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 […]

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 […]

TAX DEBT IS HELD TO BE DISCHARGED

Tax debt is held to be discharged. In our ongoing coverage of Tax Court cases, this case is of Nicole Golden and her husband, Stephen Alter, who timely filed an extension until Oct. 15th, 2009, for the 2008 tax return but did not file the return by the extended date. They experienced financial and marital […]

GAO SAYS THE RICH WERE AUDITED LESS

GAO says the rich were audited less. Taxpayers with incomes over $200,000 were audited less than the general population, according to a report by the Government Accountability Office. The report shows a definite discrepancy among audit rates for rich versus poorer taxpayers. The GAO also released a second report on the IRS‘s enforcement of taxpayer’s […]

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 […]

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 […]

CAUTION IN FILING THE NEW 1099-K

Caution in filing the new 1099-K. The reporting threshold required by the IRS has been changed for those who have to file form 1099-K, which is used for third party settlement entities, which must issue a 1099-K. The National Taxpayer Advocate gave a warning to those who must file this form, while the (NTUF) National […]

IRS ENFORCEMENT OF TAX LAWS

IRS enforcement of tax laws. The IRS has many tools in attempting to collect unpaid taxes from delinquent taxpayers. They mail math error notices to taxpayers who appear to make a calculation or clerical error on a tax return. Many tax forms require adding two lines together or subtracting one line from another. If these […]