BIDEN SOLAR ENERGY AND CLIMATE CHANGE

Biden solar energy and climate change. With energy priorities due to the Russian invasion of Ukraine, the Biden Administration seems caught between its climate goals and promises to the Progressive Wing of the Democratic Party, and the shifting sands underneath him. President Biden is publicly committed to expanding solar capacity as quickly as possible to […]

DETAILS OF BIDENS STIMULUS PLAN

Details of Bidens stimulus plan. Candidate Joe Biden had promised a spending program that would be designed to lift up the middle class of Americans, who he felt were left behind in the last twenty years, by a tax code designed to give all the tax breaks to the top one percent of Americans. Seeing […]

SURPRISE TAX BREAK IN NEW RELIEF BILL

Surprise tax break in new relief bill. The coronavirus pandemic has brought the global economy to its knees, and lawmakers in Washington are pulling out all the stops to find ways to support hard hit Americans. Even after three rounds of legislation to stimulate the U.S. economy, there’s been discussion of still more proposals to […]

DISAPPEARING DIVIDENDS FROM RETIREMENT

Disappearing dividends from retirement. Pension funds and other investors are smarting from the worst quarter for stocks since 2008. Now many are bracing for more pain as companies slash dividend payouts in the face of a global recession that is wiping out their revenue and putting million of their workers out of a job. Banks […]

REPORTING FOR LIFE INSURANCE POLICIES

Reporting for life insurance policies. The Internal Revenue Service issued final regulations on the new  information reporting requirements for certain life insurance contract transactions. The requirement was authorized under new section 6050Y, added to the Internal Revenue Code by the Tax Cuts and Jobs Act, the tax reform legislation enacted in December 2017. The final […]

TRUMP TAX DOCUMENTS SHOW PROBLEMS

Trump tax documents show problems. Documents obtained by ProPublica show stark differences in how Donald Trump’s businesses reported some expenses, profits and occupancy figures for two Manhattan buildings, giving a lender different figures than they provided to New York City tax authorities. The discrepancies made the buildings appear more profitable to the lender–and less profitable […]

IRS RESPONDS TO ALTERA COURT RULING

IRS responds to Altera Court Ruling. In our on going coverage of cases that relate to Tax Court issues, we want to highlight a case that has to do with cost sharing provisions and an about face by the IRS. When the IRS gives direction on a ax issue, and then a court ruling, or […]

OWE TAXES YOU MAY LOSE YOUR PASSPORT

Owe taxes you may lose your passport. If you owe the IRS more than $52,000 in overdue taxes, you may not be able to get a new passport or renew your existing one–or it might be revoked, whether you’re home or abroad. The IRS has notified more than 400,000 taxpayers that their passports are at […]

TAXPAYER SERVICE REVIEW

Taxpayer service review. The IRS Taxpayer Advocate Service will address during the upcoming fiscal year, and contains the IRS’s responses to each of the 93 administrative recommendations the Advocate made in her 2016 Annual Report to Congress. Taxpayer service review. In her preface to the report, Ms. Olson praises the IRS for running a generally […]