TAX PROPOSAL TO REDUCE INCOME INEQUALITY

Tax proposal to reduce income inequality. An additional 573 people have claimed billionaire status since the Covid pandemic began. Yet, 263 million people are at risk of falling into extreme poverty. The widening gap between rich and poor has led to renewed calls for the U.S. to tax wealth more. The widening divide between the […]

IRS RAMPING UP CRYPTOCURRENCY TAXATION

IRS ramping up cryptocurrency taxation. This emphasis comes from the need for additional revenue, due to the large government expenditures related to the Covid pandemic, and as the IRS seeks to increase taxpayers reporting compliance and ramp up enforcement. The IRS recently released a version of updates on the subject, IRS form 14457, Voluntary Disclosure […]

CHOOSING THE RIGHT STATUS FOR YOUR COMPANY

Choosing the right status for your company. When starting a business, the first question that needs to be answered is, what type of operation is it, and what type of status for tax purposes do you want it to be ? That needs to be done upfront, otherwise you may well end up like the […]

TWELVE EXPENSES YOU SHOULD NOT CLAIM

Twelve expenses you should not claim. No one wants to pay more than he or she has to in taxes. Fortunately, numerous deductions and credits can help lower your tax bill. However, don’t make the mistake of trying to claim one of the these expenses or you might get into an audit with the IRS. […]

RECONSTRUCTING RECORDS AFTER DISASTER

Reconstructing records after disaster. This may be essential for tax purposes, getting federal assistance or insurance reimbursement. After a disaster, taxpayers might need  certain records to prove their loss. The more accurately the loss is estimated, the more loan and grant money there may be available. For taxpayers who have lost some or all of […]

IRS AND TREASURY ISSUE GUIDANCE

IRS and Treasury issue guidance. In our ongoing articles related to Tax Court, we are going to discuss an update from the IRS and Treasury Department related to Global Intangible low taxed income, or what is referred to as GILTI. Whenever tax law changes occur, such as the recently passed Tax Cuts and Jobs Act, […]

FAST TAX CUTS COULD HURT REPUBLICANS

Fast tax cuts could hurt republicans. When President Trump signed the Tax Cuts and Jobs Act into law in 2017, the Internal Revenue Service moved to make sure the savings showed up quickly in paychecks. Doing so probably lifted consumer spending last year, but it may have hurt Republicans politically, new polling shows. Administration officials, […]

MESSY TAX SEASON DUE TO TAX LAW CHANGE

Messy tax season due to tax law change. The Tax Cuts and Jobs Act not only lowered individual income tax rates, but it increased the standard deduction and increased the child tax credit, while capping state and local tax deductions and eliminating personal exemptions. Overall, the new tax changes, made it very difficult for taxpayers […]

IRS EXTENDS FLORENCE VICTIMS DEADLINES

IRS extends florence victims deadlines. The IRS issued announcement IR-2018-187, saying it is extending tax filing and payment deadlines for taxpayers and businesses in the following north Carolina counties that were hardest hit by Hurricane Florence and that have been designated as qualifying for individual assistance by the Federal Emergency Management Agency: Beaufort, Brunwick, Carteret, […]