PROTECT IDENTITY PIN FROM THE IRS

Protect identity PIN from the IRS. IN bulletin IR-2022-78, the IRS reminded taxpayers, especially those who were victims of identity theft–of an important step they should take to protect themselves from tax fraud. Some identity thieves us taxpayers information to file fraudulent tax returns. By requesting identity Protection PIN’s from the “Get an IP PIN” […]

KNOW YOUR STIMULUS CHECK RIGHTS

Know your stimulus check rights. As talk of a second stimulus heats up, some still find themselves waiting for their first payment under the CARES Act, which passed in March and allotted up to $1200 per person and $6000 for families. If this describes your current situation, read on–this will help you find your payment […]

TAX DISPUTE ONE OF LARGEST BY IRS

Tax dispute one of largest by IRS. A little known decision by the Internal Revenue Service’s appeals unit may spell trouble for legendary investor Jim Simons, who’s embroiled in a multi-billion dollar tax dispute with the agency. Reviewing the audit of an investment manager in Connecticut, the IRS Office of Appeals rejected a tax-avoidance maneuver […]

CFC ATTRIBUTIONS GET SAFE HARBORS

CFC attributions get safe harbors. U.S. persons who own stock in controlled foreign corporations CFCs may be able to benefit from safe harbors for determining CFC status and resulting income inclusions under a revenue procedure the IRS issued. At the same time, the IRS issued proposed regulations (REG-104223-18) concerning ownership attribution for determining the status […]

IMPORTANT 2019 ROTH IRS RULES

Important 2019 roth irs rules. A Roth IRA is a form of tax benefited retirement account. With Roth IRAs your contributions are not tax deductible, but your eventual withdrawals will be. This makes Roth IRSs a great way to ensure your financial security well into retirement. However, there are many rules about who can contribute […]

TAX SEASON IS TAX SCAM TIME

Tax season is tax scam time. Tax scams abound year round, but people over 65 are targeted even more frequently during the tax season. Tax season is tax scam time. Why ? A certain amount of money is in play at this time as taxpayers are figuring out what they owe Uncle Sam and scammers […]

SALES TAX HURTS AMAZON

Sales tax hurts amazon. The sales tax ruling by the United States Supreme Court has hurt online retailers. The ruling stated that states have the right to collect upwards of billions of dollars in taxes from internet sales, with Amazon being the largest of those retailers. Traditional retailers like Target, Walmart, and Best Buy, meanwhile, […]