INFRASTRUCTURE TALKS AT IMPASSE

Infrastructure talks at impasse. With Democrats and Republicans at odds over the details of the infrastructure bill, it seems that both parties have dissension within their ranks as well, making agreement even more difficult. There is broad agreement among Democrats that the corporate tax rate is too low. The rate was slashed from 35 percent […]

SECOND RELIEF CHECK HOW MUCH MONEY.

Second relief check how much money. How much money could you get if you qualify for a second stimulus check ? We can begin to count it up given what we know so far, especially now that there’s hope that another coronavirus relief bill with a new round of stimulus money could pass before the […]

BIDENS RETIREMENT PLAN CHANGES

Bidens retirement plan changes. Presidential candidate and former Vice President Joe Biden recently proposed a key change to the employer-sponsored 401(k) plan that could help lower  earners save for retirement. But this proposed change also would likely reduce the financial benefit of a traditional 401(k) for high earners, say experts, possibly encouraging more to take […]

IRS ANSWERS ON CARBON CAPTURE CREDITS

IRS answers on carbon capture credits.  The Internal Revenue Service has issued guidance to help businesses understand how legislation passed in 2018 may benefit those claiming carbon capture credits. Today’s guidance addresses the definition of “beginning of construction” and provides a sage harbor for partnership allocations of the credit. After the enactment of the Bipartisan […]

EXECUTIVE COMPENSATION LIMITS

Executive compensation limits. In drafting these proposed regulations, The Treasury Department and the IRS have considered all comments received on the notice. Commenters noted that the many examples in Notice 2018-68 were helpful in illustrating the guidance in the notice. In light of these comments, the Treasury Department and the IRS have included numerous examples […]

PART OF GENETIC TESTING IS MEDICAL CARE

Part of genetic testing is medical care. In a redacted Private Letter Ruling the IRS has ruled that a portion of ancestry genetic testing (consisting of a DNA collection kit and health services) is medical care and hence, that portion of the costs of the services and kit is potentially deductible. The IRS left it […]

REPORTING FOR LIFE INSURANCE POLICIES

Reporting for life insurance policies. The Internal Revenue Service issued final regulations on the new  information reporting requirements for certain life insurance contract transactions. The requirement was authorized under new section 6050Y, added to the Internal Revenue Code by the Tax Cuts and Jobs Act, the tax reform legislation enacted in December 2017. The final […]

PRIOR IRS TAX DATA

Prior IRS tax data. The IRS today reminded taxpayers who have changed tax software that the prior IRS tax data may be outdated and they may need to update the tax software they have to complete their taxes this year. It’s always a good idea to keep copies of tax returns that you have filed, […]