IRS SAYS ABUSIVE INSURANCE IS A SHAM

IRS says abusive insurance is a sham. The IRS stated that a recent court decision upholds its long standing regarding abusive microcaptive insurance transaction as a sham. Taxpayers are being alerted to the scheme by both the IRS and U.S. Treasury Department. These are peddled by promoters and will cost taxpayers lots of money if […]

WAYFAIR DECISION EVENS PLAYING FIELD

Wayfair decision evens playing field. The Wayfair Tax decision happened, due to large online retailers like Walmart and Amazon flouting again the IRS Tax System, so they can maximize profits at the expense of the American Economy, by not paying their fair share of taxes. The net result of the decision is that smaller retailers […]

TAX DEBT IS HELD TO BE DISCHARGED

Tax debt is held to be discharged. In our ongoing coverage of Tax Court cases, this case is of Nicole Golden and her husband, Stephen Alter, who timely filed an extension until Oct. 15th, 2009, for the 2008 tax return but did not file the return by the extended date. They experienced financial and marital […]

IRS ISSUES ACCOUNTING CHANGE PROCEDURES

IRS issues accounting change procedures. Many of the tax changes in the Tax Cuts and Jobs Act have taken some time to come out and get guidance from the IRS. As they are quite numerous and at times some of the tax law changes are not given guidance until some taxpayer realizes they can’t make […]

HIGH EARNERS LEAVING NEW YORK

High earners leaving new york. Brenan Hefner is one of thousands of high earners who’ve left New York this year, an exodus that is deepening concerns over a projected $9 billion budget shortfall. While the city is no longer the national virus hotspot it was earlier this year, those leaving cite anxiety over the region’s […]

AMOUNT OF SECOND STIMULUS CHECK

Amount of second stimulus check. For quite some time, most Americans assumed that Congress and the Administration were going to get together and that another stimulus check would be forthcoming. Unfortunately, its a political year, and everything got entangled in the political process. By now most Americans have received the federal stimulus checks directed by […]

WILL BIDEN CHANGE YOUR RETIREMENT PLANS

Will biden change your retirement plans. It’s an election year and you know what that means: Proposals are cropping up from both sides of the aisle that promise to make your life easier. One, supported by the Biden-Harris ticket, is a change to the tax rules for 401 (k) retirement plans. Given that roughly half […]

KNOW YOUR STIMULUS CHECK RIGHTS

Know your stimulus check rights. As talk of a second stimulus heats up, some still find themselves waiting for their first payment under the CARES Act, which passed in March and allotted up to $1200 per person and $6000 for families. If this describes your current situation, read on–this will help you find your payment […]

GETTING UNEMPLOYMENT AND STIMULUS CHECK

Getting unemployment and stimulus check. Here’s what you need to know about getting both. Most taxpayers are getting a one time stimulus check n the coming weeks–if they haven’t received it already. The payment is up to $1200 for individuals ($2400 for joint returns) and $500 per dependent child. A family of five can receive […]

VIRTUAL CURRENCY FOR GOODS AND SERVICES

Virtual currency for goods and services. Whether you are ready or not, our clients are actively operating in the virtual world and that includes the payment for goods and services by Bitcoin or one of the other cryptocurrencies. The IRS has been very active in deciphering this new world and making sense of it for […]