BLATANT TAX CHEAT OWES $2.9 BILLION TO IRS

Blatant tax cheat owes $2.9 billion to IRS. Some tax schemes are harder than others for the IRS to uncover. And then some are actually pretty stupid. This is the latter. This particular fellow and his wife cheated the tax man over and over, for a total of $2.9 billion, but what makes this astonishing, […]

TAX COURT CASE ON MINGLING IRA ASSETS

Tax court case on mingling IRA assets. The Tax Court found for the IRS that Donna McNulty had physical possession of gold coins, that were purchased by her IRA, which caused tax taxable distribution from the IRA. In 2015, McNulty purchased IRA services through the website of Check Book IRA by which she established a […]

NEW CREDIT DOCUMENTATION REQUIREMENTS

New credit documentation requirements. The IRS has provided guidance to taxpayers and internally on its new documentation requirements for administrative refund claims of the Sec. 41 business tax credit for increasng reserch activitites (the R& D credit). The taxpayer guidance comes in the form of 16 frequently asked questions posted on the IRS’s website. At […]

TRUMPS TAXES EXPOSE CRIMINAL TRUTH

Trumps taxes expose criminal truth. A series of recent reports on President Donald Trump’s finances raises reasonable questions about whether Trump may have committed criminal conduct in the course of tax evasion. It may be why he wanted to keep it hidden, after promising in the election campaign for President to provide his tax returns, […]

IRS AMNESTY AND TAX EVASION

IRS Amnesty and Tax Evasion questions are posed to us now and then, along with both business owners and individuals looking for options for dealing with a tax debt. The first thing we usually need to know is, do you have any unfilled tax returns ?  Being in compliance (filling all required tax returns), is […]

SURPRISE TAX BREAK IN NEW RELIEF BILL

Surprise tax break in new relief bill. The coronavirus pandemic has brought the global economy to its knees, and lawmakers in Washington are pulling out all the stops to find ways to support hard hit Americans. Even after three rounds of legislation to stimulate the U.S. economy, there’s been discussion of still more proposals to […]

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 […]

RETIREES AND THE ECONOMIC DOWNTURN

Retirees and the economic downturn. If you’re a retiree with an investment account, you may be worried about recent volatility in the stock market. You’re probably counting on your investments to help support you, so seeing their value fall can be very unsettling. The good news: The Coronavirus Air, Relief, and Economic Security Act (the […]

DIGITAL TAX WILL BOOST STATES REVENUES

Digital tax will boost states revenues. The OECD has presented economic analysis on the potential impact of what it has proposed on international tax reform to address the digitalization of the economy. The OECD has said that the changes would have a significant positive impact on global tax revenues, by boosting corporate income tax revenues […]

RETIREMENT ENHANCEMENT ACT EXPLAINED

Retirement enhancement act explained. This Act, also known as the Secure Act, allows for non-taxable income received by home healthcare workers “difficulty of care” payments, to be treated as compensation for purposes of contributing to defined contribution plans and IRAs. The maximum penalty free distribution is $3,000 per individual per birth or adoption. As  a […]