MAKING ESTIMATED TAX PAYMENTS ONLINE

Making estimated tax payments online. The IRS in Bulletin IR-2022-101, stated that multiple advantages exist for taxpayers who file estimated tax payments online. Its faster, easier, and it is safe. During this past National Small Business Week, from May 1st thru the 7th, the IRS highlighted the tax benefits and resources tied to the theme […]

TAX RELATED IDENTITY THEFT PART TWO

Tax related identity theft part two. Tax related identity theft happens when someone will take a person’s stolen Social Security number to do one of a few things. They may file a fraudulent tax return, with a phony address, hoping to get a refund check, in which case they may also try to steal your […]

PANAMA PAPERS AND UNITED STATES

Panama Papers and United States. The Panama Papers leak was a particularly revelatory story about Russians use of the offshore system. Once story reported that a Russian cellist, who had been friends with Putin since childhood, was secretly linked to offshore accounts holding up to $2 billion. Putin called the leak a “provocation”, insinuating that […]

IRS OVERVIEW OF AMERICAN RESCUE PLAN

IRS overview of american rescue plan. The Internal Revenue Service has provided key aspects of tax provisions in the American Rescue Plan, and is urging taxpayers with children to file returns quickly for payments of the Child Tax Credit. Several provisions impact the 2020 tax return people are filing out this tax season, including one […]

FINAL REGULATIONS FOR CHARITIES

Final regulations for charities. The IRS issues final regulations on the treatment of payments made to charitable organizations in return for consideration, including in return for state and local tax credits. The regulations finalize proposed regulations issued in December 2019 and also incorporate two earlier pieces of IRS guidance, Rev. Proc. 2019-12 and Notice 2019-12, […]

RIGHTS OF TAXPAYERS RELYING ON IRS ADVICE

Rights of taxpayers relying on IRS advice. Consider a scenario where a taxpayer is filing a tax return, and in preparing that return, wonders whether a particular expense is deductible. He goes to the IRS website and finds a “Frequently Asked Question page” that directs him to an answer on that issue. Good news: The […]

INDEPENDENT CONTRACTOR OR EMPLOYEE

Independent contractor or employee. This issue comes up with companies that we have dealt with over the last 32 years. Often, companies incorrectly classify an employee as an independent contractor, hoping to avoid payroll taxes and health insurance obligations. This is trend has swept through the ranks of corporate America over the last 30 years […]

VIRTUAL CURRENCY FOR GOODS AND SERVICES

Virtual currency for goods and services. Whether you are ready or not, our clients are actively operating in the virtual world and that includes the payment for goods and services by Bitcoin or one of the other cryptocurrencies. The IRS has been very active in deciphering this new world and making sense of it for […]

FILING YOUR TAX RETURN WILL NEVER BE THE SAME

Filing your tax return will never be the same. After passage of the Tax Cuts and Jobs Act, and the expectation that tax return rates across the board would go down, it came as quite a surprise to many tax professionals, and their clients, to realize they actually had an increased tax bill. One aspect […]

WEALTH TAX AND EFFECTS ON POLITICS

Wealth tax and effects on politics. We should be wary of a wealth tax because Henry Ford hated Jews. That’s the argument Harvard economist and former director of the national Economic Council Larry Summers made on Twitter last Saturday, stirring up such a firestorm that he had to apologize and clarify. His argument: Henry Ford […]