Federal Tax Updates Archive

TweetShareSharePin0 SharesGlide into Tax Season with Solid Financial Planning (ARA) – With good planning, you can start the year off right by making sure you and your family are financially fit and ready for the new year, and possibly reduce your tax bill. Here is a financial checklist to consider: Tap into the Power of

TweetShareSharePin0 SharesWhy Your Mutual Fund Doesn’t Return as Much as You Think (ARA) – As tax time nears, many mutual fund investors are starting to wince. While most mutual funds’ returns were down last year, their tax bill remains high. After years under-performing the S&P 500, the average US stock mutual fund finally beat the

TweetShareSharePin0 Shares Two major provisions in the federal tax code have been limited since the Tax Cuts and Jobs Act (TCJA) of 2017: the state and local tax (SALT) deduction and the home mortgage interest deduction (MID). Limiting the two provisions helped broaden the tax base, offsetting tax revenue loss from reduced tax rates. The

TweetShareSharePin0 Shares In recent decades, South Dakota has become one of the world’s great tax havens. By the end of last year, more than $367 billion in trust assets were managed in the state through at least 62 publicly-chartered trusts. The trust companies earn big fees. The trust owners hide their assets and avoid billions

TweetShareSharePin0 Shares The Congressional Budget Office (CBO) now estimates that the federal government received $370 billion in corporate tax revenue over the past year (fiscal year 2021), matching the record high level from 2007. This is a 75 percent increase over the previous year’s total, reflecting a rebound in corporate profits and the broader economy.

TweetShareSharePin0 Shares Senators Mike Crapo (R-ID) and Chuck Grassley (R-IA) recently asked for an investigation into the Internal Revenue Service’s research activities, including its use of contractors to conduct studies and its  security protocols. The senators are right to be concerned about taxpayer privacy, especially after ProPublica’s recent articles about the tax situations of very

TweetShareSharePin0 Shares Supreme Court Rejects FBAR Penalty Case Supreme Court Rejects FBAR Penalty Case Supreme Court Rejects FBAR Penalty Appeal Case: In the past few years, there have been several District Court and Appellate cases involving FBAR penalties. Courts across the nation are split on how FBAR Penalties are applied by the IRS, with key