Where tax policy meets politics — legislation, elections, and the debates in Washington that decide how (and how much) you’re taxed.
Congress is making some progress on a COVID relief package. If it advances, it would be the first significant stimulus action from Congress since the Coronavirus Aid, Relief, and Economic Security Act or the CARES Act was signed into law in March of 2020. A second relief bill was introduced and passed in the House in…
#TaxTwitter has been abuzz about a flurry of notices of intent to levy (CP504) sent to taxpayers this week. The notices appear to have been sent out without regard for individual taxpayers circumstances with tax practitioners reporting receipt by taxpayers previously marked as CNC (currently not collectible), taxpayers with pending offers, and taxpayers who have…
Our schools stopped in-person instruction due to the pandemic in March. Within a few weeks, it was evident that we were going to have to make some changes. My daughter, who was studying for the German AP exam, was encouraged to practice at home. Since I could – at best – only order a Kolsch…
It looks like Senate Majority Leader Mitch McConnell (R-KY) may bring a vote on the Senate “skinny” bill – the latest coronavirus relief bill. Why is it skinny? It has a slimmer price tag – and fewer benefits – than before. Some Quick History In May, House Speaker Nancy Pelosi (D-CA) announced a $3 trillion…
Taxpayer asks: Are tax rates locked in at start of year ?? I’d like to do a Roth conversion in early Jan 2021. Can I count on Trumps current tax rates ? If Biden would wins, could he change the rates before year end ?? Taxgirl says: Even though we like to call tax policy…
(Updated to add the letter from the Chamber.) Last week, President Trump took Presidential action to act on payroll tax collections. Specifically, he ordered that the employee’s share of Social Security taxes be deferred beginning September 1, 2020, through December 31, 2020, for workers earning up to $104,000 per year. While it has been touted…
On August 6, 2020, the Senate adjourned without passing a stimulus package. Senate Majority Leader Mitch McConnell (R-KY) wasn’t involved in the talks, leaving Senate Minority Leader Chuck Schumer (D-NY) and House Speaker Nancy Pelosi (D-CA) to work directly with Treasury Secretary Steve Mnuchin and White House Chief of Staff Mark Meadows. As of Friday…
On August 6, 2020, the Senate adjourned without passing a stimulus package. Senate Majority Leader Mitch McConnell (R-KY) wasn’t involved in the talks, leaving Senate Minority Leader Chuck Schumer (D-NY) and House Speaker Nancy Pelosi (D-CA) to work directly with Treasury Secretary Steve Mnuchin and White House Chief of Staff Mark Meadows. As of Friday…
On Saturday, apparently frustrated with Congress’ inaction, President Trump issued several Executive Orders and Memoranda affecting payroll taxes, unemployment benefits, eviction procedures, and student loans. (Real quick: An executive order is an official, legally binding mandate passed down from the President, and must be printed in the Federal Register. An executive memorandum is basically the…
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. S is for Sunset. Tax rules change a lot. But some of what is sometimes billed as change isn’t…