CASE AGAINST TRUMP EXECUTIVE GOING ON

Case against Trump executive going on. Allen Weisselberg, Donald Trump’s executive in charge of the Trump organization’s day to day operations has tried to get out of a criminal lawsuit that has been going on for some time. Well, his time has run out. The Manhattan Judge overseeing the case declined to throw out the […]

WHO MUST PAY ESTIMATED TAXES IRS

Who must pay estimated taxes IRS. The IRS put out bulletin IR-2022-101, in an effort to help the public better understand who needs to pay estimated taxes, how to pay them, and when to pay them. Additional information beyond what is here, is available at the IRS website IRS.GOV Who must pay estimated tax. Individuals, […]

IRS RAMPING UP CRYPTOCURRENCY TAXATION

IRS ramping up cryptocurrency taxation. This emphasis comes from the need for additional revenue, due to the large government expenditures related to the Covid pandemic, and as the IRS seeks to increase taxpayers reporting compliance and ramp up enforcement. The IRS recently released a version of updates on the subject, IRS form 14457, Voluntary Disclosure […]

REPORTING FOREIGN SOURCED INCOME

Reporting foreign sourced income. With the need for more revenue, due to the once in a life time health pandemic, the U.S. Government is cracking down on anyone who avoids foreign sources of income. They were alerted to schemes to hide income, by the revelations of the Panama Papers, and the ridicule it caused the […]

CHOOSING THE RIGHT STATUS FOR YOUR COMPANY

Choosing the right status for your company. When starting a business, the first question that needs to be answered is, what type of operation is it, and what type of status for tax purposes do you want it to be ? That needs to be done upfront, otherwise you may well end up like the […]

IRS SCRAPS PLAN TO CLOSE PLANT

IRS scraps plan to close plant. The Internal Revenue Service has scrapped a previous plan that it had to close a Tax Processing facility it had, over the massive backlash it has received for falling so far behind on the processing of back tax returns. The backlog threatens delays, and problems for the 2022 tax […]

SIMPLIFIED ACCOUNTING FOR SMALL BUSINESS

Simplified accounting for small business. The IRS  finalized updates to various accounting regulations to adopt the simplified tax accounting rules for small businesses enacted by the law known as the Tax cuts and Jobs Act, P.L. 115-97. The regulations finalize proposed regulations issued with a few changes in response to comments that were made. For […]

TAX CHANGES IF BIDEN WINS

Tax changes if Biden wins. Joe Biden has called for rolling back a lot of the Tax Cuts and Jobs Act, which trimmed tax rates. He has proposed raising income taxes and Social Security Taxes on wages over $400,000. Long term capital gains and qualified dividends would be subject to ordinary income taxes -39.6%- for […]

HIDING MONEY FROM IRS?

Hiding money from IRS ? The Internal Revenue Service is getting better at finding secret stashes of overseas cash from people hiding money and tax evaders are receiving harsher penalties than ever, including prison. True tax evaders have for years intentionally hidden money offshore from Uncle Sam, often in multiple layers of entities such as […]

IRS WANTS SOME RELIEF CHECKS BACK

IRS wants some relief checks back. The IRS has made some mistakes with the relief check program, and now Uncle Sam is asking for his money back. Ever since the CARES Act passed and promised coronavirus relief payments of up to $1200 per adult to millions of Americans, people have had questions—from who is eligible […]