IRS TO RESUME VIDEO TAX PREPARER VISITS

IRS to resume video tax preparer visits. The Government Accountability Office, or GAO, recommended in a report, to which the IRS agreed, that the service should test the feasibility of holding videoconference visits with tax returns preparers it flags as posing a high risk for submitting erroneous refundable credit claims, to replace in person visits […]

IRS PROPOSES REGULATION TO ESTATE TAX

IRS proposes regulation to estate tax. The IRS in regulation 118913-21, provided an exception to the “clawback” rule that preserves the benefits of the temporary higher and gift tax basic exemption exclusion amount. The special IRS rule that preserves the benefits of the estate and gift tax payable on the decedent’s lifetime gifts. Left for […]

JONES V COMMISSIONER PART TWO

Jones v Commissioner part two. Lindsey Jones was trying to obtain Innocent Spouse relief under the IRS code. The court determined that the petitioner, Lindsey Jones, had consented to the filing of the 2010 jointly filed tax return. Petitioner did not file a separate Federal IRS income tax return despite her income having exceeded the […]

PROPOSAL TO RAISE REVENUE WITH MORE TAXES

Proposal to raise revenue with more taxes. After President Biden’s “Build Back Better” went down in flames due to Sen. Manchin’s holdout vote, it seems like another approach is in the works. President Biden has proposed a massive budget that is over $5 trillion dollars, the largest in United States history. Yet, it does very […]

GIG ECONOMY INCOME IS REPORTABLE TO IRS

Gig economy income is reportable to IRS. The Internal Revenue Service in public announcement IR-2022-45, announced that and reminded taxpayers that gig economy income, virtual transactions, and foreign source income and assets are taxable assets and income reportable to the IRS. They stated that you may obtain information on the IRS website, IRS.GOV for more […]

BOOK AND TAX INCOME PART TWO

Book and tax income part two. With the need for more revenue, governments around the world, including the U.S. Government, have been looking at ways to raise additional revenue. One of the ways discussed is closing loopholes, another under discussion is taxing cryptocurrency, whose large profits over the last few years has caught the eyes […]

AMERICAN RESCUE PLAN DETAILS

American rescue plan details. The American Rescue Plan Act of 2021 was signed by President Biden on March 11, 2021. The Act has unemployment benefits, vaccination programs and additional unemployment benefits meant to get people through the COVID-19 crisis. More funding for state and local governments was included, assistance to schools to help them open […]

FRENZY OF TAX FILING FOR TAX REFUNDS

Frenzy of tax filing for tax refunds. People are filing their taxes at a blistering pace so far this year, underscoring how serious Americans are about getting any tax refund due or any stimulus check money they missed last year. The IRS began accepting and processing 2020 tax returns slightly later than usual because its […]

WHEN WILL YOU GET BIDENS TAX STIMULUS

When will you get bidens tax stimulus. President Biden’s $1.9 trillion dollar tax relief plan proposes another batch of checks for Americans of $1400 for just about all Americans. With the economy now showing signs of weakness, a lackluster jobs report, due to increased Coronavirus cases, this next round of checks could provide relief to […]

VIRUS EMPLOYER TAX CREDITS FORM

Virus employer tax credits form. The IRS issued a new form and instructions,  irs.gov/pub/irs-pdf/i7200.pdf  for employers to use to obtain advance payments of three tax credits that were created to help businesses cope with the coronavirus pandemic. Employers may file new Form 7200. Advance Payment of Employer Credits Due to Covid 19, to obtain advances […]