REPUBLICANS AND DEMOCRATS AT ODDS

Republicans and Democrats at odds. It seems that one of the biggest differences of opinion between Democrats and Republicans is over funding the IRS, to collect more money to stem the deficit and to catch the Tax Cheats that the Pandora Papers and Panama Papers outlined in recent years. It seems like the rich, who […]

GIG BILL DISGUISED AS FREEDOM BILL

Gig bill disguised as freedom bill. Most all of the Gig workers, especially those who are driving Uber, Lyft, Door Dash, are people who are not making much per hour, after you determine the expenses and wear and tear on the vehicle they operate. In fact, those companies keep the large majority of profits of […]

BIDEN TOUTS DEFICIT REDUCTION BY HIM

Biden touts deficit reduction by him. President Biden has stated that the government coffers have improved significantly since he took office, compared to former President Trump. Besides the quarterly reduction in the national debt, the Treasury Department estimates that this fiscal year’s budget deficit will decline $1.5 trillion, That decrease marks a big improvement from […]

IRS COMMISSIONER WARNS OF PROSECUTION

IRS commissioner warns of prosecution. After the release of the names of some of the wealthiest Americans, showing they paid little, or virtually no income tax, the IRS Commissioner promised an investigation into the source of the leak, and prosecution of the offender. The report, first obtained by Pro Publica, outlined that the wealthiest Americans […]

FAIR LABOR STANDARDS ACT

Fair labor standards act. The U.S. Department of Labor issued a final rule, Independent Contractor Status, under the Fair Labor Standards Act, to clarify the standard for determining whether a worker should be considered an employee or an independent contractor. The new guidelines are to take effect March of 2021. Officials said the rule would […]

GOP UNITED AGAINST BIDEN

GOP united against Biden. Republicans in Congress are united in opposing President BIden’s $6 trillion budget and instead are suggesting that his Covid relief bill is stalling the economic recovery, by allowing people to stay home and not go to work. They suggested that months ago, prior to the development and distribution of the vaccine, […]

IRS GETTING AGGRESSIVE AGAIN

IRS getting aggressive again. With the Biden Administration set to inject Trillions into a lackluster U.S. economy, the politics of debt financing have come home to roost. Under President Trump, Republicans didn’t mind opening up the coffers of deficit spending to give tax breaks to the rich, but now have changed their ways and want […]

BIDENS MOST LIKELY TAX HIKES

Bidens most likely tax hikes. Democrats will likely prove successful in raising individual income tax rates and in strengthening audits of wealthy Americans as they work on overhauling the U.S. Tax Code in coming months. That’s a key takeaway from a survey of 15 current and former White House and congressional aides specializing in tax […]

IRS WITHHOLDING CALCULATOR

IRS withholding calculator. Most people are unaware of the IRS withholding calculator. We are often asked the question, am I withholding enough from my taxes to cover what I will owe ?  This question comes up usually around tax filing season, but often throughout the tax year. Its important to understand that if you have […]

STEALTH BAILOUT GIVES MILLIONS TO BIG OIL

    Stealth bailout gives millions to big oil. As it headed toward bankruptcy, Diamond Offshore Drilling Inc. took advantage of a little noticed provision in the stimulus bill Congress passed in March to get a $9.7 million tax refund. Then it asked a bankruptcy Judge to authorize the same amount as bonuses to nine executives. […]