IRS TO CHANGE 403 (b) RETIREMENT PLANS

IRS to change 403 (b) retirement plans. In an effort to streamline the regulation that governs how retirement accounts can be used, the IRS has proposed a change for 403 (b) plans–a type of workplace retirement plan used mostly by public and non-profit employees. Employer sponsored plans are powerful retirement tools and boast specific requirements […]

BILLIONAIRE SHETH LEAVING VISTA EQUITY

Billionaire sheth leaving vista equity. Central Texas billionaire Brian Sheth is resigning as president of Austin based Vista Equity Partners in the wake of a highly publicized tax evasion case against Vista Equity founder, chairman and CEO Robert F. Smith. Sheth, 45, will “depart the firm effective immediately,” Vista Equity said in a news release […]

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, […]

HOW MANY WITHDREW 401(K) DURING PANDEMIC

How many withdrew 401(k) during pandemic. The CARES Act, which went into effect this spring, allows savers to withdraw up to $100,000 from their 401(k) plans and waive the 10% early withdrawal penalty if they’re under age 59 and a half. A fraction of savers took the measure available, according to plan providers. While 2% […]

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 […]

SETTING COMMUNITIES UP FOR THE SECURE ACT

Setting communities up for the secure act. In December of 2019, the House of Representatives and the Senate passed the Secure Act, which was subsequently sent to President Trump for signature. The final bill was signed on December 20, 2019 which is the official enactment date. The Secure Act made many changes to how you […]

IRS RULES ON HOW SETTLEMENTS ARE TAXED

IRS rules on how settlements are taxed. Taxes depend on the “origin of claim”. Taxes are based on the origin of your claim. IF you get laid off at work and sue seeking wages, you will be taxed as wages, and probably some pay on a Form 1099 for emotional distress. But if you sue […]

STATE OF ECONOMY AND TAXES

State of Economy and Taxes. This was the headline in President Trump’s recent State of the union speech. While the economy was the centerpiece of the speech, he also touched upon the Tax Cuts and Jobs Act, and its impact on the economy. While his administration has often been mired in controversy on other issues […]

SHUTDOWN CAUSED SERVICE ISSUES

Shutdown caused service issues. Thats the conclusion of the IRS watchdog who overseas many aspects of the IRS. Disruptions from last months partial government shutdown caused a “shocking” deterioration in the IRS telephone help for taxpayers in the first week of the filing season, the agency watchdog said in a report released. In the week […]

TAX CUTS AND A MERRY CHRISTMAS

Tax cuts and a Merry Christmas. Christmas Bells are ringing for lots of Americans this year, as the economy is buzzing along, jobs are plentiful, gains in wages are finally moving upward, and a feeling that the worst of the great recession is finally over. Looking back at what transpired in 2008, the loss of […]