TARIFFS TAXES AND SOLAR PANELS

Tariffs taxes and solar panels. Could the tariffs on solar panels threaten Biden’s climate change goals ? A Department of Commerce investigation as to whether China is circumventing tariffs on its solar energy products is slowing the expansion of solar power capacity in the U.S., according to industry and outside experts. “In the blink of […]

IRS INCREASES AUDITS TO HIGH INCOMES

IRS increases audits to high incomes.  As part of a larger effort to ensure compliance and fairness, the Internal Revenue Service announced that it will step up efforts to visit high income taxpayers who in prior years have failed to timely file one or more of their tax returns. Following the recent and ongoing hiring […]

IRS ANSWERS ON CARBON CAPTURE CREDITS

IRS answers on carbon capture credits.  The Internal Revenue Service has issued guidance to help businesses understand how legislation passed in 2018 may benefit those claiming carbon capture credits. Today’s guidance addresses the definition of “beginning of construction” and provides a sage harbor for partnership allocations of the credit. After the enactment of the Bipartisan […]

UNIVERSAL HEALTHCARE HAS BECOME POLITICAL

Universal healthcare has become political. With the number of people uninsured in the United States continuing to go up, and the cost of prescription drugs going up, the public outcry over the cost and quality of the United States healthcare system has intensified. As rural hospitals and emergency rooms continue to shut down, it has […]

TAX CUTS AND A MERRY CHRISTMAS

Tax cuts and a Merry Christmas. Christmas Bells are ringing for lots of Americans this year, as the economy is buzzing along, jobs are plentiful, gains in wages are finally moving upward, and a feeling that the worst of the great recession is finally over. Looking back at what transpired in 2008, the loss of […]

WHAT CONSTITUTES ENTERTAINMENT EXPENSE

What constitutes entertainment expense. This is a question we are often asked. If an activity is generally considered to be entertainment, it will constitute entertainment for purposes of IRS Section 274 (a) and Section 1.274-2 regardless of whether the expenditure for the activity can also be described otherwise, and even though the expenditure relates to […]

Winners and losers from new kiddie tax

Winners and losers from new kiddie tax. There will have new winners and losers so beware parents and grandparents. It will also raise the cost of giving sharply in some situations. The tax is a special levy on a child’s “unearned” income above $2100. It typically falls on investment income such as dividends, interest and […]