EXTRA EXTENSION OF TIME TO FILE PART TWO

Extra extension of time to file part two. We previously discussed the December 2021 tornadoes and flooding victims, who were given additional time to file their IRS returns by a memo put out by the IRS. But other reasons exist, given by the IRS, for certain groups to get an automatic extension of time to […]

SUPERFUND TAXPAYERS RELIEF PART TWO

Superfund taxpayers relief part two. The IRS put out Notice 2022-15 to grant relief to Taxpayers who had certain qualifications. The IRS acknowledged that in granting the relief, as well as the short time between the taxes reinstatement and the first deposit’s due date (July 29), along with initial difficulties in computing the taxes and […]

IRS PREPARING TO BARCODE TAX RETURNS

IRS preparing to barcode tax returns. Due to the backlog of unfiled tax returns, which is a byproduct of not just the Covid lockdown at the IRS, but the fact the agency has not been given enough funding the last few years, which is now being reversed by President Biden. The National Taxpayer Advocate who […]

TAX PROVISIONS OF STIMULUS BILL

Tax provisions of stimulus bill. The tax provisions included in the $1.9 trillion dollar stimulus bill signed into law by President Biden include a new round of economic impact payments, a tax credit for COBRA continuation coverage, and the expansion of several other tax credits.  The House passed the bill, the American Rescue Plan Act […]

TAX BREAKS FACE SCRUTINY OVER LOCAL HIRE

Tax breaks face scrutiny over local hire. Companies that have tax abatements with Jefferson County could soon face greater scrutiny of their efforts to buy and hire from within the local area. As part of the tax breaks they get for having their operations here, companies typically agree to make a good faith effort to […]

ABOVE THE LINE TAX DEDUCTIONS

Above the line tax deductions. While you need to itemize deductions to take advantage of the tax benefits discussed in the previous section, there are quite a few tax deductions that you can use regardless of whether you itemize or take the standard deduction. These are known as adjustments to income and are more commonly […]

BILLIONS IN TAX BREAKS FOR SLUMP

Billions in tax breaks for slump. New tax breaks expected to total about $650 billion are starting to flow to U.S. businesses, giving a quick cash infusion and longer term help to ride out the coronavirus induced economic downturn. Companies reported tax deferrals or benefits exceeding $100 million each include fast-casual chain Chipotle Mexican Grill […]

UNEMPLOYMENT AND A STIMULUS CHECK

Unemployment and a stimulus check. The CARES Act became law on recently with several financial aid provisions for American households. Two signature pieces of the stimulus package are now arriving–stimulus checks and enhanced unemployment benefits. As the unemployment rate continues to increase these benefits are more valuable that ever. Stimulus checks. Most taxpayers are getting […]

PROTECTING FROM HIGHER TAX RATES IN 2019

Protecting from higher tax rates in 2019. Taking steps to defer your federal income tax bill is usually a good idea, especially if you expect to be in the same or lower tax bracket in future years. If that assumption pans out, making moves that lower your current year income will, at a minimum, put […]

IRS GUIDANCE ON VIRTUAL CURRENCY

IRS guidance on virtual currency.  Expanding on guidance issued in 2014 (see notice 2014-21) the IRS has issued additional guidance to assist taxpayers with the reporting requirements for transactions involving virtual currency. The IRS defines virtual currency as: “Virtual currency is a digital representation of value that functions as a medium of exchange, a unit […]