IRS inflation related adjustments to tax rates, Ron Cohen, Episode 31
IRS inflation related adjustments to tax rates, Episode 31 by Ron Cohen
Today we discuss:
-IRS inflation related adjustments to tax rates
-Social Security inflation adjustments
-The status of tax law legislation post mid-term elections
About The Show:
Hello and welcome. This is Ron Cohen. I’m a tax partner with the firm of Greenstein, Rogoff, Olsen & Co., LLP and we’re located in beautiful downtown Fremont, California. I appreciate you signing in to listen to my self-indulgent, and sometimes narcissistic comments about the tax system.
No Reliance:
Take no reliance on anything you hear on this podcast. This is mostly for entertainment and education. In order to get an opinion from me or my firm you have to sign an engagement letter and give us all of the facts.
After we do some research about your situation we’ll come back and formally give you an opinion. And only then can you use that advice for purposes of entering into any transaction or filing a tax return.
Plagiarism is Okay!
Everything in the tax rules is from the Internal Revenue Code, its regulations, court cases, and various internal memorandums by the Internal Revenue Service. Lots of lawyers and CPAs write very good articles that we will often attach in the show notes.
They are trying to show how smart they are to the public so everyone copies from everyone else, and I certainly want to give them credit. We’re not writing any novels, nor creating deep or original thoughts here.
No Politics
We try to stay out of general politics, however tax law is developed through legislation in Congress and anything that’s legislative has its own political ups and downs. And I feel free to comment on that.
How I Help:
Our firm does around 1400 tax returns for various people. The demographics range from little grandmothers all the way up to high tech executives and multinational corporations.
We also specialize in family office services for wealthy groups with far flung entities and we also help those groups with things such as bill paying and taking care of their day-to-day financial operations
No Cheerleader for the Tax System:
Our tax system is intrusive, an invasion of privacy and it’s tedious. You need to look at a 12 step flowchart to figure out in some cases whether you can take your mortgage interest deduction.
It is part of the technocratic Administrative State that has built up in this country since World War Two, and I don’t like it.
Other countries have simplified the tax system in many ways, despite this we always try to get an A+ (not an A-, or a B, or a C) in our work and make sure it is accurate. Well prepared tax returns rarely get audited, and the best tax audit, is the one that never comes!
Please let us know if there are specific topics you’d like to hear about in future episodes.
Ron Cohen, CPA
Partner at Greenstein, Rogoff, Olsen & Co., LLP
Email: rcohen@groco.com
510.797.8661
Show Notes:
IRS provides tax inflation adjustments for tax year 2023
https://www.irs.gov/newsroom/irs-provides-tax-inflation-adjustments-for-tax-year-2023
Leadership changes—and challenges—dominate as lawmakers return for lame duck session
https://www2.deloitte.com/content/dam/Deloitte/us/Documents/Tax/us-tax-taxnewsandviews-221118.pdf
A Greener Home Can Save You Green Under the Inflation Reduction Act, here’s the link:
To view more content like this, click here to subscribe to our YouTube channel
And click here to receive our FREE Newsletter.
Important Year-End Tax Tips That the Wealthy Should Know Now
Important Year-End Tax Tips That the Wealthy Should Know Now High-net-worth individuals have a lot to think about in their often fast-paced financial dealings, not the least of which is how to save on their taxes and keep as much of their wealth from the taxman as possible. Many high-net-worth individuals make a lot of…
Do You Have a Handle on Your Retirement Taxes?
Do You Have a Handle on Your Retirement Taxes? As you look in the rearview mirror of your career does it seem that the objects are actually getting further away? That means you are probably getting closer to retirement. Retirement can be a great thing for a lot of people, but it can also cause…
Can You Convert Taxable Savings Into Your Roth IRA?
Can You Convert Taxable Savings Into Your Roth IRA? Are you ready for retirement? It’s a common question and it applies to just about everyone at some point. However, being ready for retirement takes a great deal of planning and preparation, and not everyone is as ready as they think. One of the most important…
Don’t Miss Out on These Tax Credits
Don’t Miss Out on These Tax Credits Most people know about tax deductions. Especially taxpayers who like to itemize. However, many taxpayers are not as aware of the numerous tax credits available to them every year. And missing out on these credits can cost you a lot of money. In fact, for many families, tax…