So, I told you earlier that President Biden (and the Democratic Party) are considering a slew of new taxes to ensure that the Infrastructure Bills don’t accrue those bandied about $ 3.5 trillion expenditures.
Continue reading How To Pay For the Infrastructure Bill
We work diligently with our clients that have S entities to ensure that they receive reasonable compensation. You do recall that pass-through companies like S entities must pay their principals ‘reasonable compensation’ (a salary commensurate with their experience, capabilities, and time worked). In so doing, the rest of the profits of the firm can ‘pass-through’ to the principals, without being subject to employment (social security and Medicare) taxes, a savings of some 15+% to augment the pass-through revenue.
I’ve written often about the backlogs and bottlenecks at the IRS. The fact that millions of taxes are still unprocessed demonstrates the sad state of affairs at this all-important federal agency.
Continue reading Power of Attorney
It’s time to call out the GOP. Oh, wait, I have to be more specific, since they have so many recent failings.
Continue reading Really? Don’t investigate the corporations?
I know I’ve written about this before, but I just had a long-term client question me about these rules again. And, if he could forget- so could you.
Continue reading Only 569 days left for this benefit!
Ah, this nifty Hebrew word came about because of all the craziness that obtains with Israeli bureaucracies. It is akin to a word that I learned back when I was about 7 years old when the New York Post used it in a headline.
I know you thought it sounded pretty good when you decided to pick up a few extra dollars by driving for Lyft and Uber. Moreover, most of you didn’t realize how little ‘profit’ (not cash) you would actually generate. To make it worse, this past year, you probably got very few gigs, since folks were (are) petrified of getting sick from traveling in your car. But, if you did make money, there are still big issues.
Continue reading So You’re A Gig Worker
We talked earlier about how the IRS was changing some tax forms. And, if you pay attention to the nuances, you can see where the IRS is planning to clamp down on enforcement. Today, we’ll look at the new 1040 form- the one most citizens of the USA must file.
Continue reading 2021 (or is that 2020) surprises?
Yeah, I know. You and the media are all incensed that TheDonald deducted $ 70K for his hair sculpturing. I know that comes to about 14,000 cans of Self-Styling Adorn- which is a bit excessive. Except…
Continue reading 2019 Taxes MUST be in by today- or not…
