Tax - Your Tax Matters Partner

A Defense Of The Break Republicans Snuck Into The CARES Act

by admin | May 7, 2020 | Tax

The second-largest tax break in the massive CARES Act – $135 billion – applied to a relatively small number of taxpayers. The Joint Committee on Taxation indicated that over 80% of the benefit went to 43,000 returns with income over a million dollars. Not...

Judge Urges Prison Furlough For Author Of “Biggest Tax Fraud Ever”

by admin | May 6, 2020 | Tax

Originally published on Forbes.com. I thought I could escape COVID-19, which one way or another is all I have written about for the last six weeks, by going back to my routine of reviewing tax decisions that may be of interest. No luck. What stands out are...

IRS Moves To Virtual Settlement Meetings

by admin | May 6, 2020 | Tax

The IRS has announced that its Settlement Days program is going virtual in response to the COVID-19 crisis. Settlement Days bring together IRS attorneys, low-income taxpayers, who are not represented and the low income tax clinic attorneys who coach them to see if...

IRS Rains On The Paycheck Protection Parade

by admin | Apr 30, 2020 | Tax

Originally published on Forbes.com. One of the key parts of the CARES Act was the Paycheck Protection Program. It proved so popular that additional funds were appropriated for it. The essence of PPP is that a business borrows from the SBA based on 2.5 months of last...

Who Gets The Million Plus Stimulus Checks?

by admin | Apr 28, 2020 | Tax

Originally published on Forbes.com. According to a report in the Washington Post earlier this month, the bulk of the second largest tax cut in the CARES Act ($170 billion) stood to be shared among about 43,000 returns. The Joint Committee on Taxation has backpedaled a...

Banks Keeping Paycheck Protection Fees Meant For Others

by admin | Apr 27, 2020 | Tax

The Paycheck Protection Program was designed to not cost the borrowers anything if they used the money correctly. So banks were given a fee as high as 5% paid by SBA, which is more than normal, possibly because they were expected to share some of it. Borrowers Need...