04.29.20 President Trump’s Impact Payment letter & Foreign Pension Trusts

The Biden Administration Corporate Tax Proposal

Rev. Proc. 2020-17 on Foreign Pension Trusts and summary from attorney Andrew Mitchell:
https://intltax.typepad.com/intltax_blog/2020/03/rev-proc-2020-17-exemption-from-filing-forms-3520-and-3520-a-for-applicable-tax-favored-foreign-trus.html

President Trump’s letter to taxpayers getting Impact Payments:
https://www.usatoday.com/story/news/politics/2020/04/28/coronavirus-trump-letter-stimulus-check-recipients-causes-stir/3040031001/

Info on IRS Form 7200 for Advance Payment of Employer Credits due to COVID-19:
https://www.irs.gov/forms-pubs/about-form-7200

Supplemental funds for Paycheck Protection Program plus new money for hospitals, coronavirus testing signed into law:
https://www2.deloitte.com/content/dam/Deloitte/us/Documents/Tax/us-tax-taxnewsandviews-200424.pdf

Tips for the Self Employed in Avoiding an IRS Audit

Dealing with IRS Collections

Dealing with IRS Collections There are times when taxpayers are unable to pay amounts owed the IRS on a tax return or as a result of an audit. Presuming there is no disagreement about the tax liability, just a lack of funds to pay, the taxpayer is best served by avoiding the collection process. There…

Real Home Buyer; Tax Time Tips for Mortgage Holders

Tax Time Tips for Mortgage Holders

Tax Time Tips for Mortgage Holders Tax Time Tips for Mortgage Holders, it’s that time of year again when numbers such as 1040, W-2 and INT-1099 become all too familiar to millions of people. One of the benefits of holding a mortgage on your house is the ability to claim certain deductions that can assist…

Will NBA Star Choose New Team According to State Taxes?

CA Credit for New Home Purchase – Fund Running Out

CA Credit for New Home Purchase – Fund Running Out By Ron Cohen, CPA, MST Partner Greenstein, Rogoff, Olsen & Co., LLP California allows a nonrefundable credit against net tax equal to the lesser of 5% (.05) of the purchase price of the qualified principal residence or ten thousand dollars ($10,000). But only a limited amount…

More Work for Accountants! President Obama’s Corporate Tax Proposal

More Work for Accountants! President Obama’s Corporate Tax Proposal

More Work for Accountants! President Obama’s Corporate Tax Proposal By Ron Cohen, CPA, MST Partner Greenstein, Rogoff, Olsen & Co., LLP In the White House summary of corporate tax proposals: http://media.npr.org/documents/2009/may/whitehouse_taxhavens.pdf At “Backgrounder” Article I. Sec. 1, it states: “Current Law Companies Can Defer Paying Taxes on Overseas Profits Until Later, While Taking Tax Deductions…