Football Stadium subsidies

Is the NFL fleecing taxpayers? Yes, according to three U.S. House Democrats, who recently introduced legislation to eliminate tax-exempt status for bonds used to construct new stadiums. According to a press release, “Since 2000, subsidies for financing professional sports stadiums have cost taxpayers $4.3 billion despite the billions of dollars in profits” reaped by team […]

Bill Signed

On March 11, President Biden signed a $1.5 trillion omnibus spending bill into law. The headline is that the bill includes $13.6 billion in aid for Ukraine. But it also keeps the U.S. government funded through September 30, increases defense spending by $42 billion and boosts the IRS’s budget by $12.6 billion or 6%. That […]

Split-Dollar ruling

The U.S. Tax Court has issued a taxpayer-favorable ruling on a split-dollar life insurance arrangement. A woman created an estate plan that included a revocable grantor trust and an irrevocable insurance trust that purchased split-dollar life insurance on the lives of her daughter and son-in-law with money she borrowed. The insurance trust gave the woman […]

IRS News

The IRS announced that it aims to hire 10,000 employees over the next few months and deploy a new 700-person “surge” team to help clear its backlog of 24 million tax returns. It also intends to extend high-tech customer support tools throughout its operations. The U.S. Dept. of Treasury added that the agency also is […]

IRA, is it right for you?

It may not be too late to lower your 2021 tax bill. You may still be able to contribute to an IRA until the due date of your 2021 tax return (April 18 this year). Be sure to designate the contributions for 2021. Generally, eligible taxpayers can contribute up to $6,000 to an IRA for […]

Crypto regulation

Greater regulation of digital assets could be coming. On March 9, President Biden signed an executive order (EO) to expand oversight of cryptocurrency markets. The EO also prioritizes the assessment of a Central Bank Digital Currency (CBDC). Various government financial regulators will assess how the “adoption of digital assets” would affect U.S. investors and businesses. […]

Emissions impacted by Tax?

How are carbon-dioxide emissions affected by tax or allowance prices on them? A recent Congressional Budget Office (CBO) paper examines this question. It scrutinizes three groups: the electrical power industry, the transportation sector and a composite residential, commercial and industrial group. In the electrical power industry, “price sensitivities of energy-related emissions over the first 10 […]

Know your Rights

Dealing with the IRS is often frustrating. But as a taxpayer, you’re entitled to know how to comply with tax laws and why certain actions are taken. In fact, the IRS must adhere to 10 specific rights, known as the Taxpayer Bill of Rights. One of those is the right to be informed when changes […]

IRS levy

If an individual doesn’t pay a tax debt, an IRS levy permits the legal seizure of his or her property. The IRS can garnish wages, take money in a bank account and seize vehicles, real estate and other personal property. In one case, a credit union surrendered the contents of a man’s account to the […]

Missing a form

Are you missing a key tax document? Or did you receive a document with errors? Employers must send W-2s (Wage and Tax Statements), Forms 1099-NEC (Nonemployee Compensation Statements) and other 1099s by Jan. 31 each year. If you’re missing a form or received an incorrect document, start by contacting the employer or other responsible entity. […]