OUTDATED TECH THE REASON FOR RETURN FIASCO

Outdated tech the reason for return fiasco. Over the last decade, prior to the Biden Administration’s plan to update the IRS workforce and technology, the IRS had the oldest computer system in the entire U.S. Government. When 30 million information returns were “dumped” inadvertently, the finger pointing began. A statement by the IRS said “Broadly, […]

PROPER STATUS FOR FILING BUSINESS TAXES

Proper status for filing business taxes. Whenever someone decides to open up a business, they should at some point stop, and determine what status the business should take. Why ? Well because we have spoken to hundreds of business owners over the last 36 years who did not do that very simple thing, and went […]

IRS TAXPAYER ASSISTANCE CENTERS OPEN

IRS taxpayer assistance centers open. Years ago the IRS had a program, that started in just a few cities but was such a success that it went to dozens more, in an effort to give taxpayers with difficult situations a chance to get the IRS problem fixed in one weekend. It appears that the IRS […]

TAX PROVISIONS OF STIMULUS BILL

Tax provisions of stimulus bill. The tax provisions included in the $1.9 trillion dollar stimulus bill signed into law by President Biden include a new round of economic impact payments, a tax credit for COBRA continuation coverage, and the expansion of several other tax credits.  The House passed the bill, the American Rescue Plan Act […]

A REVIEW OF 2019 TAX DEDUCTIONS

A review of 2019 tax deductions. The Tax Cuts and Jobs Act was the biggest overhaul of the U.S. Tax Code in decades, and it made some significant changes to the tax deductions that are available. Many tax deductions were kept intact, but others were modified, and some were eliminated entirely. Subsequently, legislation with the […]

HOW MUCH MONEY TO FIX SOCIAL SECURITY ?

How much money to fix Social Security ? Many different proposals have been put on the Political Table over the years to fix the coming Social Security shortfall, but the reality is that neither party wants to be the party that cuts benefits for fear of a political backlash. Even Republicans have a hard time […]

TAX CUTS AND JOBS ACT

Tax Cuts and Jobs Act. It changed an awful lot of the Internal Revenue Code. Getting familiar with the changes will take some time, but knowing many of the changes, especially is you are doing your own taxes, is essential, to do them right. Here are some of the highlights it. Tax Cuts and Jobs […]