WHO MUST PAY ESTIMATED TAXES IRS

Who must pay estimated taxes IRS. The IRS put out bulletin IR-2022-101, in an effort to help the public better understand who needs to pay estimated taxes, how to pay them, and when to pay them. Additional information beyond what is here, is available at the IRS website IRS.GOV Who must pay estimated tax. Individuals, […]

IRS SCRAPS PLAN TO CLOSE PLANT

IRS scraps plan to close plant. The Internal Revenue Service has scrapped a previous plan that it had to close a Tax Processing facility it had, over the massive backlash it has received for falling so far behind on the processing of back tax returns. The backlog threatens delays, and problems for the 2022 tax […]

DISALLOWED TRANSPORTATION PART TWO

Disallowed transportation part two. The IRS has issued regulations implementing changes to Section 274 that disallow a deduction for QTF or Qualified Transportation Fringe. The Proposed regulations also include a special rule for certain mixed parking expenses to reduce administrative burdens for taxpayers and simplify calculations. While Notice 2018-99 addressed only expenses related to parking […]

SMALL HOSPITALS BILKED PART TWO

Small hospitals bilked part two. Representatives of the American Hospital Association, a lobbying group for the country’s largest hospitals, communicated with Alex M. Azar, the department secretary, and Eric Hargan, the deputy secretary overseeing the funds. Chip Kahn, president of the Federation of American Hospitals, which lobbies on behalf of for profit hospitals, said he […]

DELAYED MORTGAGE PAYMENT ANXIETY

Delayed mortgage payment anxiety. Americans struggling to pay their mortgages because they’ve lost a job or income during the coronavirus pandemic can put off that bill for up to a year to the CARES act. But while the measures should be creating a feeling of relief, many borrowers have been left anxious because of confusing […]

WARREN SANDERS PLAN TO TAX RICH

Warren sanders plan to tax rich. From 1982 to 2018 the share of U.S. wealth held by the 400 richest Americans is estimated to have grown from 1% to around 3.5% or probably around $3 trillion. According to Emmanuel Saez and Gabriel Zucman, the University of California at Berkley economists who developed the estimate, that’s […]

TRUMP’S TAXES MAY GET POLITICAL

Trump’s taxes may get political. The recent decision by a Federal Judge to allow the Manhattan prosecutor’s office to obtain President Trump’s taxes may throw a wrench into the election. Even though Trump has appealed, the process may play out prior to the election, and what happens then is only known to Trump and his […]

AUTOMOBILE FLEET REGULATIONS

Automobile fleet regulations. Notice 2019-08, is the notice under Section 1.61-21(d) that shows the proposed IRS regulations updating the fleet average and vehicle cents per mile valuation, which are described in detail. To align the limitations on the maximum vehicle fair market values for use of these special valuation rules with recent statutory changes made […]