PRESENT VALUE OF ESTATE DEDUCTION RULES

Present value of estate deduction rules. The IRS and Treasury issued new regulations incorporating present value principles by which an estate may deduct certain expenses and claims against an estate under Section 2053. The primary issue addressed in the proposed regulations, Reg. 130975-08, had been left reserved at Regs. Section 20.2053-1(d)(6) by final regulations issued […]

TARIFFS TAXES AND SOLAR PANELS

Tariffs taxes and solar panels. Could the tariffs on solar panels threaten Biden’s climate change goals ? A Department of Commerce investigation as to whether China is circumventing tariffs on its solar energy products is slowing the expansion of solar power capacity in the U.S., according to industry and outside experts. “In the blink of […]

NEW TAX CUTS AND CREDITS IN STIMULUS BILL

New tax cuts and credits in stimulus bill. The $1.9 trillion stimulus bill that Congress just passed, and President Biden signed into law, has more than just stimulus checks for Americans. In Fact, the majority of the bill has a large number of tax cuts and credits, designed to help the economy, by helping a […]

HEALTH COVERAGE DEADLINE NOW EXTENDED

Health coverage deadline now extended. The IRS has announced that it is extending the due dates for sending certain health care information statements to individuals as required under the Patient Protection and Affordable Care Act, P.L. 111-148. The IRS has extended the date every  year since the PPACA’s requirement went into effect because a substantial […]

PELOSI SIGNALS PROPOSAL NOT ADEQUATE

Pelosi signals proposal not adequate. Speaker Nancy Pelosi signaled that there has been limited progress in negotiations with the White House over a coronavirus relief package, saying in a letter to her Democratic colleagues that a proposal presented by the Trump administration amounted to “one step forward, two steps back.” “When the president talks about […]

SECOND RELIEF CHECK HOW MUCH MONEY.

Second relief check how much money. How much money could you get if you qualify for a second stimulus check ? We can begin to count it up given what we know so far, especially now that there’s hope that another coronavirus relief bill with a new round of stimulus money could pass before the […]

YOUR TAXES WHILE RECEIVING UNEMPLOYMENT

Your taxes while receiving unemployment. Millions of Americans have lost their job during the COVID-19 outbreak and are relying on unemployment benefits as they pay their bills and re-start their career. That’s a serious challenge they face right now. Without some planning, they could also face a future problem–an unanticipated, unbudgeted tax bill in 2021. […]

BIDENS RETIREMENT PLAN CHANGES

Bidens retirement plan changes. Presidential candidate and former Vice President Joe Biden recently proposed a key change to the employer-sponsored 401(k) plan that could help lower  earners save for retirement. But this proposed change also would likely reduce the financial benefit of a traditional 401(k) for high earners, say experts, possibly encouraging more to take […]

IRS ANSWERS ON CARBON CAPTURE CREDITS

IRS answers on carbon capture credits.  The Internal Revenue Service has issued guidance to help businesses understand how legislation passed in 2018 may benefit those claiming carbon capture credits. Today’s guidance addresses the definition of “beginning of construction” and provides a sage harbor for partnership allocations of the credit. After the enactment of the Bipartisan […]

COMMON TAX MISTAKES TO AVOID

Common tax mistakes to avoid. Small errors lead to expensive tax bills. Tax software–of the old fashioned paper forms and calculations–won’t help much when the numbers that human beings use in the first place are flawed. Finding and entering tax information often isn’t always easy. “That part of the process requires reading comprehension and critical […]