IRS Archive

Top Factors Influencing Bankruptcy

TweetShareSharePin0 SharesTop Factors Influencing Bankruptcy The term Bankruptcy is derived from the Italian word banca rotta, meaning broken bench. It is a federal court process designed to help consumers and businesses eliminate their debts or repay them under the protection of the bankruptcy court. However, there are specialized units for bankruptcy in each federal district

529 College Savings Plan

TweetShareSharePin0 Shares529 College Savings Plan First up, what’s a 529 college savings plan? It got its name from Section 529 of the International Revenue Code, which states that the federal tax law grants you certain tax benefits if you can satisfy a few basic requirements. The plan itself is a form of education savings plan

Does Your State Have a Marriage Penalty?

TweetShareSharePin0 Shares Today’s map zeroes in on states that have a “marriage penalty” in their individual income tax brackets. Under a graduated-rate income tax system, a taxpayer’s marginal income is subject to progressively higher tax rates. A marriage penalty exists when a state’s income brackets for married taxpayers filing jointly are less than double the bracket

Stop and Go Traffic for Infrastructure Bill

TweetShareSharePin0 Shares “We’re just getting started…” Senate Minority Leader Mitch McConnell signaled that the amendment process for the bipartisan infrastructure bill would be no small affair. Meanwhile, centrist Democratic Senator Joe Manchin said that he’d back Senate Majority Leader Schumer shutting down debate to force a final infrastructure vote this week, reiterating that he’d support

Hidden Tax Opportunity For Tax-Deferred Investments

TweetShareSharePin0 SharesHidden Tax Opportunity For Tax-Deferred Investments As IRA and other retirement plan account balances continue to grow larger, often into very significant amounts, the need to understand tax characteristics becomes more critical. These types of accounts offer the tremendous benefit of tax deferral, as everyone is well aware, but a “taxing” problem may remain

Should the U.S. Copy Denmark’s Social Welfare Policies?

TweetShareSharePin0 Shares The Biden administration’s proposals to increase transfer payments and expand federal benefits in many ways resemble the social safety net policies of Scandinavian countries. To fully follow the Scandinavian model would require additional taxes that place a higher burden on middle-income earners, but instead, Biden proposes higher taxes on corporations and households making

Pennsylvania Considers A New State Gas Tax Proposal

TweetShareSharePin0 Shares A vehicle miles traveled (VMT) proposal gaining steam in Pennsylvania would be the equivalent of a state gas tax of more than $2 per gallon, and that’s not all the Commonwealth is considering. With infrastructure spending and taxation—both state and federal—the topics of the day, Pennsylvania’s recently appointed Transportation Revenue Options Commis­sion (TROC)

Government Assistance For Single Parents

TweetShareSharePin0 SharesGovernment Assistance For Single Parents Government Assistance For Single Parents Being a single parent is a tough job. Imagine you should be a mom and a dad all at the same time. This means that you will be nurturer as well as a provider. Tough, isn’t it? But don’t you worry. There are government

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