WHO SHOULD GET CREDIT FOR ADDED REVENUE

Who should get credit for added revenue. In politics everything is relative. Whenever the economy is doing well, the party in power wants to take credit for it, even though the policies from the prior Administration may have started it on its way. When things go bad, its obviously the minority parties’ fault for not […]

TAX TIPS FOR THE SOLOPRENEUR

Tax tips for the solopreneur. As a solopreneur, you wear many hats: sometimes you are the manager, the human resource officer, the customer service representative, the accountant, the tax strategist and more. The number of hats you wear depends on the type of business you have, how many contractors/freelancers you work with and the needs […]

IRS TAX RELIEF FOR HURRICANE LAURA

IRS tax relief for hurricane Laura. Updated September 9th, 2020: This has been updated to include Morehouse and Union parishes. Updated September 2nd, 2020: Tohis has been updated to include grant, Jackson, Lincoln, Natchitoches, Rapides, Sabine, and Winn parishes. From IR-2020-197  Victims of Hurricane Laura that began August 22nd now have until December 31st, 2020, […]

TRUMPS TAXES SHOW SYSTEM PROBLEM

Trumps taxes show system problem. The New York Times got its hands on decades of President Trumps tax information, and it paints a portrait of a man who used every tool at his disposal to avoid a bill from the IRS. According to the Times, he paid $750 in federal income taxes in 2016 and […]

TIME SENSITIVE ACTS IN NOTICE 2020-23

Time sensitive acts in notice 2020-23. In response to the Covid-19 outbreak, the Treasury and IRS initially provided individuals and businesses limited filing and payment relief in Notices 2020-17 and 2020-18. This relief generally applied only to federal income tax returns and payments (including self employed tax payments) due April 15, 2020, for 2019 tax […]

TAXING BILLIONAIRES TO FIGHT COVID

Taxing billionaires to fight covid. The idea of taxing the ultra-wealthy to cover the immense cost of fighting the coronavirus pandemic has gained steam in recent weeks. Not only would a wealth tax have to get through both Houses of Congress–it would have to withstand a battle in front of the Supreme Court. The IRS […]

IS ADDITIONAL STIMULUS NEEDED

Is additional stimulus needed. After several rounds of Covid based stimulus relief bills, authorized by Congress, and passed by President Trump, much debate is surfacing about whether additional stimulus is needed. Most of this debate surrounds funding for State and Local Governments, which seem to be having a very difficult time and are on the […]

VIRUS ACT FREEZES STUDENT LOAN PAYMENTS

Virus act freezes student loan payments. One of the less discussed benefits in the CARES Act is assistance for those with federal student loans. But unlike other programs in the stimulus legislation, no application is required. The law doesn’t cancel student debt, but it does freeze payments–and their interest–for everyone who has a federally held […]

IRS PLAN FOR PAID LEAVE FOR CORONAVIRUS

IRS plan for paid leave for coronavirus. The U.S. Treasury Department, Internal Revenue Service, and the U.S. Department of Labor announced that small and midsize employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar for dollar, for the cost of providing Coronavirus related leave […]