IRS ADDING 10,000 TO CATCH UP TAX RETURNS

IRS adding 10,000 to catch up tax returns. The IRS intends to use an expedited hiring process to hire about 10,000 workers for processing tax returns and managing taxpayers accounts, according to a union that represents employees in the Service and other federal agencies. The National Treasury Employees Union (NTEU) National President Tony Reardon said […]

WHERE IS MY REFUND GUIDE

Where is my refund guide. The easy way to see if your refund is on the way, is to check the Where’s My Refund tool at the IRS website, IRS.GOV Those who might not file a tax return will want to this as that will enable them to get the child tax credits passed into […]

DEMOCRATS HAVE COMPETING ISSUES

Democrats have competing issues. With the Presidential election in the rearview mirror, and the tax filing deadline now passed, the Democratic Party has found itself in a pickle as to whether to go it alone, or try to reach agreement with Republicans on multiple legislative issues confronting the nation. President Biden has stated, while running […]

REPUBLICANS TRYING TO REBRAND

Republicans trying to rebrand. For years the Republican party has been viewed through the prism of the party of Wall Street and the wealthy. Championing tax cuts, defense spending, and cutting Social Safety net programs. Then cam Trump and his promise to help rebuild the working class. After giving 90% of the tax cuts in […]

IRS CATCHING UP AFTER COVID SHUTDOWN

IRS catching up after covid shutdown. During a political showdown between Republicans and Democrats, the government was shut down nearly and year and a half ago. The result for the IRS was getting back up to speed, as they had nearly 1.5 million pieces of mail that piled up and numerous other tasks that waited […]

TAKING SOCIAL SECURITY IN THE PANDEMIC

Taking Social Security in the pandemic. The trend has been moving in a positive direction: Over the last decade, far more workers who are eligible for Social Security have been waiting to file, often substantially increasing their lifetime annual benefits. But the stunning job losses in the pandemic induced economic crisis could bring this trend […]

REGULATIONS ON ESTATES AFTER 2025

Regulations on estates after 2025. The Treasury Department and the Internal Revenue Service issued final regulations confirming that individuals taking advantage of the increased gift and estate tax exclusion amounts in effect from 2018 to 2025 will not be adversely impacted after 2025 when the exclusion amount is scheduled to drop to pre-2018 levels. Treasury […]

FILING A DECEASED TAXPAYERS RETURN

Filing a deceased taxpayers return. This does not have to be difficult, if you get help or learn ahead of time what to do. Here are some tips. There are generally two types of taxes owed by an estate: One on the transfer of assets from the decedent to their beneficiaries and heirs (the estate […]

IRS PAYCHECK CHECKUP GOOD IDEA

IRS paycheck checkup good idea. A paycheck checkup is a good idea for anyone working in the sharing economy, so they can determine whether they will owe taxes at the end of the year. As a planning tool it can be used by anyone, individuals and business owners alike. Many people working in the sharing […]

TAX CUT PUSHING DEFICIT HIGHER

Tax cut pushing deficit higher. In the trough of the Great Recession in 2009, as companies laid off hundreds of thousands of workers each month, the amount of corporate income taxes collected by the federal government plunged by almost a third. It was the largest quarterly drop since the Commerce Department began compiling data in […]