In May, the Internal Revenue Service (IRS) issued guidance about how to return an Economic Impact Payment (EIP) or stimulus check. They were targeting, among others, decedents and incarcerated persons, even though there is no clawback provision in the CARES Act. Initially, IRS spokesman Eric Smith told the Washington Post in April that “the payments may not have to be returned depending on…
In May of this year, David A. Staveley (a/k/a Kurt D. Sanborn) of Andover, Massachusetts, and David Butziger of Warwick, Rhode Island, were accused of conspiring to illegally obtain funds through the Paycheck Protection Program (PPP). The PPP offers billions of dollars in potentially forgivable loans to keep workers on the payroll, guaranteed by the Small Business Administration…
It’s my annual Taxes from A to Z series! If you’re wondering how to figure basis for cryptocurrency or whether you can claim home office expenses during COVID, you won’t want to miss a single letter. M is for Mark-To-Market. One of the big buzz phrases from 2019 was “mark-to-market” taxation. That implies that it’s…
It’s my annual Taxes from A to Z series! If you’re wondering how to figure basis for cryptocurrency or whether you can claim home office expenses during COVID, you won’t want to miss a single letter. L is for Legal Entity. A legal entity – for legal and tax purposes – has an existence separate…
We have a winner! Ron guessed first that the plaintiff owned 10 shares in the Pollock v Farmers Loan and Trust Co. Keep watching for our next question. Our next tax trivia question is: The Supreme Court Of The United States (SCOTUS) doesn’t hear a lot of tax cases, but when they do, they make…
It’s my annual Taxes from A to Z series! If you’re wondering how to figure basis for cryptocurrency or whether you can claim home office expenses during COVID, you won’t want to miss a single letter. K is for Kiddie Tax. If you have an excellent memory, you might recall that I also used K…
We have a winner! Camille guessed first that the former filing deadline was March 1. Keep watching for our next question. Our next tax trivia question is: This year, the filing deadline is July 15. The filing deadline was moved from April 15, which is the regular filing deadline for most years. But April 15…
¿Su primer idioma es espanol? The Internal Revenue Service (IRS) is reminding taxpayers for whom English may not be a first language that there are a variety of ways to get help and information in languages other than English. “Providing additional materials in more languages to help taxpayers is a priority for the IRS,” said…
There were significant opinions released today by the Supreme Court of the United States (SCOTUS) in the matter of President Donald Trump’s tax and financial records. The cases are Trump v. Vance and Trump v. Mazars USA, LLP (consolidated with Trump v. Deutsche Bank AG). Here’s what you need to know. Vance was filed on November 15, 2019, and argued May 12,…
In “I did not see that coming” news, Internal Revenue Service (IRS) Criminal Investigation Chief Don Fort is announcing his retirement, effective September 30, 2020. Chief Fort has served in the position of Chief of CI since June 2017 (you can read my introductory piece on him from 2017 here). As Chief, Fort is responsible for…