COVID SLOWS DOWN TAX REFUNDS AT IRS

Covid slows down tax refunds at IRS. Due to the government lockdown of the IRS during the IRS pandemic’s winter months, both in 2020 and 2021, the IRS has had a difficult time catching up with the Tax Returns that have been filed, and at the same time they are trying to overhaul the oldest […]

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 […]

DISAPPEARING DIVIDENDS FROM RETIREMENT

Disappearing dividends from retirement. Pension funds and other investors are smarting from the worst quarter for stocks since 2008. Now many are bracing for more pain as companies slash dividend payouts in the face of a global recession that is wiping out their revenue and putting million of their workers out of a job. Banks […]

SETTING COMMUNITIES UP FOR THE SECURE ACT

Setting communities up for the secure act. In December of 2019, the House of Representatives and the Senate passed the Secure Act, which was subsequently sent to President Trump for signature. The final bill was signed on December 20, 2019 which is the official enactment date. The Secure Act made many changes to how you […]

Winners and losers from new kiddie tax

Winners and losers from new kiddie tax. There will have new winners and losers so beware parents and grandparents. It will also raise the cost of giving sharply in some situations. The tax is a special levy on a child’s “unearned” income above $2100. It typically falls on investment income such as dividends, interest and […]

IRS WARNS TAX PROFESSIONALS

IRS warns tax professionals. The IRS warned tax professionals thru its state and industry Security Summit partners to beware of phishing emails posing as state accounting and professional associations. The IRS received reports from tax professionals who received fake emails that were trying to trick them into disclosing their email usernames and passwords. Cyber criminals […]

FALTERING NATIONAL TAX REFORM

Faltering national tax reform. This was one of the cornerstones of President Trump’s promises and pledges during the Presidential campaign, that a major overhaul would occur of both personal and corporate national tax reform. He re-iterated those sentiments during the Presidential Debates, alluding to the fact that the United States was failing in the world, […]