INFLATION ACT WOULD HELP DRUG PRICES

Inflation act would help drug prices. The now under consideration “Inflation Reduction Act” has one component that the large majority of Americans overwhelmingly support, negotiating the price of drugs for the American people. The United States is one of the only developed countries in the world that does not do that for its people. In […]

TAX EXTENSION CAN FILE BEFORE OCTOBER 17

Tax extension can file before October 17. The IRS in memo IR-2022-141, is reminding taxpayers that they don’t have to wait until October 17th, to file their tax return, if they filed an extension for the tax year. They can file at any time prior to the deadline of October 17. An estimated 19 million […]

WAYFAIR DECISION EVENS PLAYING FIELD

Wayfair decision evens playing field. The Wayfair Tax decision happened, due to large online retailers like Walmart and Amazon flouting again the IRS Tax System, so they can maximize profits at the expense of the American Economy, by not paying their fair share of taxes. The net result of the decision is that smaller retailers […]

SUPREME COURT TO HEAR FBAR PENALTY CASE

Supreme Court to hear fbar penalty case. The U.S. Supreme Court has decided to hear, or in the Court’s words grant “Certiorari” to Alexandru Bittner’s case. He is a Romanian-American business person who was held liable for $2.72 million in penalties for failing to file Financial Crimes Enforcement Network (FINCEN) forms 114, Report of Foreign […]

MINIMUM DISTRIBUTIONS SECURE ACT

Minimum distributions secure act. Due to the Covid pandemic and hundreds of thousands takin gout money from retirement accounts to get by, changes to retirement accounts were announced by Congress. Prior to the SECURE Act, individuals with an IRA, defined contribution or defined benefit plan were required to begin taking distributions no later than April […]

STATES CANNOT USE AID FOR TAX CUTS

States cannot use aid for tax cuts. After large stimulus measures were passed by Congress, several Republican Attorney General’s filed suit to try to allow those particular states to use the money to implement tax cuts. One of the arguments used was the “sovereignty” argument. This is a different form of the “sovereignty” argument.  Ohio […]

AMERICANS WILL SOON NEED EXTRA MONEY

Americans will soon need extra money. During the worst economic collapse in generations, U.S. households actually managed to put aside more money. It may not be enough to get them through the aftermath though. Savings rates soared to an unprecedented one third of disposable income during the pandemic lockdown. Still unemployed Americans found there weren’t […]

BYE CALIFORNIA HELLO RESIDENCY AUDIT

Bye California hello residency audit. Californians like to complain about high taxes, and who can blame them ? California may have more millionaires and billionaires, but the tax cost of livin in the Golden State has always been high. The current top rate 13.3%–which is the same on ordinary income and capital gain–dates from 2012. […]