TAX PROFESSIONALS ADAPTING TO SUPPLY CHAIN

Tax professionals adapting to supply chain. With the supply chain causing havoc worldwide, governments, companies, and even Tax Professionals have had to alter the perception of the supply chain that was created after both World War One and Two. Those supply chains were set up towards a simple, linear supply chain that concentrated on lowering […]

STIMULUS PAYMENT PROBLEMS PART THREE

Stimulus payment problems part three. Doug McKirahan, a 64 year old San Franciscan, told TIME he struggled to input his information into the IRS Get My Payment tool before finally succeeding last week. But McKirahan said what’s most frustrating is his inability to contact the agency directly. The IRS said it’s currently unable to provide […]

ONE PROPOSAL TO CURB VIRUS IMPACT

One proposal to curb virus impact. While the country grows more concerned about the spread of the coronavirus and more impatient about the government’s handling of the problem most apparent in its slowness in making COVD-19 testing kits widely available, the Trump administration and Congress have been discussing measures to ease the detrimental economic impacts […]

SALT DEDUCTION CAP RULES FINALIZED

SALT deduction cap rules finalized. The IRS issued final rules regarding the availability of charitable contribution deductions under Sec. 170 when a taxpayer makes a contribution to a state or local agency or charitable fund and receives or expects to receive a corresponding state or local tax credit or deduction in return for the contribution. […]

TAX CUT PUSHING DEFICIT HIGHER

Tax cut pushing deficit higher. In the trough of the Great Recession in 2009, as companies laid off hundreds of thousands of workers each month, the amount of corporate income taxes collected by the federal government plunged by almost a third. It was the largest quarterly drop since the Commerce Department began compiling data in […]