IRS TO CHANGE 403 (b) RETIREMENT PLANS

IRS to change 403 (b) retirement plans. In an effort to streamline the regulation that governs how retirement accounts can be used, the IRS has proposed a change for 403 (b) plans–a type of workplace retirement plan used mostly by public and non-profit employees. Employer sponsored plans are powerful retirement tools and boast specific requirements […]

2023 LOW INCOME TAXPAYER CLINIC APPLICATIONS

2023 low income taxpayer clinic applications. The IRS announced that the application period for Low Income Taxpayer Clinic matching grants for calendar year 2023 will open on or around May 3rd, 2022. The LITC Program is a federal grants program administered by the Taxpayer Advocate Service, led by National Taxpayer Advocate Erin Collins. The Taxpayer […]

THERON JOHNSON v COMMISSIONER

Theron Johnson v Commissioner. In our ongoing coverage of Tax Court cases, this case addresses a long standing issue–substantiating business travel expenses. If you own a business, deductions can be taken for the ordinary and necessary expenses relating to the business activities, including certain travel expenses. However, to qualify for any deductions, strict recordkeeping requirements […]

$1.4 BILLION IN STIMULUS TO THE DEAD

$1.4 billion in stimulus to the dead. More than a million Americans who had died received COVID-19 stimulus payments totaling $1.4 billion, a government watchdog said in a report to Congress. The finding is part of a sweeping review of the federal government’s response to the nonpartisan  congressional agency. The report paints a clearer picture […]

TREASURY MIGHT ALTER TAX DATE

Treasury might alter tax date. Will he or won’t he ? That’s the question on the minds of taxpayers and tax professionals alike as Treasury Secretary Steven Mnuchin continues to mull extending the tax filing deadline for 2020. As it currently stands, the 2019 tax filing deadline remains July 15th, 2020. Last year, the Internal […]

IRS TAX SCAMS CONTINUE YEAR ROUND

IRS tax scams continue year round. Although the April filing deadline has passed, scam artists remain hard at work and the IRS has urged taxpayers to be on the alert for a spring surge of evolving phishing emails and telephone scams. The IRS is seeing signs of two new variations of tax related scams. One […]

TWO REASONS FOR A RECESSION IN 2020

Two reasons for a recession in 2020. While the economy has been booming, and the stock market has been doing well, nobody has spoken about a recession. But with the latest economic upheaval, caused by the reversal in the stock market, the slow down caused by rising interest rates, and the trade dispute with China, […]