Stimulus Bill Allocation Breakdown

1) 465B Directly by deposit and indirectly via tax credits to people living in America2) 361B Provides aid to states and local governments to make up deficits3) 350B Increased unemployment insurance and extended emergency unemployment through September. It includes 570M for 15 additional weeks of paid leave for federal employ-ees.4) 160B For all things COVID-195) 170B To fund schools and colleges, whether they open or not6) 85.7B Bailout aid for Multi-Employer Union Pension deficits7) 58B for Transportation and Transit Systems8) 30B Provides for rental and small landlord support9) 25B Provide…

Irwin’s Bill Reduces Government Transparency in Death Records

As California recovers from the strong public response to the COVID-19 outbreak, one proposed state measure by Ventura County’s representative would make it more difficult to research and discover causes of death, including deaths due to COVID-19. California Assembly Member Jacqui Irwin has authored a new bill, AB 268, which would add Section 27523 to the government code and change what the county medical examiner’s office is allowed to reveal to the public. The bill would “prohibit the disclosure of any report of death, autopsy report, investigation summary, toxicology report,…

IRS Annual Dirty Dozen Top Tax Scams For 2021

The IRS posted its annual list of the top tax scams for 2021, called the “Dirty Dozen.” Every year, the IRS takes a look at the most prevalent tax scams affecting U.S. taxpayers. In its continued effort to keep us safe from tax fraudsters, the IRS tells us what these scams can look like. They also remind us that although scams increase during tax time and crisis events, they continue to happen year-round. The IRS says no one in the organization ever uses email, phone calls, or texts to initiate…

Creative Tips to Reduce your Taxes

Income Tax

By John Wurts By letting your creative juices flow, you can go the road less traveled and save money in the process. Here are tips for both high and low-income taxpayers. Where you put a deduction on the tax return may determine if it will be deducted by only the state or by both the state and federal. For example, if you are working in a partnership, instead of putting driving, cell phone, and home office in Schedule A miscellaneous deductions, where it will only count for the state, put…

Taxes…Science or Art?

Tax

By John Wurts Most people assume that all tax returns are done the same way. Nothing could be further from the truth. When Money magazine tried an experiment, they gave exactly the same tax return information to forty different tax preparers, CPAs, attorneys, and enrolled agents. They were astonished to find they got back forty different tax returns. Some showed thousands of dollars were owed in taxes and others showed refunds of thousands of dollars. The shock was so great they tried the same experiment the following year with a…