MCNULTY TAX COURT PART TWO

McNulty tax court part two. This tax court case has to do with keeping gold American Eagle coins from an IRA in McNulty’s home, which eventually the tax court ruled violated the rules of the trust, as they should have been held by the trust not McNulty. Under Sec. 408(h), a custodial account is treated […]

RICH TAX RECORDS LEAKED

Rich tax records leaked. Given all the data leaks that are happening all over the world, it seemed like it was sonly a matter of time before the tax records of the richest Americans would become public. The IRS is now investigating a leak of private tax records of some of the richest Americans. The […]

OVER A MILLION PAYMENTS MADE

Over a million payments made. The Internal Revenue Service stated that under the American Rescue Plan, over one million payments have been made, for a total of nearly 164 million payments. This was due to the Covid-19 pandemic and the economic fallout from a massive health crisis that started in January of 2020. In the […]

IRS DELAYS FILING DEADLINE ONE MONTH

IRS delays filing deadline one month. The IRS said it’s pushing the tax filing deadline from April 15th, to May 17th. After hearing from multiple Senators and many tax professionals about the strain of the filing season, due to the COVID pandemic. The IRS has been under pressure, due to the overhaul of the oldest […]

NEW DETAILS ABOUT STIMULUS AMOUNT FORMULA

New details about stimulus amount formula. The amount of money you and your household receive with a third stimulus check—for example $1400, $2800, or $10–hinges on an important formula the IRS will eventually use to calculate your share set aside in the upcoming stimulus bill. The latest proposal would provide both adults up to $1400 […]

GUIDE TO PPL LOAN FORGIVENESS

Guide to ppl loan forgiveness. Under the Paycheck Protection Program, PPL created by the CARES Act, loans may be forgiven if borrowers use the proceeds to maintain their payroll and pay other specified expenses. One of the single biggest ways the federal government sought to aid businesses suffering from the coronavirus related shutdowns was the […]

MAXIMIZING THE TAX FILING DEADLINE

Maximizing the tax filing deadline. 2020 has been an odd year, to say the least. It seems that everything has been delayed or postponed to another time due to the COVID-19 crisis. This delay applies to tax season as well as the treasury Department and the IRS announced in March that the federal income tax […]

IS ADDITIONAL STIMULUS NEEDED

Is additional stimulus needed. After several rounds of Covid based stimulus relief bills, authorized by Congress, and passed by President Trump, much debate is surfacing about whether additional stimulus is needed. Most of this debate surrounds funding for State and Local Governments, which seem to be having a very difficult time and are on the […]

NEW TAX FORM WILL SURPRISE YOU

New tax form will surprise you. With the new Tax Cuts and Jobs Act, comes new tax software and new tax forms. You 2018 federal income tax return will be unlike much of what you’ve seen in the past. We’re looking at a wide array of major changes–and plenty of tripwires–under the new tax laws. […]

FILING A DECEASED TAXPAYERS RETURN

Filing a deceased taxpayers return. This does not have to be difficult, if you get help or learn ahead of time what to do. Here are some tips. There are generally two types of taxes owed by an estate: One on the transfer of assets from the decedent to their beneficiaries and heirs (the estate […]