MCNULTY TAX COURT PART TWO

McNulty tax court part two. This tax court case has to do with keeping gold American Eagle coins from an IRA in McNulty’s home, which eventually the tax court ruled violated the rules of the trust, as they should have been held by the trust not McNulty. Under Sec. 408(h), a custodial account is treated […]

IRS COMMISSIONER WARNS OF PROSECUTION

IRS commissioner warns of prosecution. After the release of the names of some of the wealthiest Americans, showing they paid little, or virtually no income tax, the IRS Commissioner promised an investigation into the source of the leak, and prosecution of the offender. The report, first obtained by Pro Publica, outlined that the wealthiest Americans […]

STATES WANT MONEY FOR TAX CUTS

States want money for tax cuts. The Republican attorney general of 21 states recently called one aspect of the new coronavirus recovery bill “an unprecedented and unconstitutional intrusion on the separate sovereignty of the States through federal usurpation.” In fact, they said it was “the greatest attempted invasion of state sovereignty by Congress in the […]

IRS WITHHOLDING CALCULATOR

IRS withholding calculator. Most people are unaware of the IRS withholding calculator. We are often asked the question, am I withholding enough from my taxes to cover what I will owe ?  This question comes up usually around tax filing season, but often throughout the tax year. Its important to understand that if you have […]

STEALTH BAILOUT GIVES MILLIONS TO BIG OIL

    Stealth bailout gives millions to big oil. As it headed toward bankruptcy, Diamond Offshore Drilling Inc. took advantage of a little noticed provision in the stimulus bill Congress passed in March to get a $9.7 million tax refund. Then it asked a bankruptcy Judge to authorize the same amount as bonuses to nine executives. […]

2019 EXPENSES THAT ARE DEDUCTIBLE ?

2019 expenses that are deductible ? The Tax Cuts and Jobs Act changed the way individuals and businesses were able to deduct certain expenses on their income tax returns. Some items are no longer deductible and some are still allowed. Here is a partial list of those expenses. 2019 expenses that are deductible ? Medical […]

NEW TAX FORM WILL SURPRISE YOU

New tax form will surprise you. With the new Tax Cuts and Jobs Act, comes new tax software and new tax forms. You 2018 federal income tax return will be unlike much of what you’ve seen in the past. We’re looking at a wide array of major changes–and plenty of tripwires–under the new tax laws. […]

FILING A DECEASED TAXPAYERS RETURN

Filing a deceased taxpayers return. This does not have to be difficult, if you get help or learn ahead of time what to do. Here are some tips. There are generally two types of taxes owed by an estate: One on the transfer of assets from the decedent to their beneficiaries and heirs (the estate […]