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.
Small Business Stock Gain Exclusion Receives 2014 Extension
It’s not like the government to bring everyone some well-needed Christmas cheer, but the new tax bill that lawmakers were finally able to pass brought some good news for many investors before the year ends. It’s unfortunate that it took the entire year to get it done, but at least the tax provisions that did…
Like it or Not, Now Is the Time to Think About Taxes
There are still several days before we officially celebrate Christmas, which means people still have plenty to do, including finding those important last-minute gifts. However, if you are done with your shopping, maybe you can put Christmas aside for a moment and focus on taxes. Taxes are probably the last thing you want to think…
Deutsche Being Bank Accused of Tax Fraud By Federal Prosecutors
The U.S. has been increasingly going after foreign financial institutions that try to skimp on taxes. The latest move from the IRS is an aggressive lawsuit against Deutsche Bank, which the federal tax agency claims owes the U.S. somewhere in the neighborhood of $190 million in overdue taxes, penalties and interest. However, if you ask…
Looking to Grow Your Firm? Consider GROCO
There are hundreds of tax and accounting firms all over the country, including right here in the Bay Area. These firms come in all levels of size and expertise. At GROCO, we are always looking to grow our business and we know that many, if not all, companies are looking to do the same. If…