NEW TONED DOWN INFLATION ACT

New toned down inflation act. The bill that President Biden wanted passed, had a climate change proposal in it, to finally address the warming of planet earth. It also had some parts that several Senators questioned, and one decided a portion of the bill had to go, for her support. Key centrist Senator Joe Manchin […]

INFLATION ACT WOULD HELP DRUG PRICES

Inflation act would help drug prices. The now under consideration “Inflation Reduction Act” has one component that the large majority of Americans overwhelmingly support, negotiating the price of drugs for the American people. The United States is one of the only developed countries in the world that does not do that for its people. In […]

REPUBLICANS AND DEMOCRATS AT ODDS

Republicans and Democrats at odds. It seems that one of the biggest differences of opinion between Democrats and Republicans is over funding the IRS, to collect more money to stem the deficit and to catch the Tax Cheats that the Pandora Papers and Panama Papers outlined in recent years. It seems like the rich, who […]

MANCHIN APPROVES OF INFLATION REDUCTION ACT

Manchin approves of inflation reduction act. The legislation that Sen. Joe Manchin finally decided to get behind would represent one of the biggest pieces of legislation, regarding a move towards climate change proposals, ever in the United States. The nonpartisan Committee for a Responsible Federal Budget stated that the legislation would put nearly $385 billion […]

ESTATES CAN ELECT LATE PORTABILITY OPTION

Estates can elect late portability option. The IRS issued revenue procedure 2022-32 that allows estates to elect “portability” of a deceased spousal unused exclusion exclusion amount as much as five years after the decedent’s date of death. Estates of decedents dying after Dec. 31, 2010, who are survived by a spouse, if not required to […]

GIG BILL DISGUISED AS FREEDOM BILL

Gig bill disguised as freedom bill. Most all of the Gig workers, especially those who are driving Uber, Lyft, Door Dash, are people who are not making much per hour, after you determine the expenses and wear and tear on the vehicle they operate. In fact, those companies keep the large majority of profits of […]

IRS BEING FUNDED TO START COLLECTING

IRS being funded to start collecting. After years of under funding at the IRS, Congress weary of the political fallout from increasing deficits, have decided to fund the one government agency that actually returns nearly $14 for every dollar invested into it, the IRS. It doesn’t take a rocket scientist to figure out that when […]

GIG WORK TAX BILL AND STATUS AT THE IRS

Gig work tax bill and status at the IRS. A bill was introduced into the U.S. House of Representatives, that would amend the current labor law in the United States, to establish a new classification for gig workers, denying them the right to a minimum wage and other employment protections. Called the “Worker Flexibility and […]

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 […]

DELAYED SCREENING RISKED TAXPAYER DATA

Delayed screening risked taxpayer data. In a report from TIGTA, the Tax Inspector General for Tax Administration, officials found that some IRS new workers in 2020 and in 2021 had access to sensitive information including taxpayer data while preemployment fingerprinting and in-person verification of their identification documents had been deferred because of the COVID_19 pandemic. […]