INFLATION ACT WOULD HELP DRUG PRICES

Inflation act would help drug prices. The now under consideration “Inflation Reduction Act” has one component that the large majority of Americans overwhelmingly support, negotiating the price of drugs for the American people. The United States is one of the only developed countries in the world that does not do that for its people. In […]

TAX EXTENSION CAN FILE BEFORE OCTOBER 17

Tax extension can file before October 17. The IRS in memo IR-2022-141, is reminding taxpayers that they don’t have to wait until October 17th, to file their tax return, if they filed an extension for the tax year. They can file at any time prior to the deadline of October 17. An estimated 19 million […]

WAYFAIR DECISION EVENS PLAYING FIELD

Wayfair decision evens playing field. The Wayfair Tax decision happened, due to large online retailers like Walmart and Amazon flouting again the IRS Tax System, so they can maximize profits at the expense of the American Economy, by not paying their fair share of taxes. The net result of the decision is that smaller retailers […]

SUPREME COURT TO HEAR FBAR PENALTY CASE

Supreme Court to hear fbar penalty case. The U.S. Supreme Court has decided to hear, or in the Court’s words grant “Certiorari” to Alexandru Bittner’s case. He is a Romanian-American business person who was held liable for $2.72 million in penalties for failing to file Financial Crimes Enforcement Network (FINCEN) forms 114, Report of Foreign […]

MINIMUM DISTRIBUTIONS SECURE ACT

Minimum distributions secure act. Due to the Covid pandemic and hundreds of thousands takin gout money from retirement accounts to get by, changes to retirement accounts were announced by Congress. Prior to the SECURE Act, individuals with an IRA, defined contribution or defined benefit plan were required to begin taking distributions no later than April […]

MAKING ESTIMATED TAX PAYMENTS ONLINE

Making estimated tax payments online. The IRS in Bulletin IR-2022-101, stated that multiple advantages exist for taxpayers who file estimated tax payments online. Its faster, easier, and it is safe. During this past National Small Business Week, from May 1st thru the 7th, the IRS highlighted the tax benefits and resources tied to the theme […]

TAX RELATED IDENTITY THEFT PART TWO

Tax related identity theft part two. Tax related identity theft happens when someone will take a person’s stolen Social Security number to do one of a few things. They may file a fraudulent tax return, with a phony address, hoping to get a refund check, in which case they may also try to steal your […]

IRS ON IDENTITY THEFT PROTECTION

IRS on identity theft protection. At the IRS Website, IRS.GOV, you may find helpful information on how to address Identity Theft and what to do to protect yourself. Tax related identity theft occurs when someone uses a taxpayer’s stolen Social Security Number to file a tax return claiming a fraudulent refund. In the vast majority […]

USE TAX CALCULATOR TO MAKE ACCURATE RETURN

Use tax calculator to make accurate return. With the Tax Season for the majority of Taxpayers now behind us, the IRS is memo IR-2022-81, April 13, 2022, is urging Taxpayers to use the Withholding Estimator to ensure the accuracy of tax returns. The Withholding Calculator is a Free toll you can find on the IRS […]

TAX RETURN EXTENSION SOME QUALIFY INSTANTLY

Tax return extension some qualify instantly. Although the deadline for filing a tax return extension has passed for the large majority of taxpayers filing a IRS tax return, some taxpayers qualify automatically to file depending upon a few set of circumstances. Disaster victims, taxpayers serving in combat zones, and those living abroad automatically have longer […]