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.
Where to Live if You Just Graduated From College
Where to Live if You Just Graduated From College A fresh new crop of college graduates has just recently walked across that grand stage in caps and gowns to receive their hard-earned diplomas. It also means that thousands of young graduates are busy looking for a job, and in many cases, a new place to…
Unusual Habits Creative People Have in Common
Unusual Habits Creative People Have in Common If you spend some time considering some of the most creative people in the world and the many contributions they’ve made to society, you will surely be amazed. From Steve Jobs and Bill Gates in the tech industry to Warren Buffet in the business world, as well as…
The Most Valuable Items to Include In Your Garden
The most valuable items to include in your garden may surprise you. Gardens come in all shapes and sizes and can be very personal. Plus, with so many diverse fruits and vegetables, there is no end to what you can grow in your own personal garden. However, what kinds of things have the most value?…
The Top Meaningful Jobs That Also Pay Well
The Top Meaningful Jobs That Also Pay Well Most people want to find purpose in their life. Even the wealthiest of individuals typically come to realize that there is so much more to life than making money. After all, if you don’t have opportunities to enjoy your success, does it really matter how much money…