Tax Warrior Chronicles

Trump and House Agree to Extend Expired Tax Incentives

Posted on Tue, Dec 17, 2019

By: Eric R. Elmore

 

Amidst all the talk about impeachment and the hard-line partisan politics in Washington was a pearl of good news for the American taxpayer. Over the weekend, congressional leaders and the White House agreed to extend, through 2020, the group of tax provisions commonly known as "tax extenders." What does this mean for you?  Let’s take a look…

Read More

“Stressed” Retirement System Forces GAO to Review 401(k) Contribution Deductions

Posted on Thu, Oct 26, 2017

By: Eric R. Elmore

 

While Congress waivers on whether to reduce retirement savings deductions, all pillars of our retirement system appear to be under stress. A recent Government Accountability Office (GAO) Report highlights the challenges faced by each component of the U.S. "retirement system" and argues the case for a fundamental re-evaluation to better promote future retirement security. And, though the Republican-led Congress rarely follows the GAO’s lead, if you have a 401(k), you should be paying attention to what it is saying.

Read More

2017 Tax Reform: What Trump and Congress Are Now Considering

Posted on Tue, Aug 15, 2017

By: Eric R. Elmore

 

Earlier this year, a brief memo was released by the White House titled, “The Biggest Individual and Business Tax Cut in American History.” It had little detail and left many wondering about the possibility of tax reform this year.   Now, Reuters reports President Donald Trump and congressional Republicans are tackling tax reform to be unveiled as soon as next month. Tax staffers are meeting in the House of Representatives and the Senate through the August break to work on legislation. Here are some areas that are likely to be addressed.

Read More

Here We Go Again…Will Congress Deal with Expired “Extender” Provisions?

Posted on Mon, Aug 03, 2015

The "Tax Increase Prevention Act of 2014" (TIPA), passed late last year, extended through the end of 2014, a host of then-expired "extender" provisions. But, as things currently stand, these provisions have again expired. Once again taxpayers are waiting before year end to see how Congress will address them (if at all). The Senate Finance Committee has passed a bill, now it's up to the full Senate and House to move the bill before the end of the year. This blog post provides a list of the individual and business extender provisions that are under consideration.

Read More

Itemized Deduction Elimination Viewed as Bureaucratic Coup for Feds

Posted on Mon, Aug 26, 2013

The fiscal cliff, the Affordable Care Act, and a litany of other legislation, have taken us on a roller coaster ride of tax changes over the last eight months. Changes seem to come out as often as the daily newspaper when you take into account the federal, state and local taxing authorities.  Now, once again, an area cherished by most taxpayers is under the microscope. The Congressional Research Service (CRS) has issued a report proposing the restriction or elimination of our dearly beloved itemized deduction and the establishment of a revenue neutral rate reduction. Not possible? Too hot an issue to actually act upon? Maybe, but Congress is listening. Here’s the gist of what they are

Read More

Congress-Passed Bill Averts Fiscal Cliff Tax Consequences

Posted on Wed, Jan 02, 2013

 

In the early morning hours of January 1, 2013, as many of us were making jubilant phone calls and firing poorly spelled text messages to close friends and relatives, the US Senate ushered in the New Year by passing H.R. 8, the “American Taxpayer Relief Act” (the Act), by a vote of 89-8.  Later in the day, after the country had technically gone over the “fiscal cliff,” the House of Representatives also voted to pass the bill by a 257 to 167 vote.  The Act, which the president is expected to quickly sign into law, would prevent many of the tax hikes that were scheduled to go into effect this year and retain many favorable tax breaks that were scheduled to expire. However, it would also

Read More