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On March 11, 2020, the World Health Organization declared that the COVID-19 outbreak was officially a pandemic as rates of infection rose significantly in the U.S. and across the world. On March 13, 2020, President Donald Trump declared a national emergency in...
Under the right circumstances, the Internal Revenue Service can designate a taxpayer’s account as “currently not collectible” (or CNC), meaning that collection activities on past due delinquent taxes will cease. The immediate effect is that all efforts to...
If you invest in real estate, a “like-kind” exchange (also known as a 1031 exchange) is a powerful tool to defer having to pay capital gains taxes for essentially “trading” your investment real estate up for a similar investment property of similar or greater...
Many people maintain a home office (often a desk with a computer) from which to carry on a trade or business, whether it is related to their primary employment or a side-business. During the COVID-19 pandemic in the United States, many workers found themselves...
The costs to run for political office are nearly astronomical. In 2016. President Donald Trump spent about $450 million on his campaign while his opponent Hillary Clinton spend about $770 million. A candidate running for the U.S. Senate can expect to spend...
The New York Times revealed information from tax documents regarding President Trump that he claimed a deduction of $70,000.00 for the cost of his haircuts and hair styling while he was working on his television show The Apprentice. Certainly, a celebrity...
As a general rule, taxpayers must include in gross income any gain that they realize from the sale or exchange of property. For example, if you buy a tractor for $25,000.00 and you sell it a month later to someone else for $35,000.00, you may have to pay...
On August 8, 2020, President Trump issued a series of executive orders intended to assist Americans with financial relief during the ongoing COVID-19 pandemic crisis. Frustrated with the inability of Congress to pass new legislation, the president took matters...
The loss of a spouse is a traumatic loss to endure, especially if there were also young children left behind. If the deceased spouse was the family breadwinner, then the emotional devastation is coupled with financial uncertainty. Fortunately, the Internal...
There are many administrative tactics that taxpayers can use to reduce or eliminate their outstanding tax debt. They can enter into an installment plan with the IRS or the state revenue agency to make payments over an extended period of time to avoid offsets. ...