$1.4 BILLION IN STIMULUS TO THE DEAD

$1.4 billion in stimulus to the dead. More than a million Americans who had died received COVID-19 stimulus payments totaling $1.4 billion, a government watchdog said in a report to Congress. The finding is part of a sweeping review of the federal government’s response to the nonpartisan  congressional agency. The report paints a clearer picture […]

IRS GRANTS VIRUS TAX RELIEF

IRS grants virus tax relief. Whenever the economy or our Nation encounters an event that shakes the foundations of our society, and impacts the economy in its wake, eventually the IRS reacts and issues memorandums and notices, granting taxpayers and impacted businesses tax relief. The type and various forms of the tax relief depend upon […]

RETIREES AND THE ECONOMIC DOWNTURN

Retirees and the economic downturn. If you’re a retiree with an investment account, you may be worried about recent volatility in the stock market. You’re probably counting on your investments to help support you, so seeing their value fall can be very unsettling. The good news: The Coronavirus Air, Relief, and Economic Security Act (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. […]

SETTING COMMUNITIES UP FOR THE SECURE ACT

Setting communities up for the secure act. In December of 2019, the House of Representatives and the Senate passed the Secure Act, which was subsequently sent to President Trump for signature. The final bill was signed on December 20, 2019 which is the official enactment date. The Secure Act made many changes to how you […]

FINAL REGULATIONS ON OPPORTUNITY ZONES

Final regulations on opportunity zones. After considering over 300 formal comment letters and additional taxpayer feedback, the Treasury Department and IRS have issued final regulations on Opportunity Zones to provide clarity and certainty for investors and communities. Final regulations on opportunity zones. What types of gains may be invested and when ?   As a […]

TAX DOCUMENTS YOU NEED TO FILE RIGHT

Tax documents you need to file right. When most people celebrate the new year, tax returns aren’t generally on their minds. But if you’re expecting to get a tax refund and itching to have that money in your pocket as soon as possible, there’s a good reason to want to have your return prepared quickly […]

TAX COURT FINDS AGAINST TAXPAYER

Tax court finds against taxpayer. To be a real estate professional, a taxpayer must meet the following two tests under IRC Section 469(c)(7)(b): More than half of the personal services performed in trades or businesses by the taxpayer during the calendar year are performed in real property trades or businesses in which the taxpayer materially […]

TRUMP TAX DOCUMENTS SHOW PROBLEMS

Trump tax documents show problems. Documents obtained by ProPublica show stark differences in how Donald Trump’s businesses reported some expenses, profits and occupancy figures for two Manhattan buildings, giving a lender different figures than they provided to New York City tax authorities. The discrepancies made the buildings appear more profitable to the lender–and less profitable […]

TRUMP’S TAXES MAY GET POLITICAL

Trump’s taxes may get political. The recent decision by a Federal Judge to allow the Manhattan prosecutor’s office to obtain President Trump’s taxes may throw a wrench into the election. Even though Trump has appealed, the process may play out prior to the election, and what happens then is only known to Trump and his […]