IRS TO AMEND GIFT AND ESTATE TAX EXCLUSION

IRS to amend gift and estate tax exclusion. The issued proposed regulations that would provide an exception to the anti-clawback special rule that preserves the benefits of the temporarily higher gift and estate basic exclusion amount. The regulations would apply to certain transfers that are includible, or treated as includible, in a decedent’s gross estate […]

INTUIT TAX COMPANY COMMITTED FRAUD

Intuit tax company committed fraud. According to the New York Attorney General’s Office, nearly four million people will receive a check from Intuit for a tax service they used to file taxes online this least year, thinking they were getting a “Free Version” of the software, but then were not able to actually get a […]

WHY MANY RICH BACKING UP BIDEN

Why many rich backing up Biden. It has been a long held idea that most rich people generally support Republicans due to the fact that Republicans want lower taxes and Democrats spend more on social programs. And for some time that was true. Republicans since Ronald Reagan sold the idea that trickle down economics was […]

STATES WANT MONEY FOR TAX CUTS

States want money for tax cuts. The Republican attorney general of 21 states recently called one aspect of the new coronavirus recovery bill “an unprecedented and unconstitutional intrusion on the separate sovereignty of the States through federal usurpation.” In fact, they said it was “the greatest attempted invasion of state sovereignty by Congress in the […]

HOW MILLIONAIRES TAX HELPS MIDDLE CLASS

How millionaires tax helps middle class. Coronavirus infection levels are climbing all around the country again. As more and more Americans stay home to avoid infection, those rising infection rates will likely bring with them another serious economic downturn, just like they did in the spring. The drop in consumer spending will harm the bottom […]

IRS SELECTS TEN NEW TAX MEMBERS

IRS selects ten new tax members. In Internal Revenue Bulletin 2020-208, the IRS released the newest 10 members for the Electronic Tax Administration Advisory Committee (ETAAC). Established in 1998, the ETAAC, is a public forum for the discussion of issues in electronic tax administration. Its aim is to prevent identity theft and refund fraud in […]

IRS CATCHING UP AFTER COVID SHUTDOWN

IRS catching up after covid shutdown. During a political showdown between Republicans and Democrats, the government was shut down nearly and year and a half ago. The result for the IRS was getting back up to speed, as they had nearly 1.5 million pieces of mail that piled up and numerous other tasks that waited […]

IS ADDITIONAL STIMULUS NEEDED

Is additional stimulus needed. After several rounds of Covid based stimulus relief bills, authorized by Congress, and passed by President Trump, much debate is surfacing about whether additional stimulus is needed. Most of this debate surrounds funding for State and Local Governments, which seem to be having a very difficult time and are on the […]

SEATTLE FREEZES PAYROLL TAX DEBATE

Seattle freezes payroll tax debate. The Seattle City Council has suspended its consideration of a proposed payroll tax. City Council president M. Lorena Gonzalez (D) noted that a proclamation by Washington State Gov. Jay Inslee (D) limits the topics that public bodies such as the city council can take action on during the pandemic to […]

CONGRESS APPROVES IRS REFORM BILL

Congress approves IRS reform bill. After years of under funding the IRS, last fall the IRS decided to start providing the IRS with funds to increase the Collection Activities of those who have fallen behind on back tax debt. It seems that after years of government cutbacks, Congress finally realized that the IRS is one […]