AFTER LULL IRS GETTING MORE AGGRESSIVE

After lull IRS getting more aggressive. When the IRS shut down for nearly seven months, due to the Covid lockdown, they fell behind in filing almost 24 million back tax returns. They then hired 10,000 people to have a “surge”, to get those back returns caught up. In the meantime they also had nearly 8 […]

NO STEP UP BASIS PART TWO

No step up basis part two. The case in question involves a prior IRS Letter Ruling made regarding the step up basis of a Private Foundation, and then a subsequent Foundation relying on that ruling to make Tax Filins judgements that were then reversed in Tax Court. The IRS, under similar facts in IRS Letter […]

MAKING ESTIMATED TAX PAYMENTS ONLINE

Making estimated tax payments online. The IRS in Bulletin IR-2022-101, stated that multiple advantages exist for taxpayers who file estimated tax payments online. Its faster, easier, and it is safe. During this past National Small Business Week, from May 1st thru the 7th, the IRS highlighted the tax benefits and resources tied to the theme […]

IRS ADDING CRYPTO QUESTION TO RETURNS

IRS adding crypto question to returns. In IRS news release that all American taxpayers must answer the question on the tax form about cryptocurrency. The question, which on form 1040 is just below the address area, says, “At any time during 2021, did you receive, sell, exchange, or otherwise dispose of any financial interest in […]

PANAMA PAPERS AND UNITED STATES

Panama Papers and United States. The Panama Papers leak was a particularly revelatory story about Russians use of the offshore system. Once story reported that a Russian cellist, who had been friends with Putin since childhood, was secretly linked to offshore accounts holding up to $2 billion. Putin called the leak a “provocation”, insinuating that […]

IRS ENFORCEMENT OF TAX LAWS

IRS enforcement of tax laws. The IRS has many tools in attempting to collect unpaid taxes from delinquent taxpayers. They mail math error notices to taxpayers who appear to make a calculation or clerical error on a tax return. Many tax forms require adding two lines together or subtracting one line from another. If these […]

VIRUS BILL HAS TAX CREDITS FOR EMPLOYERS

Virus bill has tax credits for employers. The Coronavirus relief bill signed by President Trump late Wednesday, among its many provisions, several tax credits for employers who provide paid sick leave or family or medical leave for their employees who miss work for various coronavirus related reasons. The Families First Coronavirus Response Act, H.R. 6201, […]

CONNECTICUT’S TAXES

Connecticut’s taxes. Per Capita income, Connecticut’s taxes is a mess. It’s pensions are woefully under funded. It’s deficit is projected to surpass $2 billion, or 12% of its total annual revenue. Hartford is approaching bankruptcy. Conservatives look at Connecticut and see a liberal dystopia, where high taxes have ruined the economy. Liberals, on the other […]