THE IRS was underfunded under the Trump Administration. It didn’t have enough personnel to accomplish its goal. With skeleton force, audit rate declined to only 1/2 percent (less than half…

1. Failing to report some income Failing to report subcontract, interest, or dividend income are easy ways to attract an audit. I know that it’s tempting not to report income…

WITH a bigger budget, IRS recently hired new personnel to increase their historic low audit rates. Here are 7 targets for IRS audits: 1. Non-filers IRS estimates that nonfilers represent…

SCAMMERS become more active during tax filing season — their hunting season. The prey: your own tax preparer who has troves of social security numbers, birthdays and bank account numbers….

A COMBINED task force of IRS, state tax agencies and the tax industry is warning tax professionals of attempts to steal Electronic Filing Identification Numbers (EFINs) with new scam email…

Opportunistic scammers are exploiting COVID to steal from you. IRS warns that dark web thieves are targeting tax preparers and taxpayers. These dirty criminals constantly mutate like the virus. These…

IRS Commissioner Chuck Rettig described the combination of tax filing season, COVID, and work-from-home as hunting season for online thieves. Dark web scammers are the hunters and you are the…

THE IRS expanded the Identity Protection PIN Opt-In Program to cover all taxpayers to include you. This Identity Protection PIN (IP PIN) is a six-digit code known only to you…

Thieves’ new target: Mobile phones. People are vigilant in protecting their computers but not their cell phones; accordingly, scammers are feasting on mobile phones. The IRS FBI FTC have issued…

Feb. 1, 2021: Employers to mail out W-2 Forms to their employees; businesses to furnish 1099 Forms reporting non-employee compensation, bank interest, dividends, and distributions from a retirement plan. Feb. 1, 2021: Financial institutions to mail…

HERE are simplified Questions & Answers about the freshly minted third round of stimulus payments under the new American Rescue Plan Act of March 2021. 1. How much is the…

This is second of three articles about China technology companies. Bilibili (BILI) • Bilibili Inc. is a China-based company principally engaged in internet and other related businesses. • It’s the…

THE transition from Trump to Biden presents a tremendous opportunity to invest in China stocks. You may be familiar with Alibaba, Baidu, JD, and Ten Cent. Let me walk you…

THIS is the fourth of four articles on clean energy. Invesco Solar (TAN): • Invesco Solar ETF offers exposure to global technology and utilities stocks that can benefit from demand…

THIS is the third of four articles on clean energy. NextEra Energy (NEE): • NextEra Energy is the world’s largest utility company. • The company is the world’s largest generator of…

THIS is the second of four articles on clean energy. Enphase Energy (ENPH): • Enphase was the best-performing renewable energy stock of 2019 as it gained 400%. • It designs, develops,…

THE Biden presidency will boost energy energy stocks (solar, wind, fuel cell) especially if it extends the solar investment tax credit for residential and commercial property installations. ETF stands for…

Housing slowed down during the early part of the coronavirus pandemic. However, the combination of ultra-low interest rates and desire for more space to ride out the virus storm has…

Housing demand is outpacing supply. Unsold inventory is down to only three months of supply. California wildfires reduced lumber and helped push up housing prices by 11%. The beneficiaries: homebuilders….

HERE are 12 new California laws that take effect in 2021: • Potential COVID-19 Exposure Notification: Requires employers to promptly notify employees of potential coronavirus exposure. • Minimum Wage Increase:…

WHILE we advocated accelerating deductions and postponing income in prior year tax plans, we cannot apply these traditional tactics anymore. Both COVID and a change of the guards at the…

THE Internal Revenue Service has about 2.5 million of unopened paper-filed income tax returns. Total pieces of mail (including income tax returns) stands at about 5 million pieces. This number…

THE expected Blue Wave for Democrats did not happen. Republicans kept control of the Senate. This forms a split government with Democrats at the White House and Lower House while…

THE projected Democrat Blue Wave did not materialize as Republicans kept control of the Senate. This limits what President-elect Joe Biden can do. It restrains his ability to significantly increase taxes…

THE biggest electronics convention in the world has traditionally been confined to gadgets of the future but the 2020 Consumer Electronics Show in Las Vegas featured exciting new cars –…

There’s been a buzzword in cell phone speeds: 5G. Just what is meant by 5G? Our Asian Journal crew found out some valuable data at the latest Consumer Electronics Show…

SOME of us feel anxiety over robots taking over our jobs. Yes, they can take over repetitive chores, but let’s view them as helpers to release us from boring repetitive…

1. REPORT all income IRS receives copies of 1099s and W-2s from your work, bank, buyers – people who pay you. Failing to report a W-2 wage statement or1099 subcontract…

1. DON’T go to your appointment unprepared. 2. Don’t be late for the appointment. 3. Don’t volunteer information. 4. Don’t bully IRS personnel. And if they bully you back? 5….

MY Tax Tips are usually written from your perspective. Let’s make this interesting a bit – turn things around and discuss this from the IRS agent’s perspective. This is how…