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Federal Tax Updates Archive

Personal Accounting

TweetShareSharePin0 SharesPersonal Accounting If you have a checking account, of course you balance it periodically to account for any differences between what’s in your statement and what you wrote down for checks and deposits. Many people do it once a month when their statement is mailed to them, but with the advent of online banking,

Navigating the College Savings Programs

TweetShareSharePin0 SharesNavigating the College Savings Programs As a parent, the big financial concern with a newborn is how to set aside enough money to assist for a college education. Universities and state governments have developed many different financial savings plans to encourage parents to save money for college. Some of the plans include 529 accounts,

2006 List of Tax Scams Released by IRS

TweetShareSharePin0 Shares2006 List of Tax Scams Released by IRS Every year, the IRS issues a list of tax scams. The goal is to alert taxpayers to the lack of merit of certain strategies as well as letting everyone know the IRS will not accept them. 2006 Scams The IRS has kicked out its annual list

Should Buffalo Pay Its NFL Bills?

TweetShareSharePin0 Shares State and local lawmakers are struggling with many tough questions about their post-pandemic economies. Should they anticipate more remote work or plan for most people to return to the office full time? What sectors are most likely to thrive in our new normal? But in Buffalo, NY, they’re stuck on an old question:

Your Well Being And Taxes

TweetShareSharePin0 SharesYour Well Being And Taxes Few things threaten your well-being like the harassment and anxiety of persistent tax problems. Most people make 3 mistakes that get them in trouble with the IRS. They procrastinate. They attempt to represent themselves. They hire sub-par representation and now are in MORE need of help than ever before.

And the real winner of the Olympics was… the IRS?

TweetShareSharePin0 Shares We all know that the Internal Revenue Service is apt to tax anything that it can. Lottery participants dreaming of big payouts are often deflated when they realized how much of their winnings will be redirected to federal taxes, but ever since 1986 almost all awards and prizes are 100% subject to taxation,

Dear John Letters From The IRS

TweetShareSharePin0 SharesDear John Letters From The IRS Undoubtedly, you are aware of Dear John letters. Often a young lady sent them to men in the military, often containing bad news. Well, the IRS sends them to taxpayers as well. Dear John Letters From The IRS The Internal Revenue Service sends out millions of Dear John

A Hidden Tax on Domestic Activities & Foreign Profits

TweetShareSharePin11 Shares The U.S. corporate tax code is a complicated behemoth, loaded with numerous arcane provisions—some of these providing special tax breaks, others imposing special tax penalties. Among the latter group, indirect expense allocation rules penalize domestic activities and impose a hidden surtax on foreign profits. While arcane, expense allocation rules are relevant to current

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