Article Category: Tax News
Tax Day!!!! April 18, 2016
Posted on: April 18, 2016
Today is income tax deadline day. Tax Day April 18th, 2016. The last day to file your taxes, if you have not already filed a tax extension. If your business is seeking business tax or business accounting solutions, our experienced professionals can provide you with the expertise you are looking for. Visit us today at www.businesstaxpreparation.com to learn more about our full range of business tax and accounting services. Contact us by email at email@example.com or by phone at (866) 676-9417 to receive a free, no obligation consultation.
Tax Breaks Slide in Under the Wire!
Posted on: December 28, 2015
Tax Breaks Slide in Under the Wire! With less than two weeks to go in 2015, Congress gave both business owners and individual taxpayers a wonderful holiday surprise by passing an important piece of tax legislations. The PATH (Protecting Americans from Tax Hikes) Act, which was signed into law on December 18th, reinstated many important tax breaks that had expired at the end of 2014, making them retroactive to the first of the year. It extended some of the provisions of the original tax extenders legislation for periods of one to several years while making others permanent. In addition, it … Click to Read More
Business Tax Extension Deadline on the Horizon
Posted on: September 9, 2015
Business Tax Extension Deadline on the Horizon With the business income tax extension deadline just around the corner, it is a good time to examine the issue of business tax compliance and its importance to the successful functioning of business entities of all types. Although the upcoming extension deadline applies specifically to income tax, businesses are responsible for paying numerous other types of taxes in addition to those based directly on taxable business income. Each of these, including sales, excise, payroll and international taxes, has their own reporting deadlines and filing requirements, making the job of business tax compliance both complex and demanding. Because of the … Click to Read More
Bill Changes Tax Deadlines
Posted on: August 10, 2015
New Bill Changes Important Business Tax Deadlines Business owners take note! A short term extension of the Highway and Transportation Funding Act, which was signed in to law by President Obama on July 31st, includes some important changes to business tax deadlines. Although the main focus of the bill was extending the use of funds earmarked for infrastructure and transportation which were scheduled to expire on August 7th, it also contained some important add-on provisions. In addition to extending the use of transportation funds through October 29th of this year, the new legislation modified certain mortgage and cost-basis reporting requirements … Click to Read More
International Data Exchange Service
Posted on: May 11, 2015
International Data Exchange Service Bolsters FATCA The International Data Exchange Service (IDES) is an electronic delivery system that allows both financial institutions and tax authorities in host countries to exchange FATCA data with the Internal Revenue Service. If predictions hold true, this new data exchange system, which went into effect in January of this year, will greatly enhance the effectiveness of the Foreign Account Tax Compliance Act (FATCA). According to IRS Commissioner John Koskinen, the International Data Exchange Service is a “milestone in the implementation of FATCA.” Koskinen maintains that increasing the ability of the IRS to detect hidden foreign assets will not only increase foreign tax … Click to Read More
Cadillac Tax on the Horizon
Posted on: March 16, 2015
Cadillac Tax on the Horizon Beginning in 2018, employers who offer their employees health insurance coverage that costs in excess of a certain dollar amount will be required to pay a 40% tax on the costs associated with providing the plans. Currently there is no ceiling on the tax deductible amount employers can claim for providing health insurance for their employees. This will continue up until January 1, 2018 when the new tax is instituted. This proposed tax is appropriately named the “Cadillac tax” because it targets only high end policies, individual plans that cost more than $10,200 per year … Click to Read More
TurboTax and Tax Fraud In The News
Posted on: February 18, 2015
TurboTax and Tax Fraud In The News We are only few weeks into tax season and, already, there are more tax fraud stories to report. Although the details remain cloudy, it seems that TurboTax had a security breach a few weeks back, causing the FBI to launch an investigation. Intuit insists that data was stolen from its TurboTax software system by groups on the outside, comparing it to other large company breaches that have recently been in the news. Whatever the cause, the IRS is taking it seriously just as they have other “questionable refund investigations” and identity theft issues … Click to Read More
IRS – Opening Date for Tax Season 2015
Posted on: January 5, 2015
IRS – Opening Date for Tax Season 2015 – In spite of the fact that the tax extenders bill, a major piece of tax legislation, was passed just weeks before the end of the year, the Internal Revenue Service has announced that there will be no delay to the opening of the 2015 tax season. The official opening date for individual returns has been set as Tuesday, January 20th, 2015 which is actually 10 or 11 days earlier than that of previous years. In addition, rather than a tiered opening, the new legislation allows taxpayers who are submitting paper returns … Click to Read More
Are Business Taxes Too High?
Posted on: September 30, 2014
Are Business Taxes Too High? Are Business Taxes Too High? The debate continues between those who think that the United States corporate tax rate is too high and those who think that it is in line with the average corporate tax rate for other countries. Although it is unlikely that a major tax reform bill will be introduced before the November elections, many believe that one is on the horizon soon after that. Many business leaders and politicians believe that lowering the corporate tax rate is necessary in order to make the United States more attractive to business. Others oppose … Click to Read More
Business Tax News -Corporate Tax Inversions!
Posted on: August 11, 2014
Business Tax News -Corporate Inversions on the Rise- In order to escape a 35% corporate tax rate, more and more United States companies are taking steps to move their headquarters offshore. While such a move, called an inversion, does not lower a company’s business tax rate on income earned within the United States, it does shield them from paying the high rate on foreign earnings. This provides a huge business tax advantage to multinational companies whose overall business tax rate could potentially be reduced by over 10%! Because the government has been less and less lenient about allowing … Click to Read More