Saturday, US Treasury Secretary Steven Mnuchin said he could not commit to meeting Democrats’ new 23 April deadline for turning over President Trump’s tax returns to them, adding that he wanted to keep the Internal Revenue Service from being “weaponized” for political gain. Secretary Mnuchin, speaking to reporters on the sidelines of the International Monetary […]
$DIA, $SPY, $QQQ, $RUTX, $VXX FLASH: S&P 500’s 8-Day Winning Streak Capped in a Fibo Retrace on Volume Tax time is here and the April 15 deadline for individual returns looms, as Americans are facing the full reality of President Trump’s new tax law. The law, better known as the Tax Cuts and Jobs Act, […]
As Chairman of the Senate Finance Committee, Senator Chuck Grassley (R-Iowa) has the authority to request President Trump’s income tax returns, but Monday he said he will not seek them. “I don’t want to see them,” the Iowa Republican said. “I am not going to request them…I look at that not from the point of […]
Many US taxpayers wait until the last minute to file their returns. If that is your plan, then now is the time to get on with it. With the April 15 filing deadline 9 days away, you cannot afford to stall on your taxes any longer. Here are some tips for tackling that return now […]
By Harvey Bezozi Most Americans this year will feel the effect of the new tax law, in one way or another, on their personal financial positions. Some will benefit thanks to lower tax rates, higher alternative minimum tax (AMT) exemptions, and increased deductions. Others will be penalized due to the new restrictions on state and […]
Expat Americans Continue to Renounce Citizenship A steady stream of American citizens reportedly have renounced their citizenship since the implementation of stricter tax rules. Many Americans who live in other countries face higher tax bills, difficulty in obtaining and keeping financial accounts and complex retirement savings rules Some advocates urge the US government to tax […]
Democrats Do Not Like Trump Tax Reform or Simple Filing Forms Sticking to a pledge that Americans will be able to file tax returns on a postcard under President Donald Trump’s tax code overhaul, the US Treasury Department released a new Form 1040 for individuals on Friday, but met swift Democratic criticism about its potential […]
American Households Seeing More Benefits from Trump Tax Cuts Americans who waited until the last day to pay their taxes online got a surprise: The IRS website to make payments and access other Key services is down, it crashed. The IRS still expects Americans to pay their taxes but US Treasury Secretary Steve Mnuchin says […]
American Taxpayers ‘Will Never File Under This Code Again’ Tax Day is in the US, and most folks are not happy about it. The Big Q: Why? The Big A: Paying over money to your Uncle Sam following the tax code that for most seems designed to be punitive, unintelligible and always being concerned about […]
Bitcoin: IRS says ‘Less than 100 people have reported holdings so far’ $BTCUSD The Big Q: What will be the impact of last years digital currency boom be on US tax payers? Notably, Germany has declared Bitcoin Tax Exempt. In Y 2017, cryptocurrencies became among the very trendiest investment opportunities. And, after much debate and […]
IRS Audits of Americans Fall, Lowest Since 2002 The percentage of Internal Revenue Service (IRS) audits on Americans last year dropped for the 6th year running, marking the lowest level since Y 2002. The IRS audited 1 in 160 individual returns in Y 2017, down from a peak of 1 in 90 in Y 2010, […]
IRS Taps Bitcoin Traders’ Exchange Data Pool $BTCUSD Coinbase Inc., an online exchanges for digital currencies, has warned thousands of its customers that it will be reporting their financial data to the US tax officials. The request was part of a probe by the Internal Revenue Service (IRS) into alleged tax evasion and advoidence. The […]
‘The DC Swamp’, Why it is Being Drained This is a followup to my Easter in DC Swamp Draining story, click here. Democrats, elite Republicans alike and major media in the US have turned a blind eye to highly questionable and many believe illegal actions by former President Barack Hussein Obama’s FBI, Department of Justice […]
DOJ: “IRS Abuse of Power will Not be Tolerated” DOJ settles Tea Party groups’ lawsuits over IRS scrutiny Thursday, the US Department of Justice announced it has reached settlements with conservative groups over lawsuits relating to the IRS’s scrutiny over the groups’ applications for tax-exempt status. The settlements pertain to 2 cases, one with 41 […]
President Trump Instructed DOJ to Probe the Weinstein Sex Scandal The FBI have already opened up an investigation into the sexual harassment allegations against Hollywood’s Harvey Weinstein’s. Attorney General Jeff Sessions’ Department of Justice has ordered the FBI to investigate the sexual misconduct allegations surrounding Hollywood producer Harvey Weinstein. Mr. Weinstein, 65 anni, has become embroiled […]
Bitcoin Buyers Must Report Gains to IRS $BTCUSD As cryptocurrency comes to the forefront with more investors participating, it is important to be aware of the tax issues. As cryptocurrency comes to the forefront with more investors jumping aboard, it is important to be aware of the tax issues and how to report gains accurately […]
