IRS STARTS NEW PAGE FOR TAX FILING SEASON

IRS starts new page for tax filing season. The IRS has launched a new resource page on its website located at IRS.GOV, with the latest details and information for taxpayers during this hectic and unprecedented tax filing season. Its unprecedented because the IRS has never entered a tax season before, with so many back tax […]

PRESIDENT TO RAISE TAXES ON THE RICH

President to raise taxes on the rich. Democrats have spent the last several years clamoring to raise taxes on corporations and the rich, seeing that as a necessary antidote to widening economic inequality and a rebuke of President Donald signature tax cuts. Now, under President Biden, they have a shot at ushering in the largest […]

RICH WANT MORE TAXES TO AID RECOVERY

Rich want more taxes to aid recovery. “Tax us. Tax us. Tax us.” an open letter from the group calling itself “Millionaires for Humanity” read. The group also had made the call for tax hikes on the wealthy at the World Economic Forum last January. Disney heiress is among the millionaires calling for governments to […]

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 DISPELS FIVE MYTHS ABOUT TAX REFUNDS

IRS dispels five myths about tax refunds. As tax time comes and goes, the Internal Revenue Service understands that taxpayers are anxious to get details about their tax refunds. This had led to a number of common myths about refunds that often circulate on social media. While there’s no secret way for taxpayers to find […]

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 […]

MILLIONS HIT WITH SURPRISE TAX BILL

Millions hit with surprise tax bill. With all the campaign rhetoric about tax reform, tax relief for the middle class, it has come to the attention of many tax companies, that many exceptions exist to the tax law, and many Americans are getting hit with an actual tax increase, not a tax refund. This is […]

CENTRALIZED PARTNERSHIP AUDIT RULES

Centralized partnership audit rules. These have changed at the IRS.  The statistics on partnership returns are overwhelming. Based on the data provided by the 2017 IRS Data Book and IRS bulletins the IRS has examined only 1% of partnership returns for FY 2017. Of course that will increase now that the IRS has been funding […]