TREASURY EQUITY PLAN REPORTS PROGRESS

Treasury equity plan reports progress. Even though the tax filing season is over, Treasury and the IRS will continue gathering feedback as part of efforts over the past year to make the tax system more equitable and fair, according to Treasury’s Equity Action Plan: One Year Progress Report. The report documents the department’s participation in […]

RENTAL HOME EXPENSES AND DEDUCTIONS

Rental home expenses and deductions. The rules for Taxes when it comes to rental homes get a bit tricky and it breaks down into whether its a short term or long term rental, and if other services are included in the rental package. You are considered to have used the unit as a housing unit […]

AGGRESSIVE IRS AFTER TAXPAYERS

Aggressive IRS after taxpayers. After years of being under funded by Congress, and with mounting federal budget deficits, Congress, spurred on by the Biden Administration, has finally beefed up funding at the IRS to levels not seen in several decades. What that means for taxpayers is that the IRS will be conducting more audits, not […]

PELOSI SIGNALS PROPOSAL NOT ADEQUATE

Pelosi signals proposal not adequate. Speaker Nancy Pelosi signaled that there has been limited progress in negotiations with the White House over a coronavirus relief package, saying in a letter to her Democratic colleagues that a proposal presented by the Trump administration amounted to “one step forward, two steps back.” “When the president talks about […]

AVOID TAX TRAPS WITH TIMELY APPRAISAL

Avoid tax traps with timely appraisal. Informed taxpayers are aware that only the wealthiest individuals should have concerns about the federal estate and gift tax, for gifts and decedents dying in 2018 thru 2025. Thanks to the legislation known as the Tax Cuts and Jobs Act, P.L. 115-97, the basic exclusion amount is more than […]