DETAILS OF BIDENS STIMULUS PLAN

Details of Bidens stimulus plan. Candidate Joe Biden had promised a spending program that would be designed to lift up the middle class of Americans, who he felt were left behind in the last twenty years, by a tax code designed to give all the tax breaks to the top one percent of Americans. Seeing […]

IRS WANTS SOME RELIEF CHECKS BACK

IRS wants some relief checks back. The IRS has made some mistakes with the relief check program, and now Uncle Sam is asking for his money back. Ever since the CARES Act passed and promised coronavirus relief payments of up to $1200 per adult to millions of Americans, people have had questions—from who is eligible […]

NEW TAX LAW HURTS HOMEOWNERS

New tax law hurts homeowners. As taxpayers sort through the new regulations signed into law by the Tax Cuts and Jobs Act, one demographic is feeling particularly hard hit: Middle Class homeowners who live in high tax areas. Many are just now learning they owe thousands this year rather than getting the refunds they usually […]

HOW TO GET A JUMP ON NEXT YEARS TAXES

How to get a jump on next years taxes. Withholding, what you need to know. Due to changes in the new  Tax Cuts and Jobs Act, many taxpayers withholding went down in early 2918, giving them more money in their paychecks in 2018. You may receive a small refund-or even owe an unexpected tax bill-when […]

DEBT CANCELLATION

Debt cancellation. Debt cancellation usually results in a IRS 1099-C issued to the taxpayer for taxable income. The Mortgage Debt Forgiveness Act, which treated the debt forgiven on your primary residence as nontaxable income, expired on December 31, 2016 and has not yet been reinstated by Congress and may not be. If you had debt […]

TAXPAYER SERVICE REVIEW

Taxpayer service review. The IRS Taxpayer Advocate Service will address during the upcoming fiscal year, and contains the IRS’s responses to each of the 93 administrative recommendations the Advocate made in her 2016 Annual Report to Congress. Taxpayer service review. In her preface to the report, Ms. Olson praises the IRS for running a generally […]