CASE AGAINST TRUMP EXECUTIVE GOING ON

Case against Trump executive going on. Allen Weisselberg, Donald Trump’s executive in charge of the Trump organization’s day to day operations has tried to get out of a criminal lawsuit that has been going on for some time. Well, his time has run out. The Manhattan Judge overseeing the case declined to throw out the […]

SMALL BUSINESS TAXES CREATING STRUCTURE

Small business taxes creating structure. This is a multi part article designed to help small businesses, in an effort to prevent them from obtaining tax debt’s at the beginning of their business. The first thing you need to determine, when creating a business, is the structure of the business. This is important, in regard to […]

SELF DIRECTED IRA’S ADVANTAGES

Self directed IRA’s advantages. Tax advantaged retirement accounts, such as IRA’s are one of several options to save for retirement. When you establish a traditional IRA with a bank, investment house, or trust company, you are ordinarily limited to a narrow range of investment options, such as CD’s, publicly traded stocks, bonds, mutual funds, and […]

LAWMAKERS PUSH FOR HIGHER DEDUCTIONS

Lawmakers push for higher deductions. Under the Massachusetts Senate’s version of the state budget, some business owners could ultimately avoid the $10,000 cap on state and local tax deductions signed into law by President Trump in 2017. The questions now is whether key lawmakers, Gov. Charlie Baker and the rest of the Massachusetts Department of […]

GUIDANCE ON NOL CARRYBACK ADJUSTMENTS

Guidance on NOL carryback adjustments. The has provided guidance on how taxpayers who want to elect to waive or reduce the new provision requiring taxpayers with net operating losses (NOLs) arising in tax years beginning in 2018, 2019, and 2020 to carry them back five years. (Rev. Proc. 2020-24) The IRS also extended the deadline […]

TAX COURT CASE LASSEK MEMO

Tax court case lassek memo. The Tax Court held that a wife was entitled to innocent spouse relief that was related to the understatement of tax when her husband reported a 401(k) IRS distribution on a tax return as nontaxable. Although the IRS has conceded that the wife was entitled to the relief, the husband, […]

TAX REFUND DELAYS CAUSE ANXIETY

Tax refund delays cause anxiety. Plenty of people file in February because they just can’t wait to get their hands on all that tax refund cash. They’re on edge about the size of their IRS tax refunds, and they’re far from alone. Roughly 60 million individual tax filers typically file a federal income tax return […]

MANAGE TAXES FOR YOUR GIG WORK

Manage taxes for your gig work. What is the gig economy ? The gig economy–also called sharing economy or access economy–is a activity where people earn income providing on demand work, services or goods. Often, it’s through a digital platform like an app or website. The gig economy is taxable. You must report income earned […]

AVOIDING CROWDFUNDING SCAMS

Avoiding crowdfunding scams. In a time of need, whether due to a personal tragedy or one as a result of a natural disaster, a popular method to ask for donations is through crowdfunding such as a GoFundMe campaign through Facebook. Take the time to make sure the funds really go to the needy family or […]

TAX PROBLEMS LENDING TO FAMILY

Tax problems lending to family. Many people are happy to lend money to their loved ones, especially to children and grandchildren. But before stroking the check, review the tax rules. The tax consequences vary greatly depending on the terms of the loan. A small change in the terms of the loan can men big differences […]