IRS PROVIDES GUIDANCE FOR PUERTO RICO

IRS provides guidance for Puerto Rico. In IRS bulletin IR-2022-105, the Internal Revenue Service provided guidance for certain individuals in Puerto Rico on how to file and claim the Child Tax Credit payments that they are entitled to receive under the American Rescue Plan Act. “It’s important for residents of Puerto Rico to know that […]

IRS DISPELS MYTHS ABOUT TAX REFUNDS

IRS dispels myths about tax refunds. In IRS Publication IR-2022-80, dated April 12, 2022, the IRS put out this publication in an attempt to cut down on the number of phone calls it gets about “Where is my tax refund ?”, which can put a tax on the IRS system, so to speak. Some have […]

LAWMAKERS PUSH FOR HIGHER DEDUCTIONS

Lawmakers push for higher deductions. Under the Massachusetts Senate’s version of the state budget, some business owners could ultimately avoid the $10,000 cap on state and local tax deductions signed into law by President Trump in 2017. The questions now is whether key lawmakers, Gov. Charlie Baker and the rest of the Massachusetts Department of […]

SUMMER TAX SCAM ALERT

Summer tax scam alert. The IRS has issued a warning for summer tax scams, even though the tax filing season is just starting for most citizens and business owners. Being cautious and alert regarding new summer tax scams, and being prepared ahead of time is what the IRS is trying to accomplish by educating the […]

COMMON TAX MISTAKES TO AVOID

Common tax mistakes to avoid. Small errors lead to expensive tax bills. Tax software–of the old fashioned paper forms and calculations–won’t help much when the numbers that human beings use in the first place are flawed. Finding and entering tax information often isn’t always easy. “That part of the process requires reading comprehension and critical […]

CONGRESS MAY LET YOU USE RETIREMENT

Congress may let you use retirement. You may soon be able to withdraw up to $100,000 from your 401(k) retirement plan amid the coronavirus outbreak. Just make sure you read the fine print before you jump in. The Senate is currently negotiating over a package of COVID-19 stimulus measures, one of which allows savers to […]

EARNED INCOME CREDIT SHOULD BE USED

Earned income credit should be used. The earned income credit is designed to act as a cash infusion to low income families. In fact, some experts have called it “One of the largest and most studied antipoverty programs in the United States.” Yet far too many taxpayers aren’t aware of the IRS credit, according to […]

TAXPAYERS QUALIFY FOR STUDENT LOAN RELIEF

Taxpayers qualify for student loan relief. The IRS extended its safe harbor relief from recognizing cancellation of debt (COD) income for students whose loans were discharged either because their schools were closed or as a result of some type of fraud (Rev. Proc. 2010-11). This revenue procedure establishes a safe harbor extending the relief provided […]

GOP TAX REFORM

GOP tax reform. The Trump administration and congressional Republicans are working toward unifying around a single GOP tax reform bill, aiming to pass the legislation this year. But there are still some key differences between the priorities of the White House and the Senate that need to be ironed out. Speaker Paul Ryan (R.-Wis.) and […]

TRUMPCARE TAX CUTS

   Trumpcare tax cuts. The American Health Care Act, AKA, Trumpcare, affects much more than just health insurance. Trumpcare would repeal many provisions of Obamacare that relate to insurance coverage, but it would also substantially change the amount of revenue the federal government collects. In other words, it’s not just health insurance reform, it’s tax […]