TWELVE EXPENSES YOU SHOULD NOT CLAIM

Twelve expenses you should not claim. No one wants to pay more than he or she has to in taxes. Fortunately, numerous deductions and credits can help lower your tax bill. However, don’t make the mistake of trying to claim one of the these expenses or you might get into an audit with the IRS. […]

IMPACT OF TRUMP TAXES REMAINS HIDDEN

Impact of trump taxes remains hidden. Armed with legions of lobbyists, companies have been pushing hard–and successfully–to weaken new federal taxes that take aim at overseas tax havens. Many of them have managed to avoid publicly disclosing how much they owe under the new taxes. Without such figures, it becomes virtually impossible for outsiders to […]

IRS ISSUES 2019 TO 2020 PER DIEM RATES

IRS issues 2019 to 2020 per diem rates. Business travelers who incur expenses while traveling away from home have new per diem rates to use in substantiating certain of those expenses (Notice 2019-55). The new rates are in effect from Oct. 1 2019 to Sept. 30, 2020. The IRS provided the 2019-2020 special per diem […]

REPORT ON ABUSIVE CHARITY TAX ABUSE

Report on abusive charity tax abuse. The report was addressed to Senator Charles Grassley, Chair of the Senate Finance Committee, so it is no surprise that it leads with the syndication of conservation easements. The center of this particular tax scam is Rome, Georgia. People there are arguing that syndicated conservation easements are the subject […]

GILLETTE AND SZCZEPANSKI V COMMISSIONER

Gillette and Szczepanski v Commissioner. In our ongoing coverage of Tax Court issues and cases we focus on this case, an Offer in Compromise issue case. The petitioners, Gillette and Szczepanski(a married couple), were assessed a liability on their 2012 federal income tax which included the penalty for early withdrawal from an IRS and the […]

TRADE WAR MAY CAUSE RECESSION

Trade war may cause recession. If a recession is coming, what should we do ? Not what President Trump and his economists are thinking about. While there is no certainty that a recession is in the offing, a number of Wall Street economists see warning signs–especially an inverted yield curve for bonds, which means that […]

RECONSTRUCTING RECORDS AFTER DISASTER

Reconstructing records after disaster. This may be essential for tax purposes, getting federal assistance or insurance reimbursement. After a disaster, taxpayers might need  certain records to prove their loss. The more accurately the loss is estimated, the more loan and grant money there may be available. For taxpayers who have lost some or all of […]

FAST TAX CUTS COULD HURT REPUBLICANS

Fast tax cuts could hurt republicans. When President Trump signed the Tax Cuts and Jobs Act into law in 2017, the Internal Revenue Service moved to make sure the savings showed up quickly in paychecks. Doing so probably lifted consumer spending last year, but it may have hurt Republicans politically, new polling shows. Administration officials, […]

SUPREME COURT’S TAX CONSEQUENCE

Supreme Court’s tax consequence. The tax consequence of the U.S. Supreme Court’s ruling in the case of South Dakota v. Wayfair Inc. is that states can assert nexus for sales and use tax purposes without requiring a seller’s physical presence in the state, and it overturns prior Supreme Court precedent in Quill Corp. v. North […]

AMERICAN EXPATRIATES TAXES

   American expatriates taxes. We sometimes get a call regarding American Expatriates Taxes, whether the person is overseas, or visiting back here in the United States. The common theme among all the expats is confusion about what they are required to do, and then frustration once they learn the rules of what is required by […]