INQUIRY INTO AUDIT OF COMEY AND MCCABE

Inquiry into audit of Comey and McCabe. The head of the IRS has asked the Treasury Department’s internal investigator to check into the audits of the perceived foes of former President Trump, former FBI Director James Comey and former FBI Director Andres McCabe. The New York Times broke the story that showed that both men […]

BIDEN SOLAR ENERGY AND CLIMATE CHANGE

Biden solar energy and climate change. With energy priorities due to the Russian invasion of Ukraine, the Biden Administration seems caught between its climate goals and promises to the Progressive Wing of the Democratic Party, and the shifting sands underneath him. President Biden is publicly committed to expanding solar capacity as quickly as possible to […]

IRS TO CHANGE 403 (b) RETIREMENT PLANS

IRS to change 403 (b) retirement plans. In an effort to streamline the regulation that governs how retirement accounts can be used, the IRS has proposed a change for 403 (b) plans–a type of workplace retirement plan used mostly by public and non-profit employees. Employer sponsored plans are powerful retirement tools and boast specific requirements […]

2023 LOW INCOME TAXPAYER CLINIC APPLICATIONS

2023 low income taxpayer clinic applications. The IRS announced that the application period for Low Income Taxpayer Clinic matching grants for calendar year 2023 will open on or around May 3rd, 2022. The LITC Program is a federal grants program administered by the Taxpayer Advocate Service, led by National Taxpayer Advocate Erin Collins. The Taxpayer […]

TAX COURT CASE ON MINGLING IRA ASSETS

Tax court case on mingling IRA assets. The Tax Court found for the IRS that Donna McNulty had physical possession of gold coins, that were purchased by her IRA, which caused tax taxable distribution from the IRA. In 2015, McNulty purchased IRA services through the website of Check Book IRA by which she established a […]

SMALL HOSPITALS BILKED IN BAILOUT FUNDS

Small hospitals bilked in bailout funds. This past spring, Providence Hospital received at least $509 million in government funds, one of the many wealthy beneficiaries of a federal program that is supposed to prevent health care providers from capsizing during the coronavirus pandemic. With states restricting hospitals from performing elective surgery and other nonessential services, […]

IRS DETAILS ON FOREIGN EARNINGS

IRS details on foreign earnings. The Internal Revenue Service provided additional information to help taxpayers meet their filing and payment requirements for the Section 965 transition tax on untaxed foreign earnings. The Tax Cuts and Jobs Act requires certain taxpayers that have untaxed foreign earnings and profits to pay a tax as if those earnings […]

TWO REASONS FOR A RECESSION IN 2020

Two reasons for a recession in 2020. While the economy has been booming, and the stock market has been doing well, nobody has spoken about a recession. But with the latest economic upheaval, caused by the reversal in the stock market, the slow down caused by rising interest rates, and the trade dispute with China, […]

WHAT CONSTITUTES ENTERTAINMENT EXPENSE

What constitutes entertainment expense. This is a question we are often asked. If an activity is generally considered to be entertainment, it will constitute entertainment for purposes of IRS Section 274 (a) and Section 1.274-2 regardless of whether the expenditure for the activity can also be described otherwise, and even though the expenditure relates to […]

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, […]