IS PRESIDENT BIDEN INCREASING TAXES OR NOT

Is President Biden increasing taxes or not. During the campaign trail, then candidate Biden promised a multitude of benefit s for the middle class, due to what he saw as a nation that was slipping into a two tiered system of the have’s and have not’s. He promised not to tax anyone with an income […]

FEDERAL AID WILL HURT TAX CUTS

Federal aid will hurt tax cuts. A condition attached to $350 billion in relief for state and local governments by the American Rescue Plan, P.L. 117-2—that states may not use the money to offset their own tax reductions—may prove problematic, and is perhaps unconstitutional, tax practitioners say. The Coronavirus State Fiscal Recovery Fund appropriates $220 […]

TREASURY MIGHT ALTER TAX DATE

Treasury might alter tax date. Will he or won’t he ? That’s the question on the minds of taxpayers and tax professionals alike as Treasury Secretary Steven Mnuchin continues to mull extending the tax filing deadline for 2020. As it currently stands, the 2019 tax filing deadline remains July 15th, 2020. Last year, the Internal […]

DIGITAL TAX WILL BOOST STATES REVENUES

Digital tax will boost states revenues. The OECD has presented economic analysis on the potential impact of what it has proposed on international tax reform to address the digitalization of the economy. The OECD has said that the changes would have a significant positive impact on global tax revenues, by boosting corporate income tax revenues […]

IRS RULES ON HOW SETTLEMENTS ARE TAXED

IRS rules on how settlements are taxed. Taxes depend on the “origin of claim”. Taxes are based on the origin of your claim. IF you get laid off at work and sue seeking wages, you will be taxed as wages, and probably some pay on a Form 1099 for emotional distress. But if you sue […]

IRS TAX SCAMS CONTINUE YEAR ROUND

IRS tax scams continue year round. Although the April filing deadline has passed, scam artists remain hard at work and the IRS has urged taxpayers to be on the alert for a spring surge of evolving phishing emails and telephone scams. The IRS is seeing signs of two new variations of tax related scams. One […]

IRS FUNCTIONS CLOSED IN SHUTDOWN

IRS functions closed in shutdown. Those that are not vital to National Security or anything that would endanger the life or safety of any individual. Funding for many government agencies has expired due to the protracted fight between President Trump and Congress, and it doesn’t look like it’s going to end anytime soon. The IRS […]

NEW SMALLER TAX FORM

New smaller tax form. A new smaller tax form was one of the biggest goals of the new administration and Congress during the last election cycle was simplification of the tax code. You heard it mentioned in the campaign’s, during the contests, the debates, even after the elections were over, with promises of reduced paperwork […]