BLATANT TAX CHEAT OWES $2.9 BILLION TO IRS

Blatant tax cheat owes $2.9 billion to IRS. Some tax schemes are harder than others for the IRS to uncover. And then some are actually pretty stupid. This is the latter. This particular fellow and his wife cheated the tax man over and over, for a total of $2.9 billion, but what makes this astonishing, […]

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 […]

IRS BEGINS CORRECTING TAX RETURNS

IRS begins correcting tax returns. The Internal Revenue Service will begin issuing refunds to eligible taxpayers who paid taxes on 2020 unemployment compensation that the recently enacted American Rescue Plan later excluded from taxable income. The IRS identified over 10 million taxpayers who filed tax returns prior to the American Rescue Plan of 2021 becoming […]

TRUMPS TAXES EXPOSE CRIMINAL TRUTH

Trumps taxes expose criminal truth. A series of recent reports on President Donald Trump’s finances raises reasonable questions about whether Trump may have committed criminal conduct in the course of tax evasion. It may be why he wanted to keep it hidden, after promising in the election campaign for President to provide his tax returns, […]

HOW MANY WITHDREW 401(K) DURING PANDEMIC

How many withdrew 401(k) during pandemic. The CARES Act, which went into effect this spring, allows savers to withdraw up to $100,000 from their 401(k) plans and waive the 10% early withdrawal penalty if they’re under age 59 and a half. A fraction of savers took the measure available, according to plan providers. While 2% […]

RETIREES AND THE ECONOMIC DOWNTURN

Retirees and the economic downturn. If you’re a retiree with an investment account, you may be worried about recent volatility in the stock market. You’re probably counting on your investments to help support you, so seeing their value fall can be very unsettling. The good news: The Coronavirus Air, Relief, and Economic Security Act (the […]

DIGITAL TAX WILL BOOST STATES REVENUES

Digital tax will boost states revenues. The OECD has presented economic analysis on the potential impact of what it has proposed on international tax reform to address the digitalization of the economy. The OECD has said that the changes would have a significant positive impact on global tax revenues, by boosting corporate income tax revenues […]

UNIVERSAL HEALTHCARE HAS BECOME POLITICAL

Universal healthcare has become political. With the number of people uninsured in the United States continuing to go up, and the cost of prescription drugs going up, the public outcry over the cost and quality of the United States healthcare system has intensified. As rural hospitals and emergency rooms continue to shut down, it has […]

RETIREMENT ENHANCEMENT ACT EXPLAINED

Retirement enhancement act explained. This Act, also known as the Secure Act, allows for non-taxable income received by home healthcare workers “difficulty of care” payments, to be treated as compensation for purposes of contributing to defined contribution plans and IRAs. The maximum penalty free distribution is $3,000 per individual per birth or adoption. As  a […]

TAX DOCUMENTS YOU NEED TO FILE RIGHT

Tax documents you need to file right. When most people celebrate the new year, tax returns aren’t generally on their minds. But if you’re expecting to get a tax refund and itching to have that money in your pocket as soon as possible, there’s a good reason to want to have your return prepared quickly […]