CPA, JD
New Bi-partisan Bill for Licensing Tax Preparers and Overhaul IRS
Congress is moving toward giving the IRS the authority to license tax preparers, Senator Rob Portman (R-OH) and Senator Ben Cardin (D-Missouri) have introduced a new bi-partisan bill in the Senate for it and would overhaul the Internal Revenue Service. #S3278 #TheProtectingTaxpayersAct #PTA #LicensingTaxPreparers #tax #taxcut #tcja #carlosnazario #carlosjnazariodiaz #amend #amended #amended1040 #1040 #1040x #1065 #1120 #k1
6 Signs We’re Closer to the Next Recession Than You Realize
According to Sean Williams’ article, the signs of a new recession about to begin are real
Certain U.S. citizens or resident aliens, specifically contractors or employees of contractors supporting the U.S. Armed Forces in designated combat zones, may now qualify for the foreign earned income exclusion.
Manafort Trial FBAR Conviction Alert ! In the U.S. v. Paul Manafort trial, the jury reached a partial verdict finding Paul Manafort guilty on five counts of tax fraud and one count of failing to file foreign bank account reports (“FBARs”).
The Internal Revenue Service issued guidance on new tax law changes that allow small business taxpayers with average annual gross receipts of $25 million or less in the prior three-year period to use the cash method of accounting.
The Tax Cuts and Jobs Act permanently lowered the federal corporate income tax rates, which decreased from 35 percent to 21 percent. According to the Tax Foundation research and an article by Erica York, on which they analyze the effects of such changes, they conclude that it is beneficial to the US economy.