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 […]

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 […]

Avoiding tax on your 401 (k) part two

Avoiding tax on your 401 (k) part two. Given the governmental need for more revenue, due to the increased spending on the once in a generation health crisis, the Retirement Plans of Americans have come under scrutiny from the Congress, as a way to bridge the funding gap. And 401 (k)s are in the cross […]

CHANGES TO OFFER IN COMPROMISE PART ONE

Changes to Offer in Compromise part one. What is now known as the IRS Fresh Start Program used to be called the Offer in Compromise. The IRS has made some changes due to Covid’s impact on the pocketbook’s of taxpayers. An Offer in Compromise allows taxpayers to settle their tax debt for an amount that […]

AMERICANS DRAINING RETIREMENTS DUE TO COVID

Americans draining retirements due to covid. Nearly 60% of Americans withdrew from their retirement accounts during the pandemic, according to a recent survey from finance magazine Kiplinger and Personal Capital, a wealth management organization. The pandemic caused many people to borrow from their future in order to meet everyday needs throughout state shutdowns and the […]

TAX PROVISIONS IN YEAR END TAX RELIEF BILL

Tax provisions in year end tax relief bill. The omnibus spending and coronavirus relief bill passed by Congress includes many tax provisions, including the extension of various expiring provisions, extensions and expansions of certain earlier pandemic tax relief provisions, and much more. The Consolidated Appropriations Ace, 2021, H.R. 133, passed both houses of Congress on […]

TAX HITS TO PANDEMIC CLOSED BUSINESSES

Tax hits to pandemic closed businesses. Thousands of small businesses have shut down because of the COVID-19 pandemic. Adding insult to injury, many are facing tax hits as they wind down. Small businesses have felt the brunt of the COVID-19 pandemic, with thousands of enterprises forced to close since the beginning of the pandemic. As […]

THERON JOHNSON v COMMISSIONER

Theron Johnson v Commissioner. In our ongoing coverage of Tax Court cases, this case addresses a long standing issue–substantiating business travel expenses. If you own a business, deductions can be taken for the ordinary and necessary expenses relating to the business activities, including certain travel expenses. However, to qualify for any deductions, strict recordkeeping requirements […]

HOSPITALS PAID CEOS MILLIONS FROM BAILOUT

Hospitals paid CEOS millions from bailout. HCA Healthcare is one of the world’s wealthiest hospital chains. It earned more than $7 billion in profits over the past two years. It is worth $36 billion. It paid its chief executive $26 million in 2019. But as the Coronavirus swept the country, employees at HCA repeatedly complained […]

FINAL HRA RULES PERMIT INTEGRATION

Final HRA rules permit integration. The Department of the Treasury, Labor, and Health and Human Services jointly issued final regulations governing health reimbursement arrangements. The Final regulations allow integration of HRA’s with individual health insurance coverage, if certain conditions are satisfied. The rules also allow certain HRA’s to be recognized as excepted benefits. HRA’s are […]