS mileage rate increase follows past. The IRS usually sets the standard mileage deduction at the end of each calendar year, as that is when most taxpayers file their tax returns. The rate allows business owners the ability to deduct an expense and lower their taxable income. For only the third time since 2008, the […]

TAX RULES FOR YOUR VACATION RENTALS

Tax rules for your vacation rentals. If you use a service for renting out your vacation home, such as VRBO and Airbrib, you will get a 1099-K IRS tax form, for transactions conducted through their website. Since most rentals processed through those sites offer significant services with the rental, this would be considered self employment […]

INVESTMENT WORLD TO TRY TO HELP ENVIRONMENT

Investment world to try to help environment. With the U.S. Congress completely at loggerheads over climate change, unable to do anything due to opposite views, the Investment Companies of the world have decided to take the lead. The public advocacy group “As You Sow” is going after market fund index funds, which by their nature […]

TAX PROFESSIONALS MAKE SUGGESTIONS TO IRS

Tax Professionals make suggestions to IRS. After what may have been the most grueling and difficult IRS tax filing ever, Tax Professionals Nationwide have been heard about the difficulties of the filing season and what needs to be done to fix it. As it is, it is not sustainable, as the backlog of unprocessed IRS […]

TAX RELATED IDENTITY THEFT PART TWO

Tax related identity theft part two. Tax related identity theft happens when someone will take a person’s stolen Social Security number to do one of a few things. They may file a fraudulent tax return, with a phony address, hoping to get a refund check, in which case they may also try to steal your […]

IRS ON IDENTITY THEFT PROTECTION

IRS on identity theft protection. At the IRS Website, IRS.GOV, you may find helpful information on how to address Identity Theft and what to do to protect yourself. Tax related identity theft occurs when someone uses a taxpayer’s stolen Social Security Number to file a tax return claiming a fraudulent refund. In the vast majority […]

SUPERFUND TAXPAYERS GRANTED PENALTY RELIEF

Superfund taxpayers granted penalty relief. The IRS provided temporary relief from a penalty for failure to deposit Superfund excise taxes and affirmed the availability of a safe harbor for deposits. The relief in Notice 2022-15 released friday applies to semimonthly deposits due in the third and fourth calendar quarters of 2022 and the first quarter […]

PANAMA PAPERS AND UNITED STATES

Panama Papers and United States. The Panama Papers leak was a particularly revelatory story about Russians use of the offshore system. Once story reported that a Russian cellist, who had been friends with Putin since childhood, was secretly linked to offshore accounts holding up to $2 billion. Putin called the leak a “provocation”, insinuating that […]

CLOSING THE RICH TAX LOOPHOLES

Closing the rich tax loopholes. In paying for the spending proposals that President Biden wants, closing loopholes designed to allow the rich to avoid paying federal income tax is one of the pillars of the plan. To do this, Biden has proposed increasing the IRS budget by $80 billion, with an estimate that it will […]