WHO REALLY GETS CREDIT FOR REVENUE BOOM

Who really gets credit for revenue boom. In the last few years it seems everything turned from ok to really bad. The economy turned downward during Covid lockdowns, then it looked like things were turning around after that first winter of Covid, then summer and increased Covid, then more lockdowns and a slower economy. Along […]

WHO QUALIFIES FOR SECOND STIMULUS CHECK

Who qualifies for second stimulus check. Congress is expected to work on another coronavirus relief bill, and continue hammering out the disputes that have kept a compromise together. This includes a second stimulus check, the who will get one and when will it arrive has everyone’s attention right now. Earlier Treasury Secretary Steven Mnuchin had […]

SMALL HOSPITALS BILKED PART TWO

Small hospitals bilked part two. Representatives of the American Hospital Association, a lobbying group for the country’s largest hospitals, communicated with Alex M. Azar, the department secretary, and Eric Hargan, the deputy secretary overseeing the funds. Chip Kahn, president of the Federation of American Hospitals, which lobbies on behalf of for profit hospitals, said he […]

GUIDANCE ON NOL CARRYBACK ADJUSTMENTS

Guidance on NOL carryback adjustments. The has provided guidance on how taxpayers who want to elect to waive or reduce the new provision requiring taxpayers with net operating losses (NOLs) arising in tax years beginning in 2018, 2019, and 2020 to carry them back five years. (Rev. Proc. 2020-24) The IRS also extended the deadline […]

FORMULA FOR PAYING NO TAX ON 100k

Formula for paying no tax on 100k. The question of how much can we earn without paying federal income taxes is relatively easy to answer for most people. The standard deduction for a married couple is $24,400 in 2019 (if both are under 65 years old) and the top of the 0% capital gains tax […]

FINAL RULES PERMIT TRUNCATED TINS

Final rules permit truncated tins. In the ongoing effort to fight identity theft and tax refund fraud, the IRS has been issuing new rules and regulations, tightening security measures, coordinating efforts with both State Tax Authorities and the Tax Preparation and Tax Resolution Professional Community, all designed to increase awareness of the problem, and bring […]

TAX CUTS MAKE SMALL REFUNDS.

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Tax Cuts Make Small Refunds. Next year could be worse unless you act now. Ever since the Tax Cuts and Jobs Act has been passed many tax preparers have been delivering bad news to long time clients. They owe the government money. Even though the campaign promises were that they would get a big refund, […]

ANOTHER ELECTION TAX BILL

Another election tax bill. Looks like its on the way. House Republicans are gearing up for a vote on a second round of tax cuts, to make permanent some of the tax cuts they previously passed. They are calling this tax reform 2.0 Another election tax bill. Taxpayers who owed additional tax when they filed […]

TAX BILL AND TAX RESOLUTION

Tax bill and tax resolution. With the recently passed  tax bill, alot of work stands in front of the IRS and tax resolution industry.  Changing the Internal Revenue Code involves more than just changing some forms. It involves changes to IRS computer programs, changes to tax tables, and deductions, along with expenses to figure out […]

TAX REFORM HAS A GIMMICK

Tax reform has a gimmick. The long awaited tax reform our nation has been told to anticipate, has a gimmick.  Tax Reform is one thing, a tax reform gimmick is another.  When you hear the Republicans discuss this bill, all you hear is that the middle class will get a tax cut. What is in […]