TAX PROFESSIONALS ADAPTING TO SUPPLY CHAIN

Tax professionals adapting to supply chain. With the supply chain causing havoc worldwide, governments, companies, and even Tax Professionals have had to alter the perception of the supply chain that was created after both World War One and Two. Those supply chains were set up towards a simple, linear supply chain that concentrated on lowering […]

BILLIONS IN TAX BREAKS FOR SLUMP

Billions in tax breaks for slump. New tax breaks expected to total about $650 billion are starting to flow to U.S. businesses, giving a quick cash infusion and longer term help to ride out the coronavirus induced economic downturn. Companies reported tax deferrals or benefits exceeding $100 million each include fast-casual chain Chipotle Mexican Grill […]

STIMULUS PAYMENT PROBLEMS PART THREE

Stimulus payment problems part three. Doug McKirahan, a 64 year old San Franciscan, told TIME he struggled to input his information into the IRS Get My Payment tool before finally succeeding last week. But McKirahan said what’s most frustrating is his inability to contact the agency directly. The IRS said it’s currently unable to provide […]

VIRUS EMPLOYER TAX CREDITS FORM

Virus employer tax credits form. The IRS issued a new form and instructions,  irs.gov/pub/irs-pdf/i7200.pdf  for employers to use to obtain advance payments of three tax credits that were created to help businesses cope with the coronavirus pandemic. Employers may file new Form 7200. Advance Payment of Employer Credits Due to Covid 19, to obtain advances […]

CONFIDENTIALITY OF TAX RETURN INFORMATION

Confidentiality of tax return information. We are often asked by clients about the information that they provide us, and whether it is confidential. Let us provide you with some of the IRS guidelines for Tax Professionals that discuss the measures needed to safeguard a person’s tax return and other tax related information. Internal Revenue Code […]

IRS INCREASES VISITS TO HIGH EARNERS

IRS increases visits to high earners. Over the last 32 years we have seen the pendulum of the IRS Collection Division swing from being aggressive to being passive, depending upon what the broader economy was doing. When times are tough the IRS usually backs off of collection, when times are good, they put the foot […]

PROTECTING FROM HIGHER TAX RATES IN 2019

Protecting from higher tax rates in 2019. Taking steps to defer your federal income tax bill is usually a good idea, especially if you expect to be in the same or lower tax bracket in future years. If that assumption pans out, making moves that lower your current year income will, at a minimum, put […]

IRS WAIVES MAJOR 2018 PENALTY

IRS waives major 2018 penalty. The Internal Revenue Service announced that it is waiving the estimated tax penalty for many taxpayers whose 2018 federal income tax withholding and estimated IRS tax payments fell short of their total tax liability for the year. The IRS is generally waiving the penalty for any taxpayer who paid at […]

TAXATION PUTS SOCIAL SECURITY IN A MESS

Taxation puts social security in a mess, There’s little argument that Social Security is a financial pillar for most seniors. Each month, more than 43 million retired workers receive a benefit check, with more than 60% of these retirees leaning on the program to account for at least half of their income. There’s also little […]

AMERICANS FILING MORE BANKRUPTCY

Americans filing more bankruptcy. It seems that the golden years of many Americans have been tarnished. Despite an economic boom, people 65 and older are filing for bankruptcy in record numbers, and the trend is likely to continue, according to new research that warns that seniors are facing a financial crisis with, “increasing force and […]