CONTROVERSY OVER TAX CUTS AND JOBS ACT

Controversy over Tax Cuts and Jobs Act. When then President Trump passed the Tax Cuts and Jobs Act, which gave 85% of the tax cuts to the wealthiest 5% of Americans, not a single Democrat voted for the bill. But Trump wanted to deliver for the donors who gave to him massively and got him […]

INVESTMENT WORLD TO TRY TO HELP ENVIRONMENT

Investment world to try to help environment. With the U.S. Congress completely at loggerheads over climate change, unable to do anything due to opposite views, the Investment Companies of the world have decided to take the lead. The public advocacy group “As You Sow” is going after market fund index funds, which by their nature […]

WHEN AND HOW TO PAY ESTIMATED TAXES

When and how to pay estimated taxes. Payments are divided into four payment periods. Yet, some taxpayers may find it easier to pay their estimated taxes weekly, bi-weekly or even monthly. Alternative payment periods are allowed if enough tax is paid by the end of each payment quarter. The easiest way to make your estimated […]

PRIVATE FOUNDATION GETS NO STEP UP BASIS

Private foundation gets no step up basis. Heirs can generally benefit from a step up in basis of inherited assets to their fair market value as of the date of the decedent’s death. A recent program manager technical advice makes clear that, for purposes of an excise tax, a private foundation resulting from a charitable […]

TAX PROFESSIONALS MAKE SUGGESTIONS TO IRS

Tax Professionals make suggestions to IRS. After what may have been the most grueling and difficult IRS tax filing ever, Tax Professionals Nationwide have been heard about the difficulties of the filing season and what needs to be done to fix it. As it is, it is not sustainable, as the backlog of unprocessed IRS […]

TAX RELATED IDENTITY THEFT PART TWO

Tax related identity theft part two. Tax related identity theft happens when someone will take a person’s stolen Social Security number to do one of a few things. They may file a fraudulent tax return, with a phony address, hoping to get a refund check, in which case they may also try to steal your […]

IRS ON IDENTITY THEFT PROTECTION

IRS on identity theft protection. At the IRS Website, IRS.GOV, you may find helpful information on how to address Identity Theft and what to do to protect yourself. Tax related identity theft occurs when someone uses a taxpayer’s stolen Social Security Number to file a tax return claiming a fraudulent refund. In the vast majority […]

SUPERFUND TAXPAYERS GRANTED PENALTY RELIEF

Superfund taxpayers granted penalty relief. The IRS provided temporary relief from a penalty for failure to deposit Superfund excise taxes and affirmed the availability of a safe harbor for deposits. The relief in Notice 2022-15 released friday applies to semimonthly deposits due in the third and fourth calendar quarters of 2022 and the first quarter […]

SUPREME COURT HOLDS TAX COURT NOT HELD

Supreme Court holds tax court not held. The 30 day limit of Sec. 6330(d) for taxpayers to file a petition with the Tax Court to review an IRS determination is nonjurisdictional, the U.S. Supreme Court held, meaning it can be extended in certain instances. The Court’s unanimous opinion, written by Justice Any Coney Barrett, was […]

PANAMA PAPERS AND UNITED STATES

Panama Papers and United States. The Panama Papers leak was a particularly revelatory story about Russians use of the offshore system. Once story reported that a Russian cellist, who had been friends with Putin since childhood, was secretly linked to offshore accounts holding up to $2 billion. Putin called the leak a “provocation”, insinuating that […]