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Archive for TaxConnections

Tax Professionals: Give Your Tax Blogs Worldwide Distribution

Promote Your Tax Blogs On TaxConnections

More than ever, taxpayers desire a connection to tax professionals who make taxes easy to understand. TaxConnections serves as a platform connecting taxpayers with a wide range of tax professional expertise. Our members do an extraordinary job discussing tax issues in a language people can understand. Our members keep taxpayers more informed on taxes issues.

Tax increases are here, and as a result, taxpayers are even more interested in connecting to TaxConnections Members through our platform. If you are a tax professional who wants to increase your client acquisition opportunities, reach people interested in hearing about tax rules and regulations, and how taxpayers are affected, we invite you to join as a TaxConnections Member.

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National Taxpayer Advocate Annual Report To Congress

National Taxpayer Advocate Annual Report To Congress
National Taxpayer Advocate delivers Annual Report to Congress; focuses on taxpayer impact of COVID-19 and IRS funding needs

National Taxpayer Advocate Erin M. Collins released her 2020 Annual Report to Congress, focusing on the unprecedented challenges taxpayers faced in filing their tax returns and receiving refunds and stimulus payments during a year consumed by the COVID-19 pandemic. The report also finds that a roughly 20% inflation-adjusted reduction in the IRS’s budget since fiscal year (FY) 2010 has left the agency with antiquated technology and inadequate staffing levels to meet taxpayers’ needs.

As part of the report, Collins released the fourth edition of the National Taxpayer Advocate’s “Purple Book,” a compilation of 66 legislative recommendations designed to strengthen taxpayer rights and improve tax administration.

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OECD/G20 BEPS Virtual Conference Open To Public January 27-29, 2021

OECD/G20 BEPS Virtual Conference Open To Public January 27-29, 2021

Date 27-28 January 2021 (Inclusive Framework plenary); 29 January 2021 (Tax and Development briefings)

Time 12:30-17:00 CET (Day 1); 12:30-15:30 CET (Day 2)

Meeting type Virtual Conference

Due to the ongoing health crisis, the 11th plenary meeting of the 137 members of the OECD/G20 Inclusive Framework on BEPS will be held virtually and open to the public, allowing a glimpse into the various international tax-related workstreams undertaken by the Inclusive Framework to date. This work to end international tax avoidance through global co-operation, is especially timely in light of the fiscal challenges countries will face in the aftermath of the COVID-19 crisis. The event will take stock of the unparalleled transformation in international tax policy and administration in recent years, discuss current challenges and what the future holds.

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Treasury Issues Millions Of Second Economic Impact Payments By Debit Card

Treasury Issues Millions Of Second Economic Impact Payments By Debit Card

Starting this week, the Treasury Department and the Internal Revenue Service are sending approximately 8 million second Economic Impact Payments (EIPs) by prepaid debit card.

These EIP Cards follow the millions of payments already made by direct deposit and the ongoing mailing of paper checks that are delivering the second round of Economic Impact Payments as rapidly as possible.

For those who don’t receive a direct deposit, they should watch their mail for either a paper check or a prepaid debit card. To speed delivery of the payments to reach as many people as soon as possible the Treasury’s Bureau of Fiscal Service is sending payments out by prepaid debit card.

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Consolidated Appropriations Act, 2021 – An Important Question To Ask

Consolidated Appropriations Act, 2021

A Tax Advisor sent me a message yesterday stating he was providing me with the full text the House Of Representatives published on the Consolidated Appropriations Act, 2021. As I looked at this monstrous bill of 5593 Pages, I was struck by the fact the government has only provided a truncated version of the bill that ended on Page 3126. I asked him, ” Where are the other 2467 Pages of the bill that are missing from this government publication?

This House of Representative Bill 133 was negotiated during the holidays when the majority of Congress and “the people” have not had the opportunity to read it yet.

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Learn How This Tax Advisor Helps Other Tax Advisors “Reduce Client’s Taxes By 50%, Almost 100% Of The Time

INCREASE REVENUE

We are very proud of the Tax Advisors we meet through the www.taxconnections.com platform. What we have discovered is we  have attracted a large community of tax advisors helping and supporting each other. The ability for tax advisors to find support from tax colleagues through TaxConnections has has been a great asset for tax professionals and taxpayers. In the weeks ahead, I want to bring to your attention to tax advisors who are supporting other tax advisors. It is important that you learn what our members are doing to help other members increase revenue.

One of our members, Keith Youngren helps tax advisors by supporting them in providing tax planning services to clients. Keith serves you by offering “Foundational Planning” to your clients, including providing trust and legal documents through legal counsel.

Keith Youngren has created a niche market providing “Holistic Tax Planning” to tax services firms. Keith works closely with CPAs, EAs and tax advisors to provide high level tax planning for business owners who pay more than $150,000 in tax each year, or individuals facing capital gains in excess of $100,000 or who have accumulated pre-tax retirement accounts greater than $1 million.

