AFTER AUDIT DECLINE IRS TO AUDIT MORE

After audit decline IRS to audit more. After a long period where the IRS was auditing less, especially against the richest Americans, the trend is finally swinging back to more audits. The reason has to do with ballooning federal budget deficits. The Biden Administration has made it a priority to give the IRS additional funding […]

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 […]

IRS DESTROYED 30 MILLION PAPER FILINGS

IRS destroyed 30 million paper filings. In a highly controversial move, the IRS destroyed 30 million paper filings. This was a result of the backlog that started when the Covid crisis began. The IRS, along with a large number of other government agencies and companies, shut down operations during the first 7 months of the […]

BIDEN SEEKS BILLIONS TO BEEF UP IRS

Biden seeks billions to beef up irs. President Biden is seeking $80 billion to beef up the IRS. This after Congress has already approved of funding last fall to improve customer service and increase agents in the Collection Division of the IRS. Both increases were severely needed as years of underfunding the agency, left the […]

CARES ACT EXTENSIONS AND PROVISIONS

Cares act extensions and provisions. Educator expenses for protective equipment. The bill requires the Treasury to issue regulations or other guidance providing that the cost of personal protective equipment and  other supplies used for the prevention of the spread of COVID-19 is treated as an eligible expense for purposes of Sec. 62(a)(2)(D)(2). Money purchase pension […]

USING LIFE INSURANCE FOR INVESTMENT

Using life insurance for investment. There is, without a doubt, no type of insurance we like to think about less than life insurance. It’s a financial product that, by its nature, is geared toward answering questions of when and how you’ll die, possibly even prematurely–and, subsequently, how the nearest loved ones in your life will […]

UNEMPLOYMENT AND A STIMULUS CHECK

Unemployment and a stimulus check. The CARES Act became law on recently with several financial aid provisions for American households. Two signature pieces of the stimulus package are now arriving–stimulus checks and enhanced unemployment benefits. As the unemployment rate continues to increase these benefits are more valuable that ever. Stimulus checks. Most taxpayers are getting […]

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 […]

TAX PREPARER DUE DILIGENCE

Tax preparer due diligence. We receive calls from taxpayers who have had fraudulently filed tax returns and want to fix the problem. Crooked tax preparers can be the cause of a Tax Resolution nightmare. Some of the problems is that when fraud became rampant in our society, it slowly crept into taxpayers claiming incorrectly for […]