Former IRS Commissioner Mark Everson compares the efforts of the IRS to go paperless to the interstate highway system of the 1960s, when he was a child. "You would drive from New York, where we lived, and I-95 ended in Providence," he said in an interview with JofA. "You'd be doing great and then, all of the [...]
No one is saying that permanent whole life insurance is the greatest invention since the wheel was created. But this estate planning concept—which has seemingly been around since the dawning of time—does offer significant financial and tax benefits. Background: Although there are many variations of permanent whole life insurance, let’s stick with the basics. Typically, [...]
Maintain Regular Hours...Most of the Time Set a schedule and stick to it...most of the time. Having clear guidelines for when to work and when to call it a day helps many remote workers maintain a work-life balance. That said, one of the best benefits of remote work is flexibility when the job allows for it. [...]
Stock markets ended the week lower - Stock markets ended a multi-week winning. The Nasdaq had closed higher for nine straight weeks. The Bank of England raised rates by 1/2% which surprised economists. U.S. Federal Reserve Chairman Powell testified in Congress this week. He stated that further rate hikes would be necessary. These moves ignited recession [...]
STOCK MARKETS: Stock markets closed with mixed results this week. The Dow is down, the S&P is flat, and the Nasdaq is higher. 2023 is turning out to be a banner year for the tech-heavy Nasdaq. All markets were lower before rallying on Friday when President Biden told reporters that a deal to raise the [...]
Household debt rose to new levels in 20 years — jumping $394 billion in the fourth quarter of the year alone — driven by credit card balances and auto loans. A February 16 report from the Federal Reserve Bank of New York's Center for Microeconomic Data(opens in new tab), highlighted that U.S. household debt hit a [...]
The IRS has determined that in the interest of sound tax administration and other factors, taxpayers in many states will not need to report these payments on their 2022 tax returns. After several days of requests by taxpayers, state agencies and the National Taxpayer Advocate, the Internal Revenue Service has provided clarifying the federal tax status [...]
The tax filing season is a popular time for scammers to call and try to dupe unsuspecting taxpayers. These thieves often make threatening or alarming calls posing as the IRS to try to steal taxpayer money or personal information. However, it’s easy for people to recognize this scam by knowing how the IRS contacts taxpayers. [...]
There are hopes to get the third round of pandemic relief legislation signed into law by mid-March, meaning a third stimulus check totaling $1,400 per qualifying individual could be just a few weeks away. These payments are part of a large $1.9 trillion COVID relief bill designed to help those in need. How do I ensure I [...]
The IRS has begun mailing out CP14 notices to millions of taxpayers who have a balance of $5 or more in unpaid taxes, kindly reminding them that the federal government would like its money. “The IRS in not too active collecting immediately after tax season. After all, they have a lot to do. But come [...]