SUPREME COURT HOLDS TAX COURT NOT HELD

Supreme Court holds tax court not held. The 30 day limit of Sec. 6330(d) for taxpayers to file a petition with the Tax Court to review an IRS determination is nonjurisdictional, the U.S. Supreme Court held, meaning it can be extended in certain instances. The Court’s unanimous opinion, written by Justice Any Coney Barrett, was […]

WHY SOME TAX REFUNDS TAKE LONGER

Why some tax refunds take longer. Even though the IRS issues most tax refunds in less than 21 days for taxpayers who filed electronically and chose direct deposit, some refunds may take longer. Many different factors can affect the timing of a refund after the IRS receives a return. A manual review may be necessary […]

REPUBLICANS TRYING TO REBRAND

Republicans trying to rebrand. For years the Republican party has been viewed through the prism of the party of Wall Street and the wealthy. Championing tax cuts, defense spending, and cutting Social Safety net programs. Then cam Trump and his promise to help rebuild the working class. After giving 90% of the tax cuts in […]

AGGRESSIVE IRS AFTER TAXPAYERS

Aggressive IRS after taxpayers. After years of being under funded by Congress, and with mounting federal budget deficits, Congress, spurred on by the Biden Administration, has finally beefed up funding at the IRS to levels not seen in several decades. What that means for taxpayers is that the IRS will be conducting more audits, not […]

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 […]

TAKING SOCIAL SECURITY IN THE PANDEMIC

Taking Social Security in the pandemic. The trend has been moving in a positive direction: Over the last decade, far more workers who are eligible for Social Security have been waiting to file, often substantially increasing their lifetime annual benefits. But the stunning job losses in the pandemic induced economic crisis could bring this trend […]

YEAR END BILL HAS TAX PROVISIONS

Year end bill has tax provisions. The federal government spending bill passed by Congress repeals three health care taxes that were originally enacted as part of 2010 health care reform legislation, makes many changes to retirement plan rules, extends several expired tax provisions, provides disaster relief, and repeals the provision that taxed exempt organizations when […]

REGULATIONS ON ESTATES AFTER 2025

Regulations on estates after 2025. The Treasury Department and the Internal Revenue Service issued final regulations confirming that individuals taking advantage of the increased gift and estate tax exclusion amounts in effect from 2018 to 2025 will not be adversely impacted after 2025 when the exclusion amount is scheduled to drop to pre-2018 levels. Treasury […]

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 […]

TRAP CAN SEND SOCIAL SECURITY TO IRS

Trap can send social security to IRS. Retirees rely on Social Security to help them make ends meet. Given that they already paid payroll taxes in order to earn their benefits, retirees often find it shocking when they discover that under certain circumstances, Social Security payments can be subject to income tax. One of the […]