The other day, I heard on the news over the radio about a study that shows that roughly one third of all car loans taken out are for 7 years or longer. They were of the opinion that this is a sign of a bad economy, but I see this as a sign of many […]
Over the years in my tax practice, one common question that keeps coming up is whether a worker should be treated as an independent contractor or as an employee. The answer to that question is quickly evolving in California. For many years the rules for determining worker status were the same for federal and California. […]
Thanks to the FAST act passed by congress in 2015, the IRS now has another tool to use to collect back taxes by revoking the passports of taxpayers with seriously delinquent tax debt. As of now, seriously delinquent tax debt must be at least 52,000 dollars and meet other criteria. If the IRS determines that […]
In a rare instance of unity in the House of Representatives, both parties voted overwhelmingly in favor of repealing a provision of Obamacare known as the “cadillac tax.” The vote was 419 to 6 to repeal this unpopular provision which would levy a 40% surcharge on employers for providing too much health insurance to their […]
It seems that the obsession to obtain our president’s tax returns is still alive and well among certain democrats and members of the media. Some democrats say that Trump must turn over his returns based on an “obscure 1924 law” that gives the House Ways and Means committee the right to review anyone’s tax returns. […]
I saw several predictions from various sources that charitable organizations would suffer greatly from the tax reform act. Because of the large increases to standard deductions in the tax reform act, far less taxpayers are itemizing deductions. Therefore the prediction was that since less people would get a tax benefit from charitable deductions that many […]
The IRS has announced increased contribution amounts for various types of retirement plans in 2019. See here for details.
The IRS has a website with some useful information for taxpayers but is their information always accurate? This morning I was looking at a news release from their site containing a table comparing business tax provisions before and after TCJA. Here’s a snippet from their explanation about the new limitation on deducting business interest. “The […]
After serving 3 years in prison for failing to file tax returns and filing fraudulent claims, Wesley Snipes still can’t win with the IRS. He owed roughly 23.5 million in federal taxes and filed an Offer In Compromise offering to pay roughly 850,000 to settle his debt with the IRS. The Offer In Compromise program […]
One of my talented clients produced this video to introduce L&S Tax Services.