Jul 29, 2022
In this episode:
- The Build Back Better Bill (BBB) is currently being held from passing as-is.
- The IRS assessed 37.3 billion returns for civil penalties in 2021.
- US Citizens working overseas must still pay US taxes, although some specific situations may be excluded.
- There are currently 9.3 million paper returns from...
Jul 15, 2022
In this episode:
- The IRS will start using voicebots for incoming calls regarding collections with plans to expand its usage.
- New Overtime Rules will potentially be released this fall.
- If cryptocurrency is being used it triggers a taxable event. The IRS is cracking down on these transactions.
- We review new policy...
Jul 1, 2022
In this episode:
- We review the Wash Sale Rules for stock.
- We discuss the nuances you should be aware of regarding Capital Gains Tax.
- If you want to elect portability, you MUST file an Estate Tax Return.
- The annual gifting amount of $6,000 can be placed directly into an IRA for a child, IF that child is earning...
Jun 17, 2022
In this episode:
- The mileagereimburesement rate is set to rise to 62.5 cents per mile on July 1 – a 4 cent per mile increase.
- We discuss the rules for an inherited IRA 10-year payout.
- Non-cash donations valued at $250 or higher follow special rules for tax returns.
- The Social Security Wage Gap.
Our guest is Jess...
Jun 3, 2022
In this episode:
- Lifetime in gift tax exemptions are $12,060,000 for 2022, due to be reduced to $5M after 2025.
- The IRS will increase interest rates at the end of Quarter 3 this year.
- Form 1023-EZ returns are being abused and overused for nonprofit organizations. Lawmakers are discussing rescinding.
- The proceeds from...