MANCHIN APPROVES OF INFLATION REDUCTION ACT

Manchin approves of inflation reduction act. The legislation that Sen. Joe Manchin finally decided to get behind would represent one of the biggest pieces of legislation, regarding a move towards climate change proposals, ever in the United States. The nonpartisan Committee for a Responsible Federal Budget stated that the legislation would put nearly $385 billion […]

ESTATES CAN ELECT LATE PORTABILITY OPTION

Estates can elect late portability option. The IRS issued revenue procedure 2022-32 that allows estates to elect “portability” of a deceased spousal unused exclusion exclusion amount as much as five years after the decedent’s date of death. Estates of decedents dying after Dec. 31, 2010, who are survived by a spouse, if not required to […]

IRS BEING FUNDED TO START COLLECTING

IRS being funded to start collecting. After years of under funding at the IRS, Congress weary of the political fallout from increasing deficits, have decided to fund the one government agency that actually returns nearly $14 for every dollar invested into it, the IRS. It doesn’t take a rocket scientist to figure out that when […]

IRS FORMS DESTRUCTION PART TWO

IRS forms destruction part two. The Tax Professional community was shocked to learn that the IRS had destroyed nearly 30 million information return. Net Operating Losses and Carry Forwards cannot be determined without certain information, and those particular Information returns will create a nightmare for millions of taxpayers down the road. The Tax Inspector General […]

TAX RULES FOR YOUR VACATION RENTALS

Tax rules for your vacation rentals. If you use a service for renting out your vacation home, such as VRBO and Airbrib, you will get a 1099-K IRS tax form, for transactions conducted through their website. Since most rentals processed through those sites offer significant services with the rental, this would be considered self employment […]

THE SUPPLY CHAINS AND TAX PROFESSIONALS

The supply chains and tax professionals. With Covid, the Ukraine war, and lockdowns in major industrialized nations, is it any wonder the supply chain has been disrupted. Almost every industry worldwide has been impacted. These quick changes have shown that the supply chain, a complex and technical area, isn’t just for specialists. It’s a subject […]

INVESTMENT WORLD TO TRY TO HELP ENVIRONMENT

Investment world to try to help environment. With the U.S. Congress completely at loggerheads over climate change, unable to do anything due to opposite views, the Investment Companies of the world have decided to take the lead. The public advocacy group “As You Sow” is going after market fund index funds, which by their nature […]

WHEN AND HOW TO PAY ESTIMATED TAXES

When and how to pay estimated taxes. Payments are divided into four payment periods. Yet, some taxpayers may find it easier to pay their estimated taxes weekly, bi-weekly or even monthly. Alternative payment periods are allowed if enough tax is paid by the end of each payment quarter. The easiest way to make your estimated […]

TAX PROFESSIONALS MAKE SUGGESTIONS TO IRS

Tax Professionals make suggestions to IRS. After what may have been the most grueling and difficult IRS tax filing ever, Tax Professionals Nationwide have been heard about the difficulties of the filing season and what needs to be done to fix it. As it is, it is not sustainable, as the backlog of unprocessed IRS […]

TAX RELATED IDENTITY THEFT PART TWO

Tax related identity theft part two. Tax related identity theft happens when someone will take a person’s stolen Social Security number to do one of a few things. They may file a fraudulent tax return, with a phony address, hoping to get a refund check, in which case they may also try to steal your […]