SIMPLIFIED ACCOUNTING FOR SMALL BUSINESS

Simplified accounting for small business. The IRS  finalized updates to various accounting regulations to adopt the simplified tax accounting rules for small businesses enacted by the law known as the Tax cuts and Jobs Act, P.L. 115-97. The regulations finalize proposed regulations issued with a few changes in response to comments that were made. For […]

TAX CHANGES IF BIDEN WINS

Tax changes if Biden wins. Joe Biden has called for rolling back a lot of the Tax Cuts and Jobs Act, which trimmed tax rates. He has proposed raising income taxes and Social Security Taxes on wages over $400,000. Long term capital gains and qualified dividends would be subject to ordinary income taxes -39.6%- for […]

UNIVERSAL HEALTHCARE HAS BECOME POLITICAL

Universal healthcare has become political. With the number of people uninsured in the United States continuing to go up, and the cost of prescription drugs going up, the public outcry over the cost and quality of the United States healthcare system has intensified. As rural hospitals and emergency rooms continue to shut down, it has […]

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 […]

TRUMP’S TAX CUTS NOT PAYING FOR THEMSELVES

Trump’s tax cuts not paying for themselves. At least not yet. Since the economy has been kick started by the tax cut, it looks like the economic expansion may grow the economy, and only time will tell if that will be enough to offset the increase in the deficit, with additional tax revenues. The Treasury […]

TAXPAYER SERVICE REVIEW

Taxpayer service review. The IRS Taxpayer Advocate Service will address during the upcoming fiscal year, and contains the IRS’s responses to each of the 93 administrative recommendations the Advocate made in her 2016 Annual Report to Congress. Taxpayer service review. In her preface to the report, Ms. Olson praises the IRS for running a generally […]