PRESENT VALUE OF ESTATE DEDUCTION RULES

Present value of estate deduction rules. The IRS and Treasury issued new regulations incorporating present value principles by which an estate may deduct certain expenses and claims against an estate under Section 2053. The primary issue addressed in the proposed regulations, Reg. 130975-08, had been left reserved at Regs. Section 20.2053-1(d)(6) by final regulations issued […]

SECURE ACT AND MINIMUM DISTRIBUTIONS

Secure Act and minimum distributions. When the Covid pandemic hit, thousands of Americans took money out of retirement accounts to get by and to help children and granchildren get by. In response, the Congress passed an act, and the IRS put it into the Revenue Code, giving Americans better ability to save more for retirement. […]

TRUCK DRIVERS STATUS HURTS SUPPLY CHAIN

Truck drivers status hurts supply chain. The type of status you have and list on your tax return, will determine the type of tax return you fill out and the type of taxes you have to pay. If you make a mistake the IRS can come back on you. We had a partnership that dissolved, […]

PENSION PLANS AS A TAX DODGE

Pension plans as a tax dodge. Pensions as a tax dodge are making a comeback with wealthy business owners. That’s an area where traditional pension plan’s are getting new life. Pensions, also known as defined benefit plans, can be used by doctors, law partners and wealth managers to stash hundreds of thousands of dollars in […]

NEW TAX CUTS AND CREDITS IN STIMULUS BILL

New tax cuts and credits in stimulus bill. The $1.9 trillion stimulus bill that Congress just passed, and President Biden signed into law, has more than just stimulus checks for Americans. In Fact, the majority of the bill has a large number of tax cuts and credits, designed to help the economy, by helping a […]

BILLIONAIRE SHETH LEAVING VISTA EQUITY

Billionaire sheth leaving vista equity. Central Texas billionaire Brian Sheth is resigning as president of Austin based Vista Equity Partners in the wake of a highly publicized tax evasion case against Vista Equity founder, chairman and CEO Robert F. Smith. Sheth, 45, will “depart the firm effective immediately,” Vista Equity said in a news release […]

BIDENS TAX PLAN FOR RICH TAXPAYERS

Bidens tax plan for rich taxpayers. An analysis by the Tax Policy Center found that the bottom 80% of taxpayers would see tax cuts on average, mainly due to a package of tax credits and deductions aimed at the middle class. Those in the top 1%, who earn more than $788,000, would see an average […]

YOUR TAXES WHILE RECEIVING UNEMPLOYMENT

Your taxes while receiving unemployment. Millions of Americans have lost their job during the COVID-19 outbreak and are relying on unemployment benefits as they pay their bills and re-start their career. That’s a serious challenge they face right now. Without some planning, they could also face a future problem–an unanticipated, unbudgeted tax bill in 2021. […]

SUMMER TAX SCAM ALERT

Summer tax scam alert. The IRS has issued a warning for summer tax scams, even though the tax filing season is just starting for most citizens and business owners. Being cautious and alert regarding new summer tax scams, and being prepared ahead of time is what the IRS is trying to accomplish by educating the […]

DISAPPEARING DIVIDENDS FROM RETIREMENT

Disappearing dividends from retirement. Pension funds and other investors are smarting from the worst quarter for stocks since 2008. Now many are bracing for more pain as companies slash dividend payouts in the face of a global recession that is wiping out their revenue and putting million of their workers out of a job. Banks […]