CHILD TAX CREDIT PAYMENTS AND YOUR 2021 TAXES

Child tax credit payments and your 2021 taxes. If you have received the advance Child Tax Credit payments from the IRS this year, along with millions of other Americans, you may be wondering how this might impact your 2021 tax return. Two tax code changes have happened since President Trump, then President Biden, took the […]

PHISHING SCAMS TARGET TAX PROFESSIONALS

Phishing scams target tax professionals. With the number of scams in the United States exploding, the IRS is warning tax professionals again, to be aware of scams that specifically target the tax professional community. It is one of the reasons the IRS commissioned the Security Summit, a partnership between Tax Professionals, Tax Software Distributors and […]

HOW YOUR VIRUS CHECK MIGHT BE TAXED

How your virus check might be taxed. Many Americans may soon get checks in their hands from the government. But Uncle Sam could also claw back some of that money. Information about how much those checks will be–and whether or not individuals will owe IRS tax on them–will likely be hammered out in a deal […]

IRS ISSUES 2019 TO 2020 PER DIEM RATES

IRS issues 2019 to 2020 per diem rates. Business travelers who incur expenses while traveling away from home have new per diem rates to use in substantiating certain of those expenses (Notice 2019-55). The new rates are in effect from Oct. 1 2019 to Sept. 30, 2020. The IRS provided the 2019-2020 special per diem […]

REPORT ON ABUSIVE CHARITY TAX ABUSE

Report on abusive charity tax abuse. The report was addressed to Senator Charles Grassley, Chair of the Senate Finance Committee, so it is no surprise that it leads with the syndication of conservation easements. The center of this particular tax scam is Rome, Georgia. People there are arguing that syndicated conservation easements are the subject […]

TAX RELIEF FOR FORMER CITIZENS

Tax relief for former citizens. The IRS announced procedures for certain persons who have relinquished or intend to relinquish their United States citizenship and who wish to come into compliance with their U.S. income tax and reporting obligations and avoid being taxes as a “covered expatriate” under section 877A of the U.S. Internal Revenue Code […]

TRADE WAR MAY CAUSE RECESSION

Trade war may cause recession. If a recession is coming, what should we do ? Not what President Trump and his economists are thinking about. While there is no certainty that a recession is in the offing, a number of Wall Street economists see warning signs–especially an inverted yield curve for bonds, which means that […]

AUTOMOBILE FLEET REGULATIONS

Automobile fleet regulations. Notice 2019-08, is the notice under Section 1.61-21(d) that shows the proposed IRS regulations updating the fleet average and vehicle cents per mile valuation, which are described in detail. To align the limitations on the maximum vehicle fair market values for use of these special valuation rules with recent statutory changes made […]

DO YOU HAVE TO PAY TAX PENALTY ?

Do you have to pay tax penalty ? What’s the harm in filing your taxes late ? It depends on whether you owe Uncle Sam or Uncle Sam owes you. If the IRS owes you a refund you face no repercussions aside from losing the opportunity to invest or spend that money while it’s still […]

THE TIME FOR IRS REFORM IS NOW

The time for IRS reform is now. It looks like the politics have stopped regarding funding the IRS. After both parties started to realize that the one agency of government that actually brings in multiple dollars for every dollar spent on it, bipartisan support for funding increases to the IRS, not seen in a decade, […]