American’s With Foreign Accounts, Listen Up If the total balance of your foreign financial accounts exceeds $10,000 at any time during a calendar year, then you must file an “FBAR” (FinCEN Form 114, Annual Report of Foreign Bank and Financial Accounts) with the US government for that year. An FBAR for a given year is […]
God Bless America! Congress to Stop IRS from Enforcing Barack Obamacare Mandate The US Congress is making sure 1 Key part of Barack Obamacare gets repealed poste haste, the Individual Mandate. The House appropriations committee has drafted a provision to stop the IRS from enforcing the individual mandate of the Affordable Care Act aka Barack […]
FATCA Must Be ‘Killed” by This GOP Congress The Foreign Account Tax Compliance Act (FATCA) imposed a worldwide financial disclosure information regime on every financial institution in the world, it is an international nightmare. There are several major problems with FATCA which are widely discussed and debated. FATCA was passed into law in Y 2010 […]
Tax Reform is Coming, Tune Out the ‘Noise’ $KO, $PEP Taxation, the power to destroy, has exploded at the federal level, as well as at the state and local level. To see 1st hand how taxes can destroy, one need look no further than Philadelphia, there soda sales have fallen 32% thanks to a tax […]
President Trump’s Order Allows Churches to Become Politically Active Thursday, US President Donald Trump signed an executive order that allows tax-exempt churches to more actively participate in politics and and may well free religious organizations to deny employees insurance coverage for birth-control pills. The order partially fulfills a campaign promise by President Trump, although he […]
The Left is Now Attacking Pro-Trump Author David Horowitz On April 20, when my book Big Agenda: President Trump’s Plan to Save America, was entering its 10th consecutive week on the New York Times best-seller list, I received an e-mail from Robert O’Harrow, an investigative reporter for The Washington Post. He was asking for an […]
Republican Lawmakers Want DOJ to Look at IRS Scandals Again Last Wednesday, 2 GOP lawmakers Wednesday urged the US Department of Justice (DOJ)to take another look at former IRS official Lois Lerner “in order to assure The People that DOJ’s prior investigation was handled fairly and to restore taxpayers’ trust in the IRS. Democrat Lerner […]
IRS Tax Refund Delay to Weigh on Consumer Spending Legislation aimed at preventing fraud is delaying US federal tax refunds and is likely to hurt consumer spending by as much as $21-B this month. The provision in the Protecting Americans from Tax Hikes Act passed by Congress near the end of Y 2015 will postpone funds […]
The Trump Tapes, the Trump Vote: Maintaining Perspective Two days later, the Trump tapes continue to reverberate. As someone who speaks and writes arguing that electing Donald Trump (with all of his imperfections) is far preferable to electing Hillary Clinton (with all of hers), I’ve been challenged by friends who are Democrats–some no longer so […]
The IRS has a Special Audit Squad for the Rich Saturday was the 1st day of Q-4, a time of financial reckoning, when businesses move to make quotas and reach year-end targets. Corporations and individuals alike rush to cut the income tax they will need to pay next year. Last year the IRS collected $6.3-B […]
RNC Will “Punish” Key Republicans Who Break with Donald Trump Republicans who abandon the party by refusing to back its Presidential nominee Donald Trump to face opposition if they try to run in the future, the Republican National Committee (RNC) Chair Reince Priebus said on TV Sunday. “People who agreed to support the nominee, that […]
IRS Opens Investigation into Clinton Foundation Just a year after brushing off Republican lawmakers, the IRS has reversed course and opened up a formal investigation into the activities of the Clinton Foundation. The IRS referred Rep. Marsha Blackburn’s (R-TN) request to its Exempt Organizations Examinations program. Ms. Blackburn has led a cadre of Republicans persistent […]
1st Time Buyers of EV’s and Hybrid Cars Eligible for Tax Credits US environmentally-conscious taxpayers can choose from a variety of vehicles powered solely or partially by electricity. Some of the cars on this list are “head scratchers”, as in the Porsche 918 Spyder Hybrid base priced at $845,000 (pictured above), humm! In addition to the perceived ecological […]
The Gold Step Sum Indicator Giving Strong Buy Signal I have not published this Bear’s Eye View (BEV) chart for the Dow Jones since last February; time for a review. Here is the frequency distribution for the below BEV series (left table) with a frequency distribution of the same data going back to 2 January […]
IRS Releases the List of the 426 Groups it Targeted The IRS has just released a comprehensive list of the organizations it targeted for intrusive scrutiny, under pressure from federal judges fed up with what they said was stonewalling by the agency. The move was spurred by a class-action lawsuit brought against the IRS for […]