The final draft of the updated 2020 Form W-4 is slated to grace HR desks all over the US in November. Considering the Tax Cuts and Job Acts, it would make sense to have a new form. I understand that, but why does the IRS have to go and make it so complicated? The IRS… Read More
I am vastly confused by popular culture. One of my little cousins is strangely obsessed with the Korean boy band, BTS . They are a fairly innocuous, synthesized, rather non-threatening group of dancing young men. Naturally, the band consists of the dangerous one, the smart one and the sensitive one. There are a few others… Read More
By the time I was six years old, my parents – having been good parents – had drilled it into my skull that I could grow up to be anything I wanted. They had faith in me and, I imagine, were suffering delusions of med school, the bar exam, perhaps a Mercedes Benz in the… Read More
It is beginning to be that time of year when Bourke Accounting has a lot of social functions (parties, seminars, conferences) and everyone likes to hug….or seems to at at least. And there have been some really awkward hugs…like the kiss that never worked out well. I remember once I dated this girl (in high… Read More
This past summer our office air conditioner has been on the fritz and the majority of our (individual) offices have large windows so you can imagine how hot our offices get. I have noticed some of the bookkeepers are crankier than normal. Luckily our conference room is in the back of our office suite and is… Read More
The other day I was standing in line at the grocery store in the 15 items or less line and it was moving very slowly. I assumed it was just my impatience (as I am from New York, and we New Yorkers have “that” reputation) until the lady in front of me said “geeeeez, he’s… Read More
For years, tax prepares have reported payments that meet the requirements (under 71(b)(2)) as deductible alimony by the payer, along with the recipient’s Social Security number, to ensure the recipient reports the matching amount as income. The taxpayers must have a written divorce or separation agreement, and the agreement must meet several tests to be… Read More
I have bragged about the size of my wallet for years. While many of my friends have back problems because of what I call “butt pain” from these several inch thick wallets they carry in their back pockets I literally have the thinnest wallet I have ever seen (thus no pain). I carry my driver’s license, health insurance… Read More
The Internal Revenue Service has advised taxpayers that in many cases they can continue to deduct interest paid on home equity loans. Responding to many questions received from taxpayers and tax professionals (yep, that is us), the IRS said despite newly-enacted restrictions on home mortgages, taxpayers can often still deduct interest on a home equity… Read More
The Internal Revenue Service is expected to refund disabled veterans an estimated $78 million that was wrongly withheld from their disability severance pay. More than 133,000 may qualify for the tax refunds, according to the National Veterans Legal Services Program. In 2016, President Obama signed into law the Combat-Injured Veterans Fairness Act, which directed the… Read More