IRS GEARING UP FOR INCREASED COLLECTIONS

IRS gearing up for increased collections. The IRS has, as many businesses during the Covid pandemic, had a rough time lately. After being shut down for nearly 7 months during the initial outbreak of the virus, then starting up only to be shut down for a shorter period during the Delta variant, they fell behind […]

FACTA REPORTING FELL SHORT PART TWO

FACTA reporting fell short part two. The reason Congress wants to tighten up the FACTA reporting comes on the heels of the Pandora Papers and Panama Papers leaks, where hundreds of politicians, rich individuals, celebrities, and sports figures, were hiding billions from tax authorities all over the world, including the United States. It is estimated […]

TREASURY WARNS OF DIFFICULT TAX FILING YEAR

Treasury warns of difficult tax filing year. Treasury Department officials warned last month that this year’s tax season will be a challenge with the IRS starting to process returns on January 24th. That’s largely due to the IRS sizable backlog of returns from 2021. As of December 31, the agency had 6 million unprocessed returns–a […]

TRUMPS WAR ON SOCIAL SECURITY

Trumps war on social security. President Trump’s memorandum to Treasury Secretary Steven Mnuchin ordering that he suspend Social Security taxes for some employers and their employees for the rest of this year makes no sense if the goal is to offset economic damage from the coronavirus pandemic. But it makes a lot of sense if […]

PATH ACT AND IRS

Path Act and IRS. The Protecting Americans from Tax Hikes Act of 2015, or path act, enacted less than a year and a half ago on Dec. 18, 2015, has generated a number of questions, some of which the IRS has recently tried to address and others that are still in need of additional guidance. […]

HOW YOUR VIRUS CHECK MIGHT BE TAXED

How your virus check might be taxed. Many Americans may soon get checks in their hands from the government. But Uncle Sam could also claw back some of that money. Information about how much those checks will be–and whether or not individuals will owe IRS tax on them–will likely be hammered out in a deal […]

IRS AND TREASURY ISSUE GUIDANCE

IRS and Treasury issue guidance. In our ongoing articles related to Tax Court, we are going to discuss an update from the IRS and Treasury Department related to Global Intangible low taxed income, or what is referred to as GILTI. Whenever tax law changes occur, such as the recently passed Tax Cuts and Jobs Act, […]

STATES WITH THE HIGHEST AND LOWEST TAXES

States with the highest and lowest taxes.  These may not be the one’s that you think. This data is not limited to personal taxes, but also includes corporate taxes, which may account for some of the misconceptions. State with the highest and lowest taxes. Number one on the list of the states with the highest […]

IRS SECURITY SUMMIT FOR TAX PROS

IRS security summit for tax pros. There is a dizzying array of cyber threats that confront tax professionals and many others. It’s not easy to keep up with all the viruses, worms, Trojan horses, bots-or even the terminology. The IRS security summit stated that it’s essential that all tax professionals deploy strong security software that […]