Article Category: Current Events

Business Tax News: Group Advocates Closing Corporate Tax Loopholes

Posted on: August 29, 2013

A coalition named Americans for Tax Fairness (ATF) has recently held events in sixteen states for the purpose of pressuring Congress to close corporate/business tax loopholes. It is their premise that removing the ambiguities in the corporate tax code will help to prevent impending budget cuts to vital services and benefits. The ATF, which has more than 325 state and national chapters, is organizing the events at this time in anticipation of the conflict on budget and tax issues which is expected to occur in Congress shortly after the Labor Day recess. A report called The High Price of Tax … Click to Read More

Don’t Lose Your Refund to an Identity Theft Scam

Posted on: March 4, 2013

In 2012 the IRS uncovered a mounting problem involving the thefts of innocent taxpayers’ refunds. According to the IRS, investigators found 898 identification theft cases in 2012. This is a number that has tripled in comparison to the previous years. The IRS has issued numerous media alerts and has hired an additional 3,000 employees to be on high alert for such thefts. Here is how it works: Somehow the criminal gets access to a person’s social security number and then they file a fraudulent claim and receive the refund check. One couple found out when they went to file their … Click to Read More

A Summary Of The Fiscal Cliff

Posted on: January 4, 2013

Late Tuesday Congress finally approved a plan that ended Washington’s long drawn out battle infamously known as the “fiscal cliff.” The House Republicans conceded to President Obama’s request to allow taxes to rise on the country’s wealthiest households. First, the senate approved the legislation then the House voted in its favor, 257 to 167, which sent the measure to Obama for his signature. The bill is known as the “largest tax cut in American history.” It will protect millions of middle class taxpayers from tax increases were set to effect in January. Though it will also let rates increase on … Click to Read More

Congress Considers Small Business Tax Breaks

Posted on: June 2, 2012

While many congressional observers predict that no significant tax legislation will be passed before the November election, several important measures have been introduced that would provide tax relief to small businesses. Three significant pieces of tax legislation that are currently under consideration in Congress are outlined below: Startup Act 2.0 This legislation would allow small businesses that are less than five years old and with annual receipts of less than $5 million to offset their payroll tax liability through the use of a refundable research and development tax credit. It would also increase the financial stability of these young companies by … Click to Read More

Small Business Tax Credit Flop

Posted on: May 23, 2012

Why wouldn’t you take advantage of a tax credit for small businesses? In the case of health care tax credit enacted in the 2010 Affordable Care Act, the answer is if it is too confusing or if the cost to receive it is more than the credit is worth. This health care tax credit was supposed to be helping millions of small business to be able to provide health insurance for employees, paying out a budgeted $2 billion dollars on tax returns for 2012. Instead, as the Government Accountability Office reports, only 170,300 companies out of the 1.4 million to … Click to Read More

New Small Business Tax Cut Bill Considered

Posted on: April 18, 2012

The House of Representatives is considering the Small Business Tax Cut Act of 2012, sponsored by House Majority Leader Eric Cantor (R-Va.) on Thursday, April 19, 2012. It would reduce taxes on the adjusted gross income (AGI) of an estimated 22 million small businesses, defined as business with under 500 employees, by up to 20 percent next year. It could also add as much as $46 billion to the deficit. While President Obama is likely to veto the bill, Cantor’s argument is that the tax break, which would be $6,500 on average, could be a potent stimulus for the economy, … Click to Read More

California’s Statewide Compliance and Outreach Program to Visit 16,738 Businesses

Posted on: April 3, 2012

Early last month, the California Board of Equalization (BOE) sent letters to 16,738 retail business owners stating that the Statewide Compliance and Outreach Program (SCOP) Team would be paying them a visit. The purpose of the visit is to educate them on sales and use tax reporting, tax compliance, and make sure their businesses are properly registered with the correct permits and licenses. Along with trying to collect what the BOE claims is $2 billion in owed taxes that have not been collected, the BOE said that the 2% of California businesses that are not operating with the correct permits … Click to Read More