BIDEN WANTS MORE TAXES ON RICH

Biden wants more taxes on rich. President Biden stated when he ran for office that he wanted to add additional taxes to anyone earning over $400,000 a year. As President he has stuck to that promise, and also the promise to tax Corporate America more, to pay for programs designed to lift up the lagging […]

WILL CONGRESS TAX CRYPTO

Will congress tax crypto. With the large stimulus proposals passed by both the Trump and Biden administration’s, its apparent that the deficit has grown enormously during the Covid health crisis. Even though this is a once in a century event, and usually government intervention is needed for such things, economists have put out warnings about […]

WILL STIMULUS WAIT TWO MORE MONTHS

Will stimulus wait two more months. The latest conflict over America’s next stimulus package doesn’t just have to do with how much it cost or what it contains.  The conversation, just days before the election has turned into whether a package is needed at all before the election, as politics has entered the fray. Senate […]

CAN’T PAY TAXES THEN DO THIS

Can’t pay taxes then do this. This is an exceptional year financially, due to the financial strain from COVID-19. 37% of taxpayers said they do not have the resources to pay 2019 taxes this year, according to a June survey from Tax Audit. The survey of 1,051 respondents was conducted from May 22 to May […]

ADVOCATING IN WAKE OF WAYFAIR DECISION

Advocating in wake of Wayfair decision. The Association of International Certified Public Accountants addressed two separate tax issues at important forums, advocating for small businesses in the wake of the Wayfair decision and discussing the taxation of virtual currency in separate events. Jamie Yesnowitz, J.D. chair of the AICPA State and Local Taxes Technical Resource […]

IRS GRANTS VIRUS TAX RELIEF

IRS grants virus tax relief. Whenever the economy or our Nation encounters an event that shakes the foundations of our society, and impacts the economy in its wake, eventually the IRS reacts and issues memorandums and notices, granting taxpayers and impacted businesses tax relief. The type and various forms of the tax relief depend upon […]

FINAL REGULATIONS ON OPPORTUNITY ZONES

Final regulations on opportunity zones. After considering over 300 formal comment letters and additional taxpayer feedback, the Treasury Department and IRS have issued final regulations on Opportunity Zones to provide clarity and certainty for investors and communities. Final regulations on opportunity zones. What types of gains may be invested and when ?   As a […]

TRUMPCARE TAX CUTS

   Trumpcare tax cuts. The American Health Care Act, AKA, Trumpcare, affects much more than just health insurance. Trumpcare would repeal many provisions of Obamacare that relate to insurance coverage, but it would also substantially change the amount of revenue the federal government collects. In other words, it’s not just health insurance reform, it’s tax […]