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 […]

HOW MANY WITHDREW 401(K) DURING PANDEMIC

How many withdrew 401(k) during pandemic. The CARES Act, which went into effect this spring, allows savers to withdraw up to $100,000 from their 401(k) plans and waive the 10% early withdrawal penalty if they’re under age 59 and a half. A fraction of savers took the measure available, according to plan providers. While 2% […]

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, […]

RETIREMENT CONTRIBUTION LIMIT RISES

Retirement contribution limit rises. The Internal Revenue Service announced that employees in 401 (k) plans will be able to contribute up to $19,500 next year. The IRS announced this and other changes in Notice 2019-59, posted on IRS.GOV This guidance provides cost of living adjustments affecting dollar limitations for pension plans and other retirement related […]

IRS RULES ON PARTNERSHIP RETURNS

IRS rules on partnership returns. Many of the tax debt issues that we encounter happen because business owners do not classify themselves properly from the beginning of the business. Case in point a business we are dealing with where the partnership had the tax professional draw up the Corporate papers designating the structure of the […]

NEW TAX LAW HURTS HOMEOWNERS

New tax law hurts homeowners. As taxpayers sort through the new regulations signed into law by the Tax Cuts and Jobs Act, one demographic is feeling particularly hard hit: Middle Class homeowners who live in high tax areas. Many are just now learning they owe thousands this year rather than getting the refunds they usually […]

CHANGES TO THE KIDDIE TAX

Changes to the kiddie tax. The Tax Cuts and Jobs Act passed by Congress and signed by President Trump, made some changes to the kiddie tax. The Tax Cuts and Jobs Act also simplified the kiddie tax, removing some of the difficulties of calculating the tax. In some cases the kiddie tax will go up […]