Coverage of the IRS, Treasury, and other federal agencies — policy shifts, leadership changes, and how they affect taxpayers.
As more and more states legalize marijuana, pressure has been growing for Congress to take some action. This week, the House passed legislation that would end the federal ban on marijuana. The Marijuana Opportunity Reinvestment and Expungement Act (MORE Act) garnered support from both sides of the aisle, passing with a 228-164 vote in the…
According to the Social Security Administration, approximately 70 million Americans will see a 1.3% increase in their Social Security benefits and Supplemental Security Income (SSI) payments in 2021. The maximum Social Security retirement benefit for those retiring at full retirement age will be $3,148/month, while the average check will be $1,543/month for individuals and $2,596/month…
That feels like an odd statement. But gosh, it’s been an odd year. Earlier this year, the United States Tax Court announced that it would be following recommended guidelines provided by the Centers for Disease Control and Prevention with respect to the COVID-19 Virus. As the virus spring, the Tax Court continued to limit service…
The impact of COVID-19 is still being felt around the country. As of today, Johns Hopkins is reporting 1,820,523 cases of COVID-19 in the United States, with over 105,644 deaths. In March of 2020, the U.S. Tax Court began taking measures to limit potential exposure to the virus inside courtrooms. Months later, the Court advises that “the…
When the stimulus check details were announced, I noticed a sharp uptick in questions about Social Security retirement, Social Security Disability (SSDI) and Supplemental Security Income (SSI) benefits. Mainly, folks wondered, “What’s the difference?” Here’s a quick breakdown. What are Social Security retirement benefits? Wages and self-employment income are subject to Social Security and Medicare…
The Internal Revenue Service (IRS) will be back to work processing tax returns and issuing tax refunds following an announcement that the government shutdown has ended. But the news hardly means that tax season will be normal: The IRS has indicated that it will take quite some time to recover. The IRS has told lawmakers…
The Internal Revenue Service (IRS) has issued an update about what taxpayers and tax professionals need to know about cases that might be pending in the United States Tax Court. As I reported earlier, the United States Tax Court shut down its operations as of Friday, December 28, 2018, at 11:59 p.m. and announced that it…
As the shutdown rolls on, taxpayers have been left wondering: What does it mean for tax season? Earlier this month, the Internal Revenue Service (IRS) announced that tax season would open on time (January 28, 2019) and, in a departure from previous years, that tax refunds would be issued during the shutdown. Over the weekend, the IRS announced that…
As I reported earlier, the United States Tax Court has shut down operations as of Friday, December 28, 2018, at 11:59 p.m. and will remain closed until further notice. The closures are due to the partial government shutdown. Trial sessions which were scheduled for the weeks of January 7 and 14, 2019, were not affected…
With the Internal Revenue Service (IRS) mostly closed for business, taxpayers have been unable to obtain routine tax transcripts and other documentation used for income verification. Without that information, lenders may be forced to delay financing or refinancing mortgages and other loans. Recognizing the hardship, the IRS has announced steps to offer some relief during the government shutdown….
