SUPERFUND TAXPAYERS GRANTED PENALTY RELIEF

Superfund taxpayers granted penalty relief. The IRS provided temporary relief from a penalty for failure to deposit Superfund excise taxes and affirmed the availability of a safe harbor for deposits. The relief in Notice 2022-15 released friday applies to semimonthly deposits due in the third and fourth calendar quarters of 2022 and the first quarter […]

NEW DETAILS ABOUT STIMULUS AMOUNT FORMULA

New details about stimulus amount formula. The amount of money you and your household receive with a third stimulus check—for example $1400, $2800, or $10–hinges on an important formula the IRS will eventually use to calculate your share set aside in the upcoming stimulus bill. The latest proposal would provide both adults up to $1400 […]

SUPPLY CHAINS TO SHIFT UNDER BIDEN

Supply chains to shift under biden. Companies plan to continue moving supply chains out of China regardless of who the winner of the election would have been. But now the President elect Biden is the winner, they will continue the move out of China. “Covid really put a spotlight–on supply chain risk.” While investment in […]

MAXIMIZING THE TAX FILING DEADLINE

Maximizing the tax filing deadline. 2020 has been an odd year, to say the least. It seems that everything has been delayed or postponed to another time due to the COVID-19 crisis. This delay applies to tax season as well as the treasury Department and the IRS announced in March that the federal income tax […]

VIRUS ACT FREEZES STUDENT LOAN PAYMENTS

Virus act freezes student loan payments. One of the less discussed benefits in the CARES Act is assistance for those with federal student loans. But unlike other programs in the stimulus legislation, no application is required. The law doesn’t cancel student debt, but it does freeze payments–and their interest–for everyone who has a federally held […]

SIX TAX DEDUCTIONS YOU WILL LOSE IN 2019

Six tax deductions you will lose in 2019. If you were hoarding receipts in a shoe box in the hope of claiming a big break on your 2018 taxes, prepare to be disappointed. That’s because the Tax Cuts and Jobs Act placed steep limits on itemized deductions, including lesser known breaks for the fees you […]

TAX PROFESSIONALS TAX SECURITY

Tax Professionals Tax Security. This was the issue at the Internal Revenue Service and the Security Summit, as partners warned tax professionals that savvy cyber criminals target IRS issued identification numbers to help impersonate practitioners as well as taxpayers. To help protect against this threat used on the Dark Web, the IRS, state tax agencies […]