CLIMATE CHANGE BIDEN SOLAR AND TARIFFS

Climate change Biden solar and tariffs. Auxin Solar, a U.S. Manufacturer of solar modules, field a complaint with the Commerce Department, which is responsible for enforcing the tariffs on solar, claiming that the solar manufacturers in Cambodia, Malaysia, Thailand and Vietnam are making an end around the tariffs on Chinese photovoltaic cells. Imports from those […]

IRS MOSTLY CORRECT ON REBATE CREDITS

IRS mostly correct on rebate credits. The IRS correctly calculated taxpayers eligibility for a recovery rebate credit in the 2021 filing season 99.3% of the time, the Treasury Inspector General for Tax Administration (TOGTA) reported. However, even the 0.7% error rate involved millions of dollars in improper allowance of the credit, and TIGTA found other […]

PRIVATE FOUNDATION GETS NO STEP UP BASIS

Private foundation gets no step up basis. Heirs can generally benefit from a step up in basis of inherited assets to their fair market value as of the date of the decedent’s death. A recent program manager technical advice makes clear that, for purposes of an excise tax, a private foundation resulting from a charitable […]

HOW MUCH MONEY CAN WE PRINT

How much money can we print. The Federal Reserve is creating dollars from scratch at an unprecedented rate, one of the man made tools to rescue the economy amid the coronavirus pandemic. In its frantic scramble to save the American economy, the central bank of the United States seems to have the ultimate superpower. It […]

TAXING BILLIONAIRES TO FIGHT COVID

Taxing billionaires to fight covid. The idea of taxing the ultra-wealthy to cover the immense cost of fighting the coronavirus pandemic has gained steam in recent weeks. Not only would a wealth tax have to get through both Houses of Congress–it would have to withstand a battle in front of the Supreme Court. The IRS […]

TRUST FUND PENALTY IS PENALTY NOT TAX

Trust fund penalty is penalty not tax. In our ongoing coverage of pertinent Tax Court cases, we cover David J. Chadwick v. Commissioner of Internal Revenue. The Tax Court has determined that a Trust Fund Recovery Penalty is a “Penalty” not a “Tax” as the IRS had argued. Thus, the TFRP is subject to the […]

VIRUS ACT FREEZES STUDENT LOAN PAYMENTS

Virus act freezes student loan payments. One of the less discussed benefits in the CARES Act is assistance for those with federal student loans. But unlike other programs in the stimulus legislation, no application is required. The law doesn’t cancel student debt, but it does freeze payments–and their interest–for everyone who has a federally held […]

INDEPENDENT CONTRACTOR OR EMPLOYEE

Independent contractor or employee. This issue comes up with companies that we have dealt with over the last 32 years. Often, companies incorrectly classify an employee as an independent contractor, hoping to avoid payroll taxes and health insurance obligations. This is trend has swept through the ranks of corporate America over the last 30 years […]

2019 EXPENSES THAT ARE DEDUCTIBLE ?

2019 expenses that are deductible ? The Tax Cuts and Jobs Act changed the way individuals and businesses were able to deduct certain expenses on their income tax returns. Some items are no longer deductible and some are still allowed. Here is a partial list of those expenses. 2019 expenses that are deductible ? Medical […]

TEN WORST TAX POLICY IDEAS OF 2019

Ten worst tax policy ideas of 2019. It is that time again. TaxVox has whittled down its list of the year’s bad tax ideas to 10, here they are. The government shutdown. The federal government started 2019 largely closed for business, as Congress and President Trump haggled over funding for his Mexican border wall. The […]