Karl Marx Bust statue

The Accidental Marxist

For more than 150 years, the principle

From each according to his ability, to each according to his needs.

has been identified by Karl Marx and other writers as ‘the basic principle of communism’.

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The IRS Theirs

Retroactive Tax Relief Measures

Retroactive tax relief measures open up opportunities to file amended returns. You may be able to recover taxes paid in earlier years. Some of the tax relief measures offered up by the CARES Act are retroactive. Retroactive relief can affect 2018 and 2019 returns that have already been filed for you or your business.

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income-tax-4097292_960_720

Payroll Tax Deferral Relief

The CARES Act offers a payroll tax deferral relief. Your business can defer the 6.2% employer portion of the Social Security tax. That is a component of FICA tax on the first $137,700 of an employee’s 2020 wages. Note: That is for wages paid during the deferral period. The deferral period began on the 3/27/20 and will end on 12/31/20.

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The IRS Theirs

CARES Economic Impact Payments

The CARES economic impact payments for individuals are the checks from the federal government. They can be up to $1,200 for an individual. For a married couple they can be $2,400. If you have dependent children under the age of 17 can receive up to another $500 per child. NOTE: these payments are phased out … Read more

Weaponizing the IRS Was Bad

Weaponizing the IRS Was Bad… Its Getting Worse

Weaponizing the IRS Was Bad when we found out about that. Remember Lois Lerner?  She was an IRS official.  She went called before the House Oversight committee. That was back in 2013. The committee was investigating improper activity at the Internal Revenue Service (IRS). Nothing to see here She insisted she “didn’t do anything wrong.”  … Read more

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