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Will A Spendthrift Trust Protect Against IRS Collection Actions?

Will A Spendthrift Trust Protect Against IRS Collection Actions?

The use of a spendthrift provision in a trust instrument is common.  Generally, spendthrift provisions prohibit a third-party creditor from reaching a beneficiary’s interest in income and/or corpus of the trust until the trustee distributes such interest outright to the beneficiary.  Because spendthrift provisions are creatures of state law, a common question is whether such protection extends to the IRS as a third-party creditor?  This Insight discusses this topic more below.

The Federal Tax Lien

federal tax lien arises when a taxpayer owes tax and fails to pay such tax.  Under the Internal Revenue Code, it also arises on the date the tax was assessed and continues until the tax is either paid or becomes unenforceable due to lapse of time.  See I.R.C. § 6322.

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IRS Says Get Ready for Taxes: Key Items To Consider Involving Credits, Deductions And Refunds

IRS Says Get Ready for Taxes: Key Items To Consider Involving Credits, Deductions And Refunds

The Internal Revenue Service encouraged taxpayers to take necessary actions in the final weeks of the year to help file federal tax returns timely and accurately in 2021.

This is the third in a series of reminders to help taxpayers get ready for the upcoming tax filing season. A special page, updated and available on IRS.gov, outlines steps taxpayers can take now to make tax filing easier in 2021.

This year, there are some key items to consider involving credits, deductions and refunds:

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IRS Publishes Proposed BBA Regulations On Special Enforcement Matters

IRS Publishes Proposed BBA Regulations On Special Enforcement Matters

Over 5 years ago, then President Obama ushered in sweeping changes to the method and manner in which partnerships are audited and partnership tax is assessed and collected through his signing of H.R. 1314, the Bipartisan Budget Act of 2015 (“BBA”).  Although the provisions of the BBA are extremely complex and relatively untested, the IRS continues to add additional clarity and color on many of its provisions through the publication and release of final and proposed regulations. On November 24, 2020, the IRS published in the Federal Register additional proposed regulations under the BBA relating to, among other things, “special enforcement matters.”  See REG-123652-18.

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Streamlined PPP Loan Forgiveness For Small Loans

WILLIAM BYRNES

Many small businesses that received Paycheck Protection Program (PPP) loans are now near or past the end of their “covered period”–meaning that it’s time to apply for loan forgiveness.  Determining eligibility for loan forgiveness is much more complex than expected.  The Small Business Administration (SBA) has released a streamlined application that can be used by business owners who borrowed $50,000 or less.

What do small business clients need to know about obtaining loan forgiveness under the paycheck protection program?

PPP loan forgiveness is determined based on how the small business client spent the loan proceeds. Importantly, at least 60 percent of the loan must be used for payroll costs (note that this 60 percent threshold was reduced from 75 percent under the CARES Act by the Paycheck Protection Program Flexibility Act (PPPFA), passed in early June 2020).

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TaxConnections Fun Turkey Tax Form

TaxConnections Thanksgiving Turkey

We annually receive requests for TaxConnections U.S. Individual Turkey Taxpayer Form. You have our permission to send a copy of our U.S. Individual Turkey Taxpayer Form to your family and friends this year.

In order to request your copy along with the 250 tax jokes that come with the fun tax forms, simply make your request at this link and we will be happy to send them all to you this year.

This eBook of jokes and fun tax forms will enable you to send a happy gift to your clients this season. We have a Santa one, too!

Check in the back of the eBook for all the fun holiday tax forms.

Cleae and larger versions in the eBook with our compliments!

Request U.S. Individual Turkey Taxpayer Form Here

Fun Turkey Talk For The Thanksgiving Holiday

TaxConnections Thanksgiving

1. Although Thanksgiving is widely considered an American Holiday observed on the fourth Thursday of every November, it is also celebrated in Canada as the second Monday of every October. Other countries that celebrate Thanksgiving include Germany, Japan, Grenada, Liberia, The Netherlands and Norfolk Islands.

2.The first Thanksgiving was observed in Plymouth, Massachusetts in 1621 at the Plymouth Plantation where Pilgrims held a three day harvest feast to celebrate a successful growing season.

3. President Abe Lincoln declared Thanksgiving a National Holiday.

4. Turkeys have poor night vision but the men in my family who have hunted wild turkey for Thanksgiving dinner tell me they are very smart critters who can fly up to 55 miles per hour (farm raised domesticated turkeys cannot fly because they are fat and heavier).

5. A 16-week-old turkey is called a fryer and a five to seven month old turkey is called a young roster.  A group of domesticated turkeys are called a “Rafter”. A group of wild turkeys is called a “Flock”.